By purchasing 10,452 ETH over the course of a week, Bitmine Immersion Technologies grew its Ethereum treasury to a total of 6,051,933 ETH. The firm currently controls 4.95% of the circulating supply of Ethereum, bringing it very close to its stated 5% goal. Alongside this acquisition, the company’s recent report revealed 2.04 million share repurchases and projected annual staking revenue of USD 318 million. These developments coincide with a period where Ethereum is navigating pressure from spot exchange-traded fund outflows and uncertainty regarding its upcoming network upgrade.
Bitmine Ethereum Reserves Reach USD 14.3 Billion
Using an Ethereum valuation of USD 2,356 on October 25, Bitmine valued its ETH holdings at approximately USD 14.3 billion. This stash makes up the vast majority of the company’s USD 15 billion in total reported assets.
This latest addition continues Bitmine’s steady accumulation toward its objective of securing 5% of the circulating supply. Sitting just 0.05 percentage points away from that milestone, the company has not yet officially announced that the goal has been met.
Aside from its Ethereum holdings, Bitmine owns 215 Bitcoin along with a USD 180 million stake in Beast Industries. The firm also accounts for a USD 76 million investment in Eightco Holdings. Cash and marketable securities stood at USD 514 million at the time of the latest report, down from USD 582 million the previous week.
Chairman Tom Lee expressed his view that the crypto bull market is still active, though these remarks represent management’s outlook rather than any guarantee of future price increases for Ethereum.
ETH Staking Expands as Share Buybacks Resume
Bitmine has delegated 5,227,037 ETH to staking via its MAVAN platform and additional partners, accounting for roughly 86% of its entire Ethereum treasury. Based on prevailing staking conditions, the company projects an annualized revenue of about USD 318 million.
Should Bitmine decide to stake its entire reserve, it estimates that annualized earnings could climb to USD 368 million. Neither figure serves as guaranteed income, as actual payouts hinge on network participation levels, validator performance, Ethereum market prices, and any potential penalties impacting staking returns.
Last week, the company also bought back 2.04 million shares at an average price of USD 22.48. This latest disclosure brings its 2026 share repurchases to 22.9 million shares, representing a total expenditure of USD 399.6 million at an average price of USD 17.48.
These transactions mark the first reported buybacks since a previous program concluded on August 17. In an update on October 5, Bitmine had previously reported an annual repurchase total of approximately 21 million shares. Lee noted that management routinely repurchases stock whenever the shares are deemed undervalued.
Combined, the recent Ethereum purchase and share buybacks required an outlay of roughly USD 70 million, closely mirroring the USD 68 million drop in cash and marketable securities observed over the same weekly period. Bitmine characterizes these cumulative repurchases as the largest equity buyback ever conducted by a digital asset treasury firm.
Read More: Ethereum Fixes Glamsterdam Bug That Threatened Validator Deposits
Ethereum Price Faces Key Tests Before November 30
Can Bitmine’s expanding Ethereum treasury help ETH reach USD 2,700 by November 30? The price outlook highlights multiple hurdles, such as persistent negative flows from spot Ether ETF products and a muted market reaction to the company’s continuous buying.
The same analysis points to uncertainties surrounding Ethereum’s Glamsterdam upgrade, suggesting that corporate accumulation alone may not be enough to drive prices higher. Developers previously postponed the testnet activation scheduled for October 26 on Hoodi without providing a new date, and no mainnet launch timeline has been finalized.
To mount a recovery, the analysis points to initial support levels near USD 2,290 and USD 2,276. From there, ETH would need to reclaim its 20-day moving average, which sits around USD 2,435, alongside a full week of positive inflows into spot Ether ETFs.
The next major milestone involves securing a daily close above the 50-day moving average of USD 2,540 prior to mid-November. Without achieving this, reaching a price of USD 2,700 by the end of November remains unlikely. On the other hand, sustained ETF outflows and a drop below the USD 2,276 support level could pull the asset down toward its 200-day moving average near USD 2,158.
Conclusion
Bitmine’s latest round of Ethereum acquisitions brings its holdings closer to the 5% supply milestone, while staking activities and share repurchases continue to anchor its corporate strategy. Despite these expanding reserves, Ethereum must contend with broader ETF outflows and an uncertain upgrade schedule. A sustained rebound past USD 2,540 could support the path toward USD 2,700, whereas USD 2,276 remains a crucial line of defense.
