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BitMine Edges Toward 5% of ETH While Saylor Adds 811 BTC


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  • Strategy started buying Bitcoin again after a one-week pause and paid for it by selling new common shares.
  • Strategy used cash it already held to buy back part of its STRC preferred stock.
  • BitMine is a few weeks of buying away from owning 5% of Ethereum’s supply.
  • BitMine’s reported portfolio value fell because ETH’s price dropped, even though it bought more coins.

Strategy and BitMine Immersion Technologies, the largest corporate holders of Bitcoin and Ethereum, both reported new purchases on November 2. Each company also made moves on the securities it uses to pay for those coins. Strategy, led by executive chairman Michael Saylor, bought 811 BTC for $65.5 million and spent a much larger $208.2 million buying back STRC preferred stock. BitMine, chaired by Fundstrat co-founder Tom Lee, added 8,573 ETH and now holds just under 5% of Ethereum’s supply.

New MSTR shares paid for 811 BTC

Strategy’s filling shows that the company bought the coins between October 26 and November 1 at an average price of $80,846. The purchase ended a one-week break in buying. Strategy now holds 849,327 BTC, bought for $64.08 billion in total, or $75,451 per coin.

To raise the money, Strategy sold 1,178,552 MSTR common shares through its at-the-market program, which lets it sell new shares gradually at market prices instead of in one large offering. The sales brought in about $164 million. Of that, $65.5 million went into Bitcoin and $98.5 million went into the company’s USD Cash account.

Where Strategy’s cash went from Oct 26 to Nov 1
FlowAmountPaid from
MSTR share sales+$164MAt-the-market program
Bitcoin bought-$65.5MShare sale proceeds
Moved to USD Cash$98.5MShare sale proceeds
STRC repurchase-$208.2MExisting USD Cash
Preferred dividends-$43.4MUSD Reserve

Source: Strategy Form 8-K.

$208M spent to reduce STRC dividends

Strategy repurchased 2,092,035 STRC shares for $208.2 million, about $99.52 each, using cash it already had before that week’s share sales. STRC is perpetual preferred stock, which means it never matures. It pays a variable dividend twice a month, and Strategy adjusts the rate to keep the price near the share’s $100 stated amount. Because there is no repayment date, every share still outstanding keeps paying dividends, and Strategy took $43.4 million from its USD Reserve in the same week to cover preferred dividends.

The buyback uses up cash. Strategy built the reserve so it could keep paying dividends through a Bitcoin downturn without selling coins, and on November 1 the reserve held $4.79 billion, with another $132.7 million in USD Cash. Strategy can still spend another $748.6 million on preferred buybacks under its current authorization.

BitMine is 49,500 ETH short of 5%

BitMine’s weekly update shows 6,060,506 ETH as of November 1. The company did not say what it paid for the latest 8,573 ETH. At its $2,261 reference price, those coins were worth about $19.4 million. Lee said BitMine has bought ETH every week since it launched its treasury strategy on June 30, 2025. Like Strategy, it now has preferred stock in its capital structure, with its Series A Preferred trading on the NYSE under the symbol BMNP.

BitMine uses a supply figure of 122.2 million ETH, so a 5% stake is about 6.11 million ETH, which leaves it roughly 49,500 ETH short of the target it calls the “Alchemy of 5%.” Last week’s purchase was small for BitMine. Several times earlier in 2026, it bought between 42,000 and 71,000 ETH in a single week.

The two supply percentages don’t measure the same thing. Strategy’s holdings are about 4.04% of Bitcoin’s fixed 21 million cap. Ethereum’s supply changes over time: validators receive newly issued ETH, and the network burns part of every transaction fee. As a result, the number of tokens BitMine needs for 5% moves with network activity.

MetricStrategy (BTC)BitMine (ETH)
Bought last week811 BTC8,573 ETH
Total holdings849,327 BTC6,060,506 ETH
Progress to 5% of supply

4.04% of fixed 21M

4.96% of 122.2M

StakedNot possible86% of holdings
Cash on hand$4.92B$498M
Latest buyback$208.2M of STRC$45.9M of common

Figures as of November 1. Source: company filings.

Staking pays BitMine $358M a year

BitMine has staked 5,227,037 ETH, committing those coins to Ethereum’s validation process in return for rewards paid in ETH. Based on a seven-day yield of 3.03%, management estimates annualized staking revenue of about $358 million. If BitMine staked its whole position, that would rise to about $415 million. The staking would go through MAVAN (Made in America Validator Network), which BitMine is building for its own coins and for institutional clients.

Both estimates assume the yield and the ETH price stay where they are, and staking carries risks such as validator penalties and delays in withdrawing coins. Strategy has no similar income, because Bitcoin pays block rewards only to miners.

ETH’s 4% slide cut $500M from BitMine

BitMine valued its crypto, cash, securities and other investments at $14.5 billion, down from $15 billion a week earlier. Almost all of the 3.3% drop came from ETH’s reference price falling from $2,356 to $2,261. BitMine hasn’t sold the coins, so this is a paper decline, not a realized loss.

BitMine’s October 26 update showed 2.04 million of its own shares repurchased for about $45.9 million, bringing 2026 buybacks to $399.6 million at an average of $17.48 per share. A buyback only increases ETH per share when the company pays less for its shares than the ETH they represent. Lee also commented on the $6.3 billion Binance theft. ETH fell about 4% afterward, compared with a 20% weekly loss after the Bybit hack in February 2025, and he took that as a sign of a more resilient market.

Six weeks from 5% at the current pace

If BitMine keeps buying at last week’s pace and the supply figure stays the same, it would pass 5% in about six weeks. One larger purchase would get it there sooner. The announcement didn’t say what BitMine plans to do with its capital after that. For Strategy, the size of future STRC buybacks and its weekly withdrawals from the USD Reserve will show whether retiring preferred stock becomes a regular practice.

Strategy paid about $5,400 more per coin this week than its $75,451 average. Every purchase at these prices raises its average cost and narrows the gap between Bitcoin’s market price and the level at which its 849,327 BTC would show a paper loss.


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