Crypto Treasury Giants Keep Buying: Bitmine Nears 5% of All ETH as Strategy Hits 848,000 BTC

TLDR:

Bitmine holds 6,016,414 ETH, about 4.9% of total supply, and now sits 99% of the way to its 5% ETH goal.
Strategy bought 334 BTC at an average of $85,839 from October 1-4, lifting total holdings to 848,000 BTC.
Bitmine has staked 5,067,309 ETH worth $13.8 billion and projects $363 million in yearly staking revenue.
Strategy repurchased $176.3 million of STRC shares and estimates a $20.91 billion Q3 digital asset gain.

Bitmine is now 99% of the way to owning 5% of all ETH. The firm added 15,112 ETH last week. Its total stands at 6,016,414 ETH, or about 4.9% of the 122.1 million supply.

Strategy, the world’s largest crypto treasury, kept stacking BTC at the same time. It bought 334 BTC for $28.7 million between October 1 and 4, bringing its total to 848,000 BTC. It also repurchased about $176.3 million of STRC shares between September 28 and October 4.

Crypto Treasury Leaders Bitmine and Strategy Add to Their Stack

Bitmine’s holdings now equal about 4.9% of Ethereum’s 122.1 million supply. The firm says it is 99% of the way toward owning 5% of all ETH.

Bitmine has bought ETH every week since launching its ETH treasury strategy on June 30, 2025. Chairman Tom Lee called that record unmatched among public companies.

According to the company’s release, 5,067,309 ETH is staked. That stake is worth $13.8 billion at $2,726 per ETH. Staking means locking ETH to help secure the network in return for rewards.

Lee said annualized staking revenue is now projected at $363 million. Bitmine’s total crypto, cash, marketable securities and other investments stand at $17.4 billion.

Its portfolio also includes 214 BTC, a $180 million stake in Beast Industries and a $117 million stake in Eightco Holdings. Cash and marketable securities total $643 million.

Strategy took a different route. As reported by WuBlockchain, it bought 334 BTC between October 1 and 4 at an average price of $85,839. Total holdings now cost about $63.97 billion.

The purchase was funded with $15.7 million from MSTR share sales and $13 million in cash. Strategy also repurchased about $176.3 million of STRC preferred shares between September 28 and October 4.

Why the Crypto Treasury Model Matters for Markets

Strategy’s 8-K filing estimates a $20.91 billion gain on digital assets for Q3. Its bitcoin was valued at $70.82 billion as of September 30.

Bitmine’s release ranks Strategy as the top global treasury and itself as number two. It cites Strategy’s holdings at 847,666 BTC, worth roughly $78 billion.

Lee argues that crypto is entering a bull market. He said ETH fell 10% in the first nine months of 2026, while BMNR fell 3%. He also said ETH beat the S&P 500 by 6,832 basis points in the third quarter. These are the company’s claims, not independent findings.

The two strategies differ in one key way. Bitmine stakes its ETH to earn yield. Strategy holds bitcoin, which does not generate staking rewards, and leans on equity sales and buybacks.

Liquidity is another signal. Fundstrat data shows BMNR averaged $827 million in daily dollar volume over five days to October 2. That ranks it 125th among 5,704 US-listed stocks.

Lee will give a keynote at Token2049 on October 7 at 10 a.m. in Singapore. Traders will watch for any update on the 5% goal.

Bitmine is nearly at its 5% ETH target, and Strategy keeps stacking BTC while buying back preferred stock. The crypto treasury race is still running at scale.