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Will BitMine’s Explosive Ethereum Accumulation Spree End in a Devastating Demand Cliff?

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Ethereum

BitMine’s Ether holdings moved above 6.02 million ETH after another weekly purchase of 12,532 ETH, bringing the treasury to about 4.9% of Ethereum’s supply. Several updates framed that as putting the company close to its 5% target, while one piece said the company would need about 88,586 more ETH and another put the remaining gap at about 100,000 ETH.

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Key claims & sources

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One update said BitMine held 6,016,414 ETH as of Oct. 4, 2026, and needed about 88,586 more ETH to reach 5% of Ethereum’s disclosed supply.
BitMine Nears 5% Ether Target With 6 Million ETH Holdings
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Another piece said BitMine’s holdings were about 6.03 million ETH, or 4.9% of supply, and described the firm as nearly done stacking.
Bitmine Adds $32M in Ethereum as Tom Lee Says Firm Is Nearly 'Done Stacking'
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A separate update said BitMine remained the largest Ethereum treasury and the second-largest global treasury after last week’s 12,532 ETH acquisition.
Tom Lee: We Believe the Company Is Attractively Positioned Ahead of the Coming…
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BitMine bought 12,532 ETH in the week to Oct. 11, lifting its total to 6,028,946 ETH, or about 4.9% of Ethereum’s 122.1 million-token supply.
BitMine’s Weekly ETH Buys Shrink to 12,532 as Tom Lee Says Stacking Is Done
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The company’s weekly ETH purchase was smaller than the 15,112 ETH it added in the prior week and the 17,362 ETH it bought the week before that.
BitMine’s Weekly ETH Buys Shrink to 12,532 as Tom Lee Says Stacking Is Done

What it means

BitMine’s latest reported purchase matters for people tracking Ethereum treasury demand, because the company is now near 5% of supply and its weekly buying pace is visible in the newest update. Users watching the treasury market can see that the company added 12,532 ETH in the week to Oct. 11, which brought holdings to 6,028,946 ETH.

Market reaction i

EthereumETH the event is about this asset
first headline
+0.1% 2 h before
-1.2% 4 h after
$2,553price at publication
12data points

Coverage timeline

Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.

first
Oct 12 11:00
+2 h 33 m
Oct 12 13:33
+4 h 50 m
Oct 12 15:50
Crypto Briefing adds
Brings into the story: ETH
+12 h 49 m
Oct 12 23:48
CP CryptoPotato adds
Breaks the figures down; the largest, $16.2B, with quotes

Has this happened before?

WhenWhat happenedFigure
29 days ago Ethereum News: BitMine To Halt Buying at 5% ETH Supply Cap event 2 actors in common · 2 news media
29 days ago Bitmine's Relentless Ethereum Buying Is About to End, Tom Lee Says event 2 actors in common · 4 news media
30 days ago Ether is about to lose a steady buyer as Tom Lee says Bitmine will stop token purchases event 2 actors in common · 4 news media
30 days ago BitMine sets 5% Ether supply ‘hard cap’ as accumulation target nears event 2 actors in common · 6 news media
32 days ago BitMine Lifts ETH Treasury to 6.02 Million With Smallest Buy Since Mid-August event 2 actors in common · 8 news media