Key Insights:
- BMNR stock price traded near $24.01 on October 12, down 0.12% from its previous close.
- Bitmine reported 6,016,414 ETH, equal to 4.9% of Ethereum’s stated 122.1 million token supply.
- The company reported 5,067,309 staked ETH and projected $363 million in annualized staking revenue.
Bitmine Immersion Technologies reported a new Ethereum purchase as its treasury neared the company’s stated 5% supply target. This came as the BMNR stock price traded near $24.01 on October 12.
Bitmine’s update also detailed its staked holdings, other assets, preferred shares, and management’s expectations for the crypto market.
BMNR Stock Price Holds Near Previous Close
Bitmine stock traded near $24.01 on October 12, down $0.03, or 0.12%, from its previous close of $24.04. Shares opened at $24.21 and reached an intraday high of $24.43.
The price later fell to $23.92 before returning to around $24.01. The BMNR stock price, therefore, remained close to the previous close throughout the reported trading period.
Ethereum Treasury and Other BMNR Stock Updates
According to a statement from Bitmine distributed via PR Newswire, the company acquired 15,112 ETH over the past week. Its holdings reached 6,016,414 ETH, or 4.9% of Ethereum’s reported 122.1 million token supply.
Bitmine valued its ETH holdings at about $16.4 billion using a reference price of $2,726 per token. The company said it had staked 5,067,309 ETH through its MAVAN platform and staking partners. It valued those tokens at $13.8 billion, representing 84% of its ETH balance.
Bitmine projected annualized staking revenue of $363 million, based on a seven-day annualized yield of 2.63%. The company’s announcement provided the staking figures alongside its treasury update.
Its other holdings included 214 Bitcoin, a $180 million stake in Beast Industries, and a $117 million stake in Eightco Holdings. Bitmine also reported $643 million in cash and marketable securities.
Bitmine Chairman Thomas Lee said most of the company’s 6 million ETH accumulation occurred during a crypto bear market. He said Bitmine was nearing its 5% target and expected a crypto bull market.
Lee also said the company considered itself positioned to outperform in that expected market cycle. He cited what he described as a stronger competitive position after a year of accumulation.
For the first nine months of 2026, ETH declined 10%, while BMNR stock price fell 3%, according to Lee. He described the difference as 731 basis points of outperformance for the stock.
BMNP Preferred Shares and Ethereum Market Data
Lee also discussed BMNP, Bitmine’s perpetual preferred stock, which the company issued in June at $80 per share. BMNP last closed at $99.53. Bitmine reported that the shares had gained 24% since issuance.
Lee compared that performance with Treasury ETF TLT, which he said fell 8% over the same period. He also cited BMNP’s 9.56% yield, placing it 256 basis points below comparable Bitcoin credit yield STRC and 515 basis points below comparable Solana yield CHAD.
Separately, Ethereum traded at $2,528.36 within a 24-hour range of $2,514.43 to $2,575.42. ETH rose toward the session high, reversed, then fell near the low before recovering to $2,528.36.
That price movement left ETH near the lower end of its daily range. Additionally, its seven-day performance showed a 7.3% decline.
