Public-company treasury buying and foundation selling appeared side by side in this week’s ETH supply narrative—but the figures differ by two orders of magnitude, so they shouldn’t be conflated as “who’s dumping.”
BitMine (BMNR) 10/26 treasury update (as of 10/25, 14:00 ET):
- Holdings: 6,051,933 ETH (about 4.95% of the company’s 122.2M supply estimate). The company says it is about 58,000 ETH short of its “Alchemy of 5%” hard cap (about 99% of the way there).
- Bought another 10,452 ETH last week (about $24.5M at the company’s reference price of $2,356)—on the slower end of its consecutive weekly purchases.
- Also repurchased 2.04M BMNR shares at an average price of about $22.48, for roughly $45.9M—nearly twice the cash spent on adding ETH. Repurchases in 2026 so far total about 22.9M shares / ~$400M.
- Also disclosed that about 5.23M ETH is staked (about 86% of holdings), with roughly $514M in cash and marketable securities.
For comparison: on-chain monitoring flagged a wallet often labeled as foundation-linked selling 2,725 ETH via CoWSwap for approximately $6.42M USDS. That’s about one-quarter of BitMine’s weekly ETH purchases. The foundation has a years-long track record of periodically converting tokens to stablecoins to cover operating costs; a single transaction ≠ a directional exit.
Things to watch: whether weekly purchases continue to slow, whether the self-imposed hard cap is reached and buying stops, and whether selling activity from foundation-linked wallets picks up.
#ETH #BitMine #BMNR #Ethereum
For informational purposes only; not investment advice / NFA