BitMine Immersion Technologies is closing in on its goal to control 5% of Ethereum’s circulating supply after adding another 8,573 ETH to its treasury, bringing total holdings to 6,060,506 ETH as ETH’s price inches back toward $2,300. A steady accumulation strategy - In a November 2 update, Chairman Tom Lee confirmed the purchase, part of a disciplined weekly buying program BitMine launched on June 30, 2025. “Over the past week, we acquired 8,573 ETH. BitMine’s track record of consistent buying of crypto is unmatched by any public company in the world. BitMine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee said. - The new purchase follows a 10,452 ETH acquisition reported on October 25, when holdings stood at 6,051,933 ETH. At the current total, BitMine’s Ethereum stash represents roughly 4.9% of the estimated 122.2 million circulating ETH; reaching its 5% cap would require about 6.11 million ETH—around 49,500 more tokens. Balance sheet and staking economics - BitMine values its combined crypto holdings, cash, marketable securities and other investments at $14.5 billion. - At an ETH reference price of $2,261 on November 1, the company’s ETH was worth about $13.7 billion. - Other reported assets include 216 BTC, $498 million in cash and marketable securities, and equity stakes: $180 million in Beast Industries and $82 million in Eightco Holdings. Staking is a major revenue engine - BitMine said 5,227,037 ETH—around 86% of its ETH treasury—was staked as of November 1, valued at about $11.8 billion at the reference price. - Using a seven-day annualized staking yield of 3.03%, management estimates annual staking revenue at roughly $358 million; if the company stakes its remaining ETH, projected annual rewards could rise to approximately $415 million. - BitMine operates MAVAN (Made in America Validator Network) alongside external partners, positioning itself as a major institutional Ethereum staking provider and opening validator services to outside investors and custodians. Market context and price action - Ethereum traded near $2,290 on November 2, up modestly for the day but still well below late-September peaks near $2,750 after a pullback in October. - Short-term technicals show improving momentum but lingering bearish signals: RSI around 37.14 (below neutral 50) and a negative MACD, indicating buyers haven’t fully regained control. Immediate technical support is near $2,250, with resistance around $2,320 and a stronger resistance zone near $2,500. On industry resilience and security incidents - Lee also commented on the market’s reaction to the October 29 Binance security incident, which involved about $6.3 billion in affected assets. He contrasted ETH’s roughly 4% drop after that breach with its steeper decline following the February Bybit hack (about an 8% immediate drop and ~20% over the subsequent week). Lee suggested the more muted reaction this time reflects stronger industry resilience, asset-recovery efforts and actions by market participants—an interpretation he says supports a constructive long-term view. What’s next BitMine says it will continue to operate its Ethereum treasury and staking infrastructure while pursuing the 5% ownership target. With weekly purchases ongoing, the firm is now within striking distance of its stated limit—and staking will remain a central driver of recurring revenue as it builds out MAVAN and broader validator exposure. Read more AI-generated news on: https://app.chaingpt.org/news