Bitmine Immersion Technologies acquired 12,535 ETH valued at approximately $30 million on October 19, 2026. The open-market purchase brings the New York Stock Exchange (NYSE)-listed company’s total treasury to 6,041,481 ETH, representing 4.9% of Ethereum’s global 122.1 million token supply. The corporate move edges Bitmine closer to its self-described “Alchemy of 5%” target.
Just 63,519 Coins Away from 5% Target
Bitmine claims it is now 99% of the way toward its goal of controlling 5% of global Ethereum supply, needing roughly 63,519 ETH more to cross the threshold. As of October 18, 2026, Bitmine’s total portfolio value spanning crypto assets, cash, and securities stood at roughly $15.1 billion.
The latest transaction utilized a reference price of $2,365 per coin, while the spot market price traded near $2,422. The purchase extends an unbroken streak of weekly open-market buying since the firm launched its treasury program on June 30, 2025.
The holdings position Bitmine as the world’s largest corporate Ethereum treasury, and the second-largest corporate crypto treasury globally behind Michael Saylor’s Strategy, which holds approximately 848,250 BTC. Strategy itself recently added $22 million in Bitcoin while repurchasing its preferred shares.
Bitmine has committed 5,067,309 ETH, or about 83.9% of its holdings, to staking via the MAVAN platform, projecting an annual revenue of roughly $309 million.
Why Buy During a Market Downturn
Bitmine executed the purchase for the week of October 19 as ETH slipped 4.8% over the past seven days amid broad market pressure. However, Bitmine Chairman Tom Lee viewed the correction as an attractive entry point based on historical risk-reward metrics.
Lee noted that the market weakness was driven by funding and security concerns surrounding artificial intelligence (AI) models, escalating US-Iran tensions, midterm election anxiety, and climbing global bond yields. According to Lee, slumps in AI and semiconductor equities across South Korea and Taiwan - two regions with a substantial crypto-holding base - also spilled over to weigh on digital assets.
Price Stays Below 20-Day Trend
On the technical front, Ethereum’s RSI sits at 39.65, below the neutral 50 threshold and its moving average of 41.32, indicating that buying momentum remains weak. Hovering near $2,422, ETH also remains capped beneath its 20-day SMA of $2,544.70, fluctuating between the Bollinger Bands’ lower boundary of $2,305.40 and upper band of $2,784.
For market participants watching Ethereum, Bitmine’s moves present a stark contrast between institutional accumulation and daily market sluggishness. Bitmine continues its weekly buying spree to fulfill its 5% supply target, while technical indicators show the open market has yet to recover from short-term pressure.
Via Decrypt.
Also read: How Crypto Staking Works and Its Risks
Also read: OpenAI AI Model Drains Ethereum Wallet for Gas Fees - Debated Ethics Then Deleted Evidence
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
