BitMine Immersion Technologies has purchased another 8,573 Ether (~ETH). As the price of Ether rebounded to around $2,300, their total holdings have increased to 6,060,506 tokens.

The company purchased 8,573 ETH in the past week, bringing its total Ethereum holdings to 6,060,506.

The company currently holds a share of approximately 4.9% of Ethereum's estimated circulating supply of 122.2 million coins.

BitMine has pledged 5,227,037 ETH, with an estimated annualized pledge reward of 358 million US dollars.

On November 2nd, the trading price of Ethereum approached $2,290, with a daily increase of 0.67%, but it remained below the key resistance level.

Chairman Tom Lee believes that the limited decline in the market after Binance was attacked by hackers indicates that the resilience of the crypto market is improving.

According to the company's announcement on November 2nd, its Ethereum wallet accounts for approximately 4.9% of the estimated 122.2 million circulating supply of this cryptocurrency. BitMine has valued its holdings of cryptocurrencies, cash, tradable securities, and other investments at a total of $14.5 billion.

At the time of this purchase, Ethereum was trading around $2,290 on November 2nd, showing a slight rebound from the selling pressure of the previous weeks.

BitMine Increases Ethereum holdings to 6.06 million coins

Chairman Tom Lee confirmed that the company purchased 8,573 ETH in the previous week, continuing the shareholding increase strategy initiated on June 30, 2025.

crypto.news Previous reports stated that BitMine purchased 10,452 ETH in the previous reporting period, and as of October 25th, its holdings had increased to 6,051,933.

The update on November 2nd raised this number to 6,060,506 ETH, bringing the company closer to its set holding target.

Calculated based on the Ethereum reference price of $2,261 on November 1st, the value of ETH holdings for BitMine is approximately $13.7 billion.

The remaining assets include 216 bitcoins, $498 million in cash and tradable securities, as well as investments in two other companies.

BitMine revealed that its investment in Beast Industries is 180 million US dollars, and its position in Eightco Holdings is 82 million US dollars.

The company previously defined 5% as the upper limit of its Ethereum expansion strategy.

BitMine pledged 5.22 million ETH, with an annualized reward of approximately 358 million US dollars

In addition to purchasing Ethereum, BitMine also continues to earn staking rewards from its existing holdings.

The company reported that as of November 1st, it had pledged 5,227,037 ETH, which accounts for approximately 86% of its total Ethereum treasury.

Calculated at $2,261 per coin, the value of this portion of the pledged positions is approximately 11.8 billion US dollars.

According to BitMine, under the current assumptions, these holdings can generate an annualized pledge income of 358 million US dollars.

This estimate uses an annualized pledge yield of 3.03% over 7 days; the actual yield may vary depending on network conditions.

If BitMine ultimately stakes all the remaining Ether, management expects the annualized rewards to potentially reach $415 million.

The company operates MAVAN, namely its "US-made Verifier Network" (Made in America Validator Network), and collaborates with external staking partners.

Previous reports on the BitMine collateral business discussed how its expanding network of verifiers contributed to regular income.

BitMine launched MAVAN with the aim of managing institution-level Ethereum staking, and subsequently extended this service to external investors and custodian institutions as well.

Lee claims that BitMine is the largest Ethereum staker, but the company's announcement does not provide a complete comparison with competitors.

Ethereum price rebounds to around $2,300

Meanwhile, on November 2nd, Ethereum traded at around $2,290.61, with a daily increase of 0.67%.

After a continuous decline in October, this cryptocurrency is still below the level of nearly $2,750 at the end of September.

Recent Ethereum price analysis shows that after ETH returned above $2,250, the short-term momentum has improved.

The Ethereum Relative Strength Index ( RSI ) is 37.14, slightly higher than its moving average of 36.50.

Meanwhile, the Moving Average Convergence Divergence indicator ( MACD ) remains negative, with the MACD line at -67.50 and the signal line at -62.29.

The bar chart shows a value of -5.21, indicating that the bearish momentum continues.

The immediate support level is around $2,250, and the resistance level is around $2,320. If it continues to fall below the support level, it may drop to $2,200.

Market participants are watching to see if Ethereum can first return above $2,320 before moving towards the stronger resistance level of $2,500.

Tom Lee Ethereum's Performance After the TalkCoinAn Hack Incident

Lee compared the approximately 4% decline in Ethereum after this event with the market performance after the hack on Bybit in February 2025.

According to his comparison, ETH fell by 8% immediately after the previous event and then accumulated a decline of about 20% in the following week.

Lee believes that the relatively mild market reaction after Binance was attacked indicates that the industry is now better equipped to handle major security incidents.

He attributed part of this reaction to Binance's financial resources, asset recovery efforts, and the actions of cryptocurrency companies.

However, Lee's view that a moderate decline indicates that the market is still in a "bull market" remains his interpretation of the recent market conditions.

Despite the recent decline in Ethereum's price, this executive still maintains a long-term bullish outlook.

BitMine indicates that the company will continue to operate its Ethereum vault and staking infrastructure, while also pursuing the goal of holding 5% of the circulating supply of this cryptocurrency.