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ETH 核心洞察
BMNR股价下跌，因Bitmine接近其5%以太坊供应目标。Bitmine持有601.6万枚ETH，按引用价格计算价值约164亿美元。Tom Lee表示，购买将在达到5%时停止，这使得质押成为其战略的核心。
10月7日，BMNR股价下跌6.60%，报收于24.47美元。Bitmine董事长Tom Lee表示，一旦公司持有的以太坊达到网络供应量的5%，公司将停止积累。这一举动将关注点从Bitmine能购买多少ETH转移到该公司在其最大积累阶段结束后将做什么。
Google Finance数据显示，截至美东时间下午1:19，BMNR报价为24.47美元，盘中最高价为25.19美元，最低价为24.28美元。
Bitmine (BMNR) 股价 | 来源：Google Finance
截至10月4日，Bitmine持有6,016,414枚ETH，相当于该公司引用的1.221亿枚ETH总供应量的4.9%。按其报告的参考价格每枚ETH 2,726美元计算，该头寸价值约164亿美元。该公司表示，其加密货币、现金和有价证券的总和，加上其称为“月球冲刺”的其他投资，已达到174亿美元。
BMNR股价触及5%上限
目前推动BMNR股价故事的关键数字不再是六百万枚ETH，而是以太坊总供应量的5%。Lee在10月7日于新加坡举行的Token2049会议上表示，Bitmine在达到该水平后将停止购买ETH。
Lee described the company as "no longer piling up" after reaching the 5% threshold. He added: "We only need to get another 100,000 ETH to get to 5%," before adding: "Now we will stop."
Compared with the huge treasury it has already established, the distance remaining to cover Bitmine is relatively small. Its latest weekly purchases added 15,112 ETH units, valued at approximately $41 million based on the company's valuation. This is the second consecutive week of declines in purchases and the lightest weekly increase since August 17.
The purchase plan is advancing rapidly. Bitmine launched its Ethereum treasury strategy on June 30, 2025, and has reported purchases weekly since then. The company has previously described the 5% milestone as "5% alchemy."
Bitmine's stock story is about to change
Bitmine's stock narrative largely follows the company's aggressive ETH accumulation strategy. This connection was evident in September. According to data cited by The Coin Republic, on September 21, Bitmine transferred 12,500 ETH units worth approximately $34.55 million from Kraken.
On the day, BMNR shares rose 8.84% to close at US$28.25. The publication also points out an important limitation: Exchange withdrawals alone do not prove that the transaction is a new purchase of ETH.
This incident helps explain why the latest announcement is so important. Bitmine's accumulation has become one of the clearest and recurring features of the company's stock story. Now there is a clear end.
然而，停止主动购买并不意味着以太坊国库变得静止不动。截至10月4日，Bitmine报告有5,067,309枚ETH处于质押状态，占其持仓的84%以上。该公司使用其机构级质押平台MAVAN作为这些资产的主要去向。
BMNR股价的未来走向？
正是在这里，BMNR股价的故事呈现出不同的形态。一旦达到5%的上限，Bitmine可以将更多注意力转向质押和国库管理，而不是反复筹集资金用于购买ETH。
该公司已经建立了庞大的质押业务，其9月的文件显示，基于510万枚质押ETH，年化质押收入预计为3.57亿美元。
这意味着这一转变不仅仅是购买的暂停。它将国库战略的重点从积累转变为从已经巨大的ETH头寸中提取回报。
Bitmine以太坊积累 | 来源：X
以太坊价格也很重要，因为Bitmine报告的持仓直接与其ETH的市场价值挂钩。10月7日，ETH下跌约5%，在Binance数据中交易价格接近2,560美元，而10月6日收盘价约为2,697美元。
随着Bitmine接近其目标，根据其10月4日的持仓和5%的供应阈值，大约还需要89,000枚ETH。对于BMNR股价而言，市场现在有两个紧密相关的数字需要关注：5%和6,016,414枚ETH。一个代表了上限，另一个显示了Bitmine距离该上限有多近。
The company is still increasing ETH. But now there is a node where the purchase ends. After that, the balance sheet will become the focus of the story.
Ethereum prices, pledged output, and Bitmine's ability to grow its treasury without continuing to expand its ETH positions will have a greater impact on the next stage of the narrative.
