By Bitmine said on Monday morning that it holds 6,070,092 ETH, worth $13.6 billion, taking its crypto, cash and venture stakes to $14.3 billion. The company bought 9,587 ETH over the past week, worth about $21.4 million at the price it used, and now owns 4.97% of the ether supply.
By the time New York had been open an hour, ether was down 5.22% at $2,124.30, below the $2,234 Bitmine marked its holdings at on Sunday afternoon. That alone takes about $666 million off the headline figure, and it lands in a week when the company’s own staking income forecast fell by $49 million without a single token being sold.
Bitmine Is Four Weeks From the Line It Said It Would Stop At
Tom Lee told TOKEN2049 in Singapore on 7 October that the company would stop buying ether at 5% of supply, a threshold he described as a firm limit on further accumulation rather than a trigger to sell.
Five percent of the 122.2 million ether in circulation is 6,110,000 tokens. Bitmine holds 6,070,092, which leaves it 39,908 short. At the 9,587 it bought last week, that is a little over four weeks of buying, and the release describes the company as “99% of the way to the ‘Alchemy of 5%’ in just 15 months.”
Bitmine’s weekly purchases have been slowing steadily for the past two months as that line approaches. The company added 27,180 ether in mid-September and 27,562 the week after, then 15,112 in early October and 12,532 the week after that, against 9,587 last week.
Investor Takeaway
Bitmine is 39,908 ether from the 5% level at which Tom Lee said buying stops, roughly four weeks at last week’s pace, so the weekly bid that has supported the shares has a visible end date.
The Staking Income Forecast Fell $49 Million in a Week
The company has 5,227,037 ether staked through MAVAN, its Made in America Validator Network, and that number has not moved since the previous disclosure. The projected return on it has.
On 1 November the company put annualized staking rewards at $358 million on that balance. Monday’s release puts the same balance at $309 million, and gives the reason in a single figure: a trailing seven-day staking yield of 2.65%. The 1 November numbers imply 3.03%. At Monday’s live ether price the same balance and the same yield produce about $294 million.
A 38 basis point fall in the staking yield and a softer ether price have taken about 18% off the income forecast on a balance the company has not touched. Source: Bitmine disclosures of 1 and 8 November 2026; live ETH price from TradingView · Chart: FinanceFeedsThe other thing the staked number shows is that none of last week’s 9,587 ether went into validators. Staked holdings have been flat at 5,227,037 for two disclosures running, so the staked share of the treasury has drifted down to 86.1%.
Tom Lee Is Buying a Thesis Vitalik Buterin Set Out Last Week
Lee’s case rests on an argument the release attributes to Ethereum’s founder rather than to Bitmine itself. It quotes Vitalik Buterin as declaring at Devcon 8 in Mumbai: “I’ve finally made up my mind, ETH is a store of value, ETH is money.” Buterin’s own published argument, which ran the same week, is that ether should be valued as a store of value rather than through fee burning, because optimizing for the burn conflicts with decentralization.
“This declaration by the founder of Ethereum, in my view, is a seismic shift, clarifying how ETH will capture value in this coming supercycle of tokenization and AI,” Lee said. He went on to describe ether as “pristine and trusted collateral, and reflective of how Ethereum is the Layer 1 chosen by the vast majority of financial institutions moving assets onto the blockchain.”
Devcon 8 ran in Mumbai from 3 to 6 November, and Buterin opened it. The specific wording Bitmine quotes has not appeared in independent coverage of the conference, so it is carried here as the company’s account.
One Treasury Holds Three Quarters of All Corporate Ether
Twenty-nine listed companies and institutions together hold 7,919,386 ether, worth $16.82 billion. The company accounts for 76.3% of it on the same tracker, which still lists the company at its previous 6,041,481 holding.
Bitmine holds nearly seven times the ether of every other corporate treasury combined, which is why its approaching purchase limit is a market event rather than a company one. Source: BitcoinTreasuries, 9 November 2026 · Chart: FinanceFeedsSharplink ranks second on the same tracker with 890,376. Ether in corporate treasuries represents 5.19% of all digital asset treasury value, against bitcoin’s 94%, and it ranks second among all treasury companies behind Strategy, which the release says holds 849,327 bitcoin.
Monday’s Ether Price Takes $666 Million Off the Total
Bitmine priced Monday’s announcement off a mark taken at 2pm New York time on Sunday. Running the same 6,070,092 ether at Monday’s $2,124.30, with the 216 bitcoin, the $180 million Beast Industries stake, the $75 million Eightco holding and $475 million of cash and marketable securities unchanged, the $14.3 billion becomes about $13.6 billion.
FinanceFeeds last calculated the gap between Bitmine’s asset value and its market value at 18.7%, or about $2.71 billion on 3 November, when the shares traded well below the treasury behind them. That discount is the number to recheck against Monday’s close, because a falling ether price moves both sides of it.
Investor Takeaway
The $14.3 billion headline was struck at $2,234 ether and is worth roughly $13.6 billion at Monday’s price, so the disclosure dates matter more than the totals on any ether treasury this quarter.