BitMine nears 5% Ethereum supply target with another 8,573 ETH purchase

BitMine Immersion Technologies has purchased another 8,573 Ethereum (ETH), bringing its total holdings to 6,060,506 tokens as Ethereum’s price recovers toward $2,300. Summary BitMine purchased 8,573 ETH over the past week, bringing its total Ethereum holdings to 6,060,506 tokens. The company now owns approximately 4.9% of Ethereum’s estimated 122.2 million circulating supply. BitMine has staked 5,227,037 ETH, with projected annual staking rewards of $358 million. Ethereum traded near $2,290 on November 2, gaining 0.67% while remaining below key resistance levels. Chairman Tom Lee believes the limited market decline following the Binance hack shows improving crypto market resilience. According to the company’s November 2 announcement, its Ethereum treasury represents approximately 4.9% of the cryptocurrency’s estimated 122.2 million circulating supply. BitMine valued its combined cryptocurrency holdings, cash, marketable securities and other investments at $14.5 billion. The purchase came as Ethereum traded near $2,290 on November 2, recovering modestly after several weeks of selling pressure. BitMine expands Ethereum holdings to 6.06 million ETH BitMine’s latest acquisition follows...