BitMine nears 5% Ethereum supply target with another 8,573 ETH purchase

BitMine Immersion Technologies has purchased another 8,573 Ethereum (ETH), bringing its total holdings to 6,060,506 tokens as Ethereum’s price recovers toward $2,300.

According to the company’s November 2 announcement, its Ethereum treasury represents approximately 4.9% of the cryptocurrency’s estimated 122.2 million circulating supply. BitMine valued its combined cryptocurrency holdings, cash, marketable securities and other investments at $14.5 billion.

The purchase came as Ethereum traded near $2,290 on November 2, recovering modestly after several weeks of selling pressure.

BitMine expands Ethereum holdings to 6.06 million ETH

BitMine’s latest acquisition follows a series of weekly purchases that have brought the company close to its target of owning 5% of Ethereum’s supply.

Chairman Tom Lee confirmed that the company purchased 8,573 ETH during the preceding week, continuing an accumulation strategy introduced on June 30, 2025.

As crypto.news previously reported, BitMine purchased 10,452 ETH during the previous reporting period, taking its holdings to 6,051,933 tokens on October 25.

The November 2 update brings that figure to 6,060,506 ETH, leaving the company close to its stated ownership target.

At Ethereum’s reference price of $2,261 on November 1, BitMine’s ETH holdings were worth approximately $13.7 billion.

Its remaining assets included 216 Bitcoin, $498 million in cash and marketable securities, and investments in two other companies.

BitMine reported a $180 million investment in Beast Industries and an $82 million position in Eightco Holdings.

The company previously outlined its 5% target as the intended limit for its Ethereum accumulation strategy.

Based on the latest reported circulating supply, reaching 5% would require approximately 6.11 million ETH, leaving a gap of roughly 49,500 tokens.

BitMine stakes 5.22 million ETH for annual rewards

Beyond purchasing Ethereum, BitMine continues earning staking rewards through its existing holdings.

The company reported 5,227,037 staked ETH as of November 1, representing approximately 86% of its total Ethereum treasury.

At $2,261 per token, the staked position was valued at approximately $11.8 billion.

According to BitMine, the holdings could generate $358 million in annual staking revenue under its current assumptions.

The estimate uses a seven-day annualized staking yield of 3.03%, with actual earnings subject to changing network conditions.

If BitMine eventually stakes its remaining Ethereum, management projects annual rewards could reach $415 million.

The company operates MAVAN, its Made in America Validator Network, alongside external staking partners.

Earlier coverage of BitMine’s staking examined how its growing validator exposure contributes to recurring revenue.

BitMine introduced MAVAN to manage institutional-grade Ethereum staking and subsequently expanded the service to outside investors and custodians.

Lee described BitMine as the largest Ethereum staking holder, although the company’s announcement did not provide a complete comparison of competing entities.

Ethereum price recovers toward $2,300

Meanwhile, Ethereum traded at approximately $2,290.61 on November 2, gaining 0.67% on the daily chart.

The cryptocurrency remained below its late September levels near $2,750, following a prolonged decline throughout October.

Recent Ethereum price analysis identified improving short-term momentum after ETH recovered above $2,250.

However, the latest technical readings still suggest buyers have not fully regained control.

Ethereum’s Relative Strength Index stood at 37.14, slightly above its moving average of 36.50.

The indicator remained below 50, showing that buying momentum was relatively weak despite the latest recovery.

Meanwhile, the Moving Average Convergence Divergence remained negative, with the MACD line at -67.50 and its signal line at -62.29.

The histogram stood at -5.21, pointing to continued bearish momentum.

Immediate support appeared near $2,250, while resistance stood around $2,320. A sustained decline below support could expose the $2,200 level.

Market participants were watching whether Ethereum could recover above $2,320 before approaching the stronger resistance zone near $2,500.

Tom Lee comments on Ethereum after Binance hack

BitMine’s latest announcement included Lee’s assessment of the October 29 Binance security breach, which involved approximately $6.3 billion in affected cryptocurrency assets.

Lee compared Ethereum’s reported 4% decline following the incident with its market performance after the February 2025 Bybit hack.

According to his comparison, ETH fell 8% immediately after the earlier incident and lost approximately 20% over the following week.

Lee argued that the smaller market reaction to the Binance attack suggested the industry had become more capable of handling major security incidents.

He attributed the response partly to Binance’s financial resources, asset recovery efforts and action taken by cryptocurrency companies.

However, Lee’s statement that the muted decline indicates a continuing “bull market” remains his interpretation of recent market conditions.

The executive maintained his positive long-term outlook despite Ethereum’s recent price losses.

BitMine said it would continue operating its Ethereum treasury and staking infrastructure while pursuing its target of holding 5% of the cryptocurrency’s circulating supply.