BitMine Immersion Technologies announced Monday that the company's Ethereum holdings totaled 6.05 million ETH, valued at approximately $14.3 billion. BitMine held 4.95% of Ethereum's total supply as of October 25. BitMine is approaching the company's target of owning 5% of all ETH tokens. BitMine also reported cash and marketable securities totaling $514 million. BitMine's portfolio includes 215 Bitcoin. BitMine also holds investments in Beast Industries and Eightco Holdings.
BitMine has staked 5.23 million ETH, valued at about $12.3 billion. BitMine estimates annualized staking revenue of $318 million. BitMine bought back 2.04 million shares last week. BitMine's share repurchases in 2026 reached 22.9 million shares, worth $399.6 million. BitMine purchased 10,452 ETH during the past week. BitMine plans to expand Ethereum staking through the company's MAVAN platform while continuing toward the 5% supply target.
BitMine Chairman Tom Lee said Ethereum had declined 13% from a recent peak, compared with a 20% decline in U.S. semiconductor stocks during the same period. Lee said Ethereum's smaller decline supported Lee's view that a cryptocurrency bull market is underway. Lee attributed the cryptocurrency decline to the same reduction in risk appetite that drove the AI stock selloff.
Benzinga Pro data showed BitMine shares trading 3.53% lower at $21.61 at publication on Monday. BitMine underperformed the broader market as investors remained cautious about the cryptocurrency-linked stock. The Nasdaq gained 0.59%. The S&P 500 rose 0.45%. BitMine operates as an Ethereum treasury company, leaving the company's shares sensitive to cryptocurrency prices. Ethereum declined 0.7% over the past 24 hours to $2,304.71. Bitcoin fell 0.3% over the past 24 hours to $79,665.31. Weakness in major cryptocurrencies may be putting additional pressure on BitMine shares despite gains in broader equity markets.
BitMine shares have declined 60.14% over the past 12 months, reflecting substantial selling pressure. Traders are monitoring important technical levels for indications of a possible recovery. BitMine trades 10.9% below the stock's 20-day simple moving average (SMA) of $24.06, indicating continued selling pressure. BitMine also trades 11.9% below the stock's 50-day SMA of $24.33. However, BitMine remains above the stock's 100-day SMA of $20.30 and 200-day SMA of $21.14. Those levels suggest the longer-term trend has not weakened completely.
The moving average convergence divergence (MACD) indicator remains below the signal line, pointing to weakening momentum. The negative MACD histogram suggests reduced buying pressure. The 20-day SMA remains below the 50-day SMA, indicating short-term weakness. However, the 50-day SMA remains above the 200-day SMA after a golden cross in September. That pattern suggests the longer-term trend remains comparatively stronger.
BitMine's key resistance level is $24.00, close to the 20-day and 50-day moving averages. A rise above $24.00 could indicate improving momentum and draw new buying interest. BitMine's key support level is $20.50, slightly above the 100-day moving average of $20.30. A fall below $20.50 could intensify selling pressure and increase concerns about additional losses.
BitMine Announces Ethereum Holdings Near 5% Supply Target
BenzingaShare
Summary
Ethereum news broke Monday as BitMine Immersion Technologies revealed it holds 6.05 million ETH, accounting for 4.95% of the total Ethereum supply as of October 25. The company is close to its 5% target and reported $514 million in cash and marketable securities. BitMine also owns 215 Bitcoin and has staked 5.23 million ETH, producing $318 million in annualized staking revenue. The firm repurchased 2.04 million shares last week and aims to grow Ethereum staking through its MAVAN platform.
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