BitMine Immersion Technologies has disclosed it held 6,060,506 ETH as of Nov. 1, roughly 4.9% of Ethereum’s reported 122.2 million circulating supply. The company valued its combined crypto, cash, marketable securities and other investments at about $14.5 billion, using an Ethereum reference price of $2,261. BitMine added 8,573 ETH during the prior week, moving closer to its stated target of 5% of supply — about 6.11 million ETH.
The treasury also included 216 Bitcoin, $498 million in cash and marketable securities, a $180 million investment in Beast Industries and an $82 million position in Eightco Holdings. Of its total ETH position, 5,227,037 ETH — about 86% — was staked, worth roughly $11.8 billion at the reference price. BitMine estimated annualized staking revenue of $358 million on the staked balance, and about $415 million if its whole ETH treasury were staked, though those figures are projections and depend on network yields and token prices.
Despite the scale of the holdings, BMNR shares traded at about $11.79 billion on Nov. 3, leaving a gap of roughly $2.71 billion, or 18.7%, relative to the $14.5 billion reported asset value. The comparison is indicative rather than a precise net asset value calculation because it may not account for liabilities, preferred securities or dilution. Independent trackers have also placed the company’s market-to-net-asset-value multiple below one.
Meanwhile, Ethereum rebounded after a post-election sell-off. Ether rose about 6.9% in a day to trade near $2,419 on Nov. 4, while bitcoin gained about 4.7%. CoinGlass data showed roughly $238 million in ETH positions were liquidated in a single day, with shorts accounting for about 55.5% of the total. The forced buying helped lift ETH, but it still remains about 16.6% lower over the past month and roughly 51.2% below its $4,946 peak.
ETH now trades near $2,410, right at its 50-day moving average, while holding above its 200-day average near $2,320. Momentum indicators such as RSI near 53 and a bullish MACD crossover suggest buyers have room to push, but analysts caution that a lasting rally requires sustained spot demand rather than short covering alone. Resistance is seen near $2,560 and then $2,650; support sits at the 200-day average and the $2,230 range floor.
