The Chart Desk: BitMine Staking, Miners Selling, and Stablecoin Supply

Three charts this week, each built from company filings on SEC EDGAR or from Le Coin's own reads of Ethereum contracts. No price data is used.

BitMine's staked ether, reported unchanged

Fig. 1. BitMine Immersion Technologies reported 5,067,309 staked ETH in its weekly release as of Aug. 9, 2026, and reported the same figure in each of its next nine weekly releases, through the one as of Oct. 11, filed Oct. 13 (sources 1, 2). That is 10 straight weekly releases at one number.

Over the same span, BitMine's reported total ETH holdings rose from 5,805,238 to 6,028,946, an increase of 223,708 (sources 1, 2). On those figures, staked ETH was 84.0% of reported holdings as of Oct. 11, by Le Coin's arithmetic.

These are the company's own figures. Le Coin cannot see BitMine's validators on-chain, so the staked balance is not independently checked. The series has flat stretches before this one too, including 4,917,189 from July 12 to Aug. 2.

In Le Coin's view, the reported figure is worth watching because holdings kept growing while it held still. The releases do not say whether newly bought ether is waiting to be staked or being held unstaked by choice.

Riot sells more than it mines

Fig. 2. Riot Platforms sold more bitcoin than it mined in every quarter from Q4 2025 through Q2 2026, according to its filings (sources 3 to 5). In the first half of 2026 it sold 9,665 BTC and mined 3,060 (sources 4, 5).

Le Coin derived the Q3 2025, Q4 2025 and Q2 2026 sold figures by subtracting year-to-date totals. "Sold" here is the bitcoin in Riot's proceeds from sale of bitcoin line, which excludes bitcoin used for employee pay.

The chart shows Riot alone because the other large miners do not report a comparable number. MARA Holdings reports bitcoin produced, including its share from an equity investee in Abu Dhabi, but Le Coin found no count of bitcoin sold in its filings (source 6). CleanSpark reports its bitcoin sales in dollars, not in bitcoin, and also issues bitcoin for services and moves it to collateral, which are not sales (source 7). Each company defines these lines differently, so the three cannot be compared directly.

Riot's reported bitcoin holdings fell from 18,005 at the start of 2026 to 15,679 on March 31 and 11,380 on June 30 (sources 4, 5). In Le Coin's view, that is a miner drawing down its stock, not just selling new output. Whether that continues will show in its Q3 10-Q, not yet filed.

USDT and USDC on Ethereum

Fig. 3. The total supply of USDT on Ethereum fell from 101.74 billion tokens at the end of October 2025 to 88.30 billion at the end of September 2026, according to Le Coin's reads of the Tether contract (source 8). USDC supply on Ethereum went from 51.43 billion to 49.33 billion over the same months (source 9).

USDT's total supply includes tokens Tether holds in its own treasury that are not issued. Tether's transparency feed put that balance on Ethereum at about 1.96 billion as of Oct. 15 (source 10). These are Ethereum figures only. They exclude Tron, Solana and other chains, so they are not a measure of either coin's overall market share.

In Le Coin's view, the Ethereum decline in USDT is the larger move of the two, about 13 billion tokens, while USDC was roughly flat after peaking at 54.55 billion in March.

Sources

1. BitMine Immersion Technologies, Form 8-K Exhibit 99.1, weekly holdings release as of Aug. 9, 2026 (filed Aug. 10, 2026, accession 0001493152-26-036757), https://www.sec.gov/Archives/edgar/data/1829311/000149315226036757/ex99-1.htm, accessed 2026-10-15, 4:44 p.m. ET.
2. BitMine Immersion Technologies, Form 8-K Exhibit 99.1, weekly holdings release as of Oct. 11, 2026 (filed Oct. 13, 2026, accession 0001493152-26-046744), https://www.sec.gov/Archives/edgar/data/1829311/000149315226046744/ex99-1.htm, accessed 2026-10-15, 4:44 p.m. ET.
3. Riot Platforms, Form 10-K for 2025 (accession 0001104659-26-022322), https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm, accessed 2026-10-15, 4:44 p.m. ET.
4. Riot Platforms, Form 10-Q for Q1 2026 (accession 0001104659-26-053120), https://www.sec.gov/Archives/edgar/data/1167419/000110465926053120/riot-20260331x10q.htm, accessed 2026-10-15, 4:44 p.m. ET.
5. Riot Platforms, Form 10-Q for Q2 2026 (accession 0001104659-26-093448), https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm, accessed 2026-10-15, 4:44 p.m. ET.
6. MARA Holdings, Form 10-Q for Q2 2026 (accession 0001507605-26-000022), https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm, accessed 2026-10-15, 4:44 p.m. ET.
7. CleanSpark, Form 10-Q for the quarter ended June 30, 2026 (accession 0001193125-26-338382), https://www.sec.gov/Archives/edgar/data/827876/000119312526338382/clsk-20260630.htm, accessed 2026-10-15, 4:44 p.m. ET.
8. Ethereum state via dRPC RPC, method eth_call totalSupply() on the Tether USDT contract 0xdAC17F958D2ee523a2206206994597C13D831ec7, block heights 23,701,962 to 26,094,935 (last block of each month, Oct. 2025 to Sep. 2026), https://drpc.org, accessed 2026-10-15, 4:32 p.m. ET.
9. Ethereum state via dRPC RPC, method eth_call totalSupply() on the Circle USDC contract 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48, block heights 23,701,962 to 26,094,935 (last block of each month, Oct. 2025 to Sep. 2026), https://drpc.org, accessed 2026-10-15, 4:32 p.m. ET.
10. Tether, transparency data feed (reserve_balance_eth), https://app.tether.to/transparency.json, accessed 2026-10-15, 4:20 p.m. ET.

Holding the Corner.

Not financial advice.