Bitmine Immersion Technologies added another 8,573 ETH and now controls around 4.9% of Ethereum's supply, close to its 5% target. Spot Ethereum ETFs, meanwhile, recorded outflows in October, and ETH has yet to reverse.
Bitmine Immersion Technologies bought 8,573 ETH during the latest reported week, worth roughly $19.4 million at its disclosed valuation. The company is pursuing enough ETH to control 5% of the total supply.
Bitmine holds 6,060,506 ETH
The company's latest disclosure showed holdings of 6,060,506 ETH as of November 1, worth $13.7 billion at a price of $2,261. That stake equals around 4.9% of Ethereum's supply.
Its total crypto, cash, and other investments reached $14.5 billion, including 216 BTC and $498 million in cash and marketable securities.
Bitmine has also staked 5.23 million ETH, or 86% of its holdings. The company estimates that this position could generate around $358 million in annualized rewards, rising to $415 million if it staked its entire treasury. Under Ethereum's proof-of-stake model, holders earn rewards by helping secure the network.
Tom Lee's targets imply 119% to 165% gains
Bitmine Chairman Tom Lee has suggested Ethereum could revisit its previous all-time high near $4,954 before the end of 2026, with $6,000 also emerging as a potential year-end target. From $2,261, ETH would need to climb 119% to reach $4,954 and around 165% to hit $6,000.
Ethereum faces resistance around the $2,315 area, identified as a key moving-average level in recent market analysis. A sustained move above that zone could strengthen the recovery case, while a failure to reclaim it would leave ETH vulnerable to further downside.
ETF outflows weigh on the bullish case
Risks remain. U.S. spot Ethereum ETFs recorded substantial outflows during October, while ETH's price performance stayed under pressure. Institutional accumulation has not yet translated into a decisive market reversal.
Separately, at Devcon 8 in Mumbai, Ethereum co-founder Vitalik Buterin appeared on stage in a green cloak and a smiling mask. The event runs from November 3 to November 6.
Source: Cryptonews
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