Bitmine Immersion Technologies, Inc. reported that the value of its cryptocurrency, cash and investments fell $1.1 billion over a week even as it bought more Ether (ETH), showing the price exposure of its treasury strategy.
The company valued its cryptocurrency, cash, marketable securities and other investments at $15.1 billion as of Oct. 18, down from $16.2 billion on Oct. 11. It used a Coinbase reference price of $2,365 per ETH for the latest snapshot, compared with $2,544 a week earlier.
In an Oct. 19 press release furnished with an SEC Form 8-K, Bitmine said it had acquired 12,535 ETH during the week, bringing its balance to 6,041,481 ETH. Using a supply figure of 122.1 million ETH, it calculated that it held 4.9% of the total, or 99% of its 5% target.
Earlier EconoTimes coverage detailed Bitmine's growing Ether position and supply goal. The weekly comparison also shows that the reported value of its broader holdings declined as its Ether balance grew.
Bitmine said 5,067,309 ETH was staked as of Oct. 18, roughly 84% of its Ether balance. It projected $309 million in annualized staking revenue at that level; the figure is a projection, not revenue already received. The company presents staking rewards as an incentive for its strategy and identifies ETH price volatility and potential staking losses as risks.
Beyond Ether, the latest snapshot listed 215 Bitcoin (BTC), $582 million in cash and marketable securities, and investments valued at $180 million in Beast Industries and $74 million in Eightco Holdings. A week earlier, Bitmine reported $612 million in cash and marketable securities and valued its Eightco stake at $85 million.
Bitmine Chairman Thomas “Tom” Lee said broader selling in Korean and Taiwanese markets had spilled over into crypto. He said Bitmine had bought ETH each week since starting its treasury strategy on June 30, 2025. The company gave no timetable for reaching its 5% target.
