NYSE-listed BitMine Immersion Technologies announced a fresh purchase of 5,000 Ethereum (ETH) valued at approximately $11.22 million, increasing its total ETH holdings to around 6.06 million. This accumulation puts the company close to holding 5% of all circulating Ethereum, a target it set previously.
BitMine Immersion deepens Ethereum acquisition
BitMine Immersion Technologies specializes in large-scale digital asset management and crypto infrastructure solutions. The firm’s latest purchase brings it to about 99% of its stated goal to control 5% of Ethereum’s circulating supply.
According to data from November 1, BitMine’s Ethereum holdings now stand at 6,060,506 ETH, collectively valued near $13.7 billion. The transaction was first noted by blockchain analytics platform Lookonchain, which tracks high-profile cryptocurrency movements and published the update on social media.
Fundstrat’s Tom Lee, who leads BitMine, has pursued a strategy of aggressive ETH accumulation. The recent addition of 5,000 ETH further cements BitMine’s status as one of the largest corporate holders of Ethereum globally.
Mini dictionary: BitMine Immersion Technologies is a public company focused on crypto mining and blockchain infrastructure, listed on the New York Stock Exchange (NYSE).
BitMine’s recent activity leaves the company just below the threshold needed to achieve its stated aim of holding 5% of the entire Ethereum supply.
Ethereum price and market dynamics
Ethereum traded close to $2,290 on November 3, with investors watching to see if ETH can break through the $2,300 resistance and fuel a sustained recovery. Analyst Ted Pillows highlighted that Ethereum reclaimed the $2,250 support level on November 2 and identified $2,400 as the next significant barrier for bulls.
He commented that buyers have stepped in to support Ethereum over the past several days, but emphasized the importance of reclaiming higher price points for a stronger rally to develop.
Pillows identified $2,300 as a pivotal level, warning that maintaining this support could build the foundation for a more robust recovery in ETH prices.
On-chain shifts and supply contraction
On-chain analytics from Santiment, a blockchain intelligence platform, revealed a reduction in liquid Ethereum supply on centralized exchanges in the wake of the historic $6.39 billion security breach at Binance on October 29.
Santiment reported that ETH exchange balances dropped from 3.56% of the total supply on October 28 to 3.20% as of November 2, a decline intensified by immediate outflows of more than 200,000 ETH following the incident. After withdrawals reopened on November 1 and November 2, major exchange wallets saw holdings fall by about 313,000 ETH, totaling nearly 297,000 ETH—approximately 5.4%—over the period.
The analytics firm cautioned that it is not possible to determine from exchange data alone whether these withdrawals reflect moves to cold storage or over-the-counter transfers. However, the reduction in exchange balances, combined with notable corporate accumulation, signals a tighter floating supply of ETH as the market monitors the $2,300 threshold.
| Date | ETH Exchange Balance (% of Supply) | Total ETH Held by Top Addresses |
|---|---|---|
| Oct 28 | 3.56% | Before hack |
| Nov 1 | ~3.22% | Sharp drop after withdrawals reopen |
| Nov 2 | 3.20% | Down about 297,000 ETH (5.4%) vs. Oct 28 |
Recent ETH performance and outlook
Ethereum slipped 0.2% on Tuesday, according to CoinGecko, bringing its one-week decline to 1.4% and putting its 30-day drop at 15.6%. With corporate treasuries like BitMine absorbing more ETH and exchange balances shrinking, the available supply for trading continues to tighten.
Observers are now focused on whether Ethereum can maintain its reclaimed support zones and gather enough momentum to break key resistance points in the near term.
