Bitmine ETH Holdings Reach 6.02 Million as Staking Expands
Bitmine Immersion Technologies (NYSE: BMNR) has continued its aggressive Ethereum accumulation and staking strategy. In an earlier update, the company added 150,120 ETH, taking its staked balance to about 5.8 million ETH. In the latest update, Bitmine said it purchased another 15,112 ETH during the week, bringing total holdings to 6,016,414 ETH as of 4 October 2026.
At an ETH price of $2,726, Bitmine’s Ethereum holdings were worth about $16.4 billion, equal to 4.9% of Ethereum’s total supply. The company is now 1 percentage point from its stated 5% “Alchemy of 5%” target, led by chairman Tom Lee.
Bitmine has staked 5,067,309 ETH, worth about $13.8 billion, through its institutional MAVAN platform. The platform’s seven-day annualised yield was 2.63%. Bitmine estimated annual staking income at $363 million, potentially increasing to $431 million if all eligible ETH were staked. Earlier estimates placed annual staking returns at roughly $247 million to $290 million.
The company’s total crypto assets, cash, tradable securities and other investments were valued at $17.4 billion. Its holdings included 214 BTC, $643 million in cash and tradable securities, a $180 million stake in Beast Industries and a $117 million stake in Eightco Holdings.
For ETH traders, Bitmine’s continued accumulation and long-term staking reduce the amount of ETH immediately available for trading and may support bullish sentiment. However, the concentration of ETH in one corporate treasury creates liquidity, balance-sheet and centralisation risks. Traders should monitor further purchases, ETH price volatility, staking yields and potential regulatory scrutiny of institutional staking businesses.
Bullish
The news is mildly bullish for ETH because Bitmine is continuing to acquire and stake large amounts of Ethereum. Its holdings have risen to more than 6 million ETH, while roughly 5.07 million ETH is locked in staking. This removes a significant portion of ETH from immediate market circulation and could support prices if demand remains stable or increases.
In the short term, traders may interpret the purchases as evidence of institutional conviction and respond positively, particularly during an existing market uptrend. However, corporate treasury announcements do not guarantee sustained price gains. ETH remains exposed to broader market sentiment, macroeconomic conditions and volatility in staking yields.
Over the longer term, Bitmine’s progress towards controlling 5% of Ethereum’s supply could reinforce the institutional adoption narrative and generate recurring staking income. At the same time, the concentration of ETH in one company raises centralisation, liquidity and balance-sheet risks. A reversal of the strategy, forced selling or regulatory scrutiny could weaken sentiment. Therefore, the immediate price bias is bullish, but the upside may be limited by concentration and regulatory concerns.