BitMine buys 8,573 ETH, closing in on 5% supply target

What happened

BitMine Immersion Technologies purchased 8,573 ETH in the week through Nov. 1, the company said in its Monday update. The purchase raised its total Ethereum holdings to 6,060,506 ETH, which BitMine said represents about 4.9% of the cryptocurrency's 122.2 million circulating supply.

The buy was smaller than BitMine's other recent weekly purchases. Unchained reported that the company bought 10,452 ETH in the prior update and acquired 12,535 ETH and 15,112 ETH earlier in the fall. Crypto.news reported that the previous purchase took BitMine's holdings to 6,051,933 ETH on Oct. 25.

BitMine valued its combined cryptocurrency, cash, marketable securities and other investments at $14.5 billion, down from about $15 billion in the previous update. Its cash and marketable securities totaled $498 million, compared with $514 million previously. The company also reported 216 BTC, a $180 million stake in Beast Industries and an $82 million position in Eightco Holdings.

At the Ethereum reference price of $2,261 on Nov. 1, BitMine's ETH holdings were worth about $13.7 billion, according to Crypto.news. The company said 5,227,037 ETH was staked, a position valued at about $11.8 billion at that price.

Why it matters

The update keeps BitMine close to the 5% ownership ceiling it has set for its Ethereum accumulation strategy. Based on the reported supply, reaching 5% would require roughly 6.11 million ETH. Unchained calculated that BitMine is now about 49,500 ETH short of that level, compared with a gap of about 58,000 ETH a week earlier.

BitMine's disclosures also show how a large corporate holder is combining treasury purchases with staking revenue. Most of its ETH is already staked, and the company projects that staking the rest would increase annual rewards. That makes BitMine's weekly reports a useful gauge of both corporate demand for Ethereum and the economics of large-scale validator operations.

What the data shows

BitMine used a Coinbase price of $2,261 per ETH as of 4 p.m. ET on Nov. 1, roughly 4% below the $2,356 reference price it used a week earlier, according to Unchained. Crypto.news reported that Ethereum traded near $2,290.61 on Nov. 2, up 0.67% on the day but still below late-September levels near $2,750 after a decline through October.

Crypto.news also reported technical readings that showed weak momentum despite the modest recovery. Ethereum's Relative Strength Index was 37.14, slightly above its moving average of 36.50 but below the 50 level. The MACD line was -67.50 against a signal line of -62.29, with a histogram of -5.21. Reported support stood near $2,250 and resistance around $2,320.

On staking, BitMine said 5,227,037 ETH was staked as of Nov. 1, about 86% of its Ethereum treasury. At a 3.03% seven-day annualized yield, the company estimated $358 million in annual staking revenue on the current staked amount. If all of its ETH were staked, management projected annual rewards of $415 million.

Background

BitMine introduced its Ethereum accumulation strategy on June 30, 2025, and has since issued regular weekly updates on purchases and holdings. Crypto.news reported that the company has described the 5% level as the intended limit for its accumulation. BitMine also operates MAVAN, its Made in America Validator Network, alongside external staking partners. Lee has described BitMine as the largest Ethereum staking holder, although the announcement did not provide a complete comparison with competing entities.

The latest update also included Lee's assessment of the Binance security breach. Unchained reported that $6.3 billion was taken from hot wallets and that the incident has been linked to North Korea. Lee said Ethereum fell 4% after the Binance theft was disclosed, compared with an 8% drop on the day of the February 2025 Bybit hack and a 20% decline over the following week. Bybit lost $1.5 billion in that earlier incident.

Lee cited several reasons for the milder market response, including that Binance can cover all customer losses, that no string of DeFi protocol failures followed, and that the breach targeted Binance's infrastructure rather than a blockchain. He said the reaction suggested the crypto industry is becoming more resilient. Crypto.news noted that Lee's resilience assessment was his interpretation of recent market conditions, while he maintained a positive long-term outlook.

What to watch

Investors and industry observers will watch whether BitMine continues making weekly purchases to close the remaining gap to 5%. The company said it would keep operating its Ethereum treasury and staking infrastructure while pursuing that target, but the reports did not include a timeline for reaching it. Future updates may also show whether BitMine stakes more of its holdings and how its projected rewards change with network conditions.

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