With roughly 50,000 ETH remaining before reaching its target, Bitmine is getting closer to becoming one of the largest corporate holders of Ethereum. The company's expanding treasury also includes staked ETH, Bitcoin, cash and other investments, bringing its reported total holdings to approximately $14.5 billion.
Bitmine Ethereum Holdings Reach 6.06 Million ETH
Bitmine acquired 8,573 ETH last week at an average price of $2,261 per token. The transaction was valued at nearly $20 million, adding to the company's already substantial Ethereum reserves.
Following the purchase, Bitmine's total Ethereum holdings reached 6,060,506 ETH. Based on Ethereum's reported total supply of 122.2 million tokens, the company now controls approximately 4.9% of the supply.
The company has been pursuing its 5% Ethereum accumulation target for approximately 15 months. At its current holdings, Bitmine needs roughly another 50,000 ETH to reach that milestone.
Chairman Tom Lee said the company has purchased Ethereum every week since launching its treasury strategy in June 2025. He has described Bitmine's consistent accumulation as unmatched among publicly traded companies worldwide.
More Than 5.23 Million ETH Allocated to Staking
Bitmine is also putting a substantial portion of its Ethereum reserves to work through staking. Approximately 5.23 million ETH, representing 86% of its total holdings, has been staked.
That staked position is valued at approximately $11.8 billion. At full scale, the company expects its staking operations to generate around $415 million annually in rewards.
Beyond Ethereum, Bitmine's balance sheet includes cash, Bitcoin (BTC) and several additional investments. Combined, these assets bring the company's reported total holdings to approximately $14.5 billion.
The strategy gives Bitmine exposure to Ethereum's market value while also allowing a substantial portion of its holdings to generate staking rewards.
Tom Lee Comments on Binance Security Breach
Bitmine Chairman Tom Lee also addressed Binance's recent $6.3 billion hack, which the FBI has attributed to North Korea.
Comparing the incident with the Bybit hack in 2025, Lee suggested that the market response to the latest security breach had been more limited despite the significantly larger reported theft.
"We believe this is a far more muted market reaction despite the size of the theft being approximately quadruple the size…"
His comments highlight the difference in market reactions between the two incidents, although the source material does not provide additional figures measuring the broader impact on cryptocurrency prices.
BMNR Shares Climb Nearly 7% on November 4
Bitmine's growing Ethereum position coincided with a strong session for its publicly traded shares. BMNR was trading at $21.90 on November 4, up from an opening price of $20.50.
The move represented a gain of nearly 7% within several hours, while the stock briefly reached a high above $22.20.
Technical Indicators Show Strong Momentum but Some Cooling
Short-term technical indicators reflected the strength of BMNR's latest move, although momentum had begun to moderate.
On the five-minute chart, the Relative Strength Index (RSI) climbed above 80 during the rally before retreating to 68.5. Meanwhile, the Moving Average Convergence Divergence (MACD) remained above its signal line, indicating that bullish momentum was still present.
However, the shrinking green MACD histogram bars suggested that the strength of the upward momentum was slowing.
The combination of these indicators pointed to continued buying interest, although the latest price movement did not provide a clear indication that the rally would continue at the same pace.
With approximately 50,000 ETH separating Bitmine from its 5% accumulation target, investors will be watching the company's future purchases, staking position and BMNR share performance as its Ethereum treasury strategy progresses.
source: ambcrypto
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
