BitMine’s Weekly ETH Buys Shrink to 12,532 as Tom Lee Says Stacking Is Done

BitMine has staked 84% of its Ethereum holdings, projecting up to $400 million in annual staking revenue once the entire treasury is deployed. BitMine said on Monday it bought 12,532 Ethereum in the week to October 11, its third small weekly purchase in a row, taking the treasury to 6,028,946 ETH, or 4.9% of the 122.1 million ETH in supply. The purchase followed the 15,112 ETH BitMine added in the week to October 4, and the company bought 17,362 ETH the week before that. BitMine Is Done Stacking The company marked its ETH at $2,544 per token, using Coinbase prices. At those levels, its crypto, cash, and equity stakes total $16.2 billion. Cash and marketable securities came to $612 million, down from $643 million a week earlier. BitMine’s release gives no reason for the cash decline. BitMine reported 5,067,309 ETH staked, or 84% of its ether. Chairman Tom Lee projected $336 million a year in revenue from that staked ether, based on a 2.61% seven-day yield. He said that would rise to $400 million once all of the company’s ether is staked. Lee said in May that BitMine had slowed its ETH accumulation to reach the 5% target in late 2026 instead of mid-July. He returned to that target in...