BitMine Immersion Technologies has expanded its Ethereum treasury to 6,060,506 ETH after purchasing an additional 8,573 tokens during the past week, according to a November 2 announcement. The accumulation leaves the company roughly 49,500 ETH short of its stated target of holding 5% of Ethereum’s estimated 122.2 million circulating supply.
At the November 1 reference price of $2,261 per ETH, BitMine valued its Ethereum position at approximately $13.7 billion. Its broader asset base included 216 BTC, nearly $500 million in cash and marketable securities, a $180 million investment in Beast Industries and an $82 million position in Eightco, bringing total holdings to around $14.5 billion.
BitMine said it has staked 5,227,037 ETH, or about 86% of its treasury, through its Made in America Validator Network and external partners. Under current assumptions, the staked position could produce $358 million in annualized staking revenue based on a seven-day annualized yield of 3.03%; if the remaining Ethereum were staked, projected annual rewards could rise to $415 million.
Chairman Tom Lee pointed to the company’s consistent weekly buying since launching its Ethereum Treasury Strategy on June 30, 2025, stating that BitMine’s record of crypto purchases is “unmatched by any public company in the world.” He also argued that Ethereum’s relatively limited decline after the October 29 Binance security breach, estimated at $6.3 billion, shows improved market resilience. By comparison, ETH fell about 8% immediately and 20% within a week after the February 2025 Bybit hack, while the post-Binance decline was around 4%. Lee cited Binance’s ability to cover losses, rapid asset freezes, the absence of cascading DeFi failures and the FBI’s attribution to North Korea as factors, concluding that the restrained reaction suggests a crypto bull market remains underway.
Ethereum traded near $2,290.61 on November 2, up 0.67% on the day but still below late-September levels near $2,750. Technical indicators showed RSI at 37.14 and negative MACD readings, with immediate support near $2,250 and resistance around $2,320.
