Bitmine Stock Surges 3% After Adding 8,573 Ethereum Crypto - The Coin Republic
Bitmine's stock price surged 3% on November 2, 2026, following the addition of 8,573 Ethereum (ETH) crypto, bringing their total holdings to 6.06 million. This amounts to approximately 4.9% of the total Ethereum supply.
The company reported staking 5,227,037 ETH and total assets valued at $14.5 billion. Bitmine's stock shares gained 3.24% on the day, alongside the announcement of another weekly ETH purchase.
The BMNR stock reached a high of $20.84 at 10:18 AM UTC−5, up $0.66 from the previous close. Chairman Tom Lee also discussed a separate $6.3 billion Binance hack.
Bitmine's Ethereum Purchase Strategy
Bitmine has been purchasing ETH weekly since June 30, 2025. In the latest week ending November 1, they acquired 8,573 ETH, bringing their total balance to 6,060,506 ETH, valued at $2,261 per token.
The company's crypto holdings, cash, marketable securities, and other investments are valued at approximately $14.5 billion, including $498 million in cash and marketable securities, and 216 bitcoins.
Bitmine also holds stakes in Beast Industries ($180 million) and Eightco Holdings ($82 million), describing both as "moonshots."
By November 1, Bitmine had staked 5,227,037 ETH, valued at about $11.8 billion. Some tokens are hosted on MAVAN, Bitmine's Made in America Validator Network.
Based on a 7-day yield of 3.03%, Lee estimates that full-scale staking could generate $415 million annually.
Key financial details:
- Market capitalization: $12.57 billion
- Shares outstanding: 603.23 million
- 52-week range: $12.80 to $44.88
- Beta: 2.06
- EPS: -$20.88
- Dividend yield: 0.05%