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Bitmine Immersion Technologies increased its Ethereum treasury to 6,051,933 ETH after purchasing 10,452 ETH in one week. The company now holds 4.95% of Ethereum's circulating supply, placing it close to its 5% target. Its latest update also disclosed 2.04 million share repurchases and USD 318 million in projected annual staking revenue. The figures come as Ethereum faces pressure from spot ETF outflows and uncertainty over its next network upgrade.
Bitmine valued its ETH reserves at approximately USD 14.3 billion on October 25, using an Ethereum price of USD 2,356. The holdings make up most of the company's reported USD 15 billion in combined assets.
The latest acquisition extends Bitmine's accumulation of ETH toward its stated goal of controlling 5% of circulating supply. Its current share sits just 0.05 percentage points below that threshold. The company has not announced that it has reached the target.
Outside Ethereum, Bitmine holds 215 Bitcoin and a USD 180 million stake in Beast Industries. It also reports a USD 76 million investment in Eightco Holdings. Cash and marketable securities totaled USD 514 million at the latest reporting date, compared with USD 582 million a week earlier.
Chairman Tom Lee said he believes the crypto bull market remains underway. His comments reflect management's market outlook rather than a guarantee of higher Ethereum prices.
Bitmine has committed 5,227,037 ETH to staking through its MAVAN platform and other partners. That amount represents around 86% of its Ethereum treasury. Based on current staking conditions, the company estimates annualized revenue of approximately USD 318 million.
If Bitmine staked its entire reserve, it estimates annualized revenue could reach USD 368 million. Neither figure represents guaranteed income. Actual results depend on network participation, validator performance, Ethereum prices, and any penalties that affect staking returns.
The company also bought back 2.04 million shares last week at an average price of USD 22.48. Its latest disclosure puts 2026 repurchases at 22.9 million shares, with total spending of USD 399.6 million and an average price of USD 17.48.
Those purchases marked the first reported repurchases since the earlier program ended on August 17. In its October 5 update, Bitmine had placed its annual repurchase total near 21 million shares. Lee said the company buys back stock when management considers its shares undervalued.
Together, the Ethereum acquisition and share repurchases cost roughly USD 70 million. That amount broadly matches the USD 68 million decline in cash and marketable securities over the previous week. Bitmine described its cumulative repurchases as the largest equity buyback by a crypto treasury company.
Read More: Ethereum Fixes Glamsterdam Bug That Threatened Validator Deposits
Can Bitmine's expanding Ethereum treasury help ETH reach USD 2,700 by November 30? The price outlook identifies several hurdles, including negative spot Ether ETF flows and limited market response to the company's purchases.
The same outlook also cites uncertainty around Ethereum's Glamsterdam upgrade and treats the purchases alone as insufficient. Developers postponed its October 26 activation on the Hoodi testnet without setting a new date. The announcement did not establish a mainnet launch schedule.
For an upward move, the analysis identifies initial support around USD 2,290 and USD 2,276. ETH would then need to recover its 20-day moving average near USD 2,435. A full week of positive spot Ether ETF flows also forms part of the proposed recovery scenario.
The next milestone is a daily close above the 50-day moving average of USD 2,540 before mid-November. Without that move, the analysis considers a November close at USD 2,700 less likely. Conversely, continued ETF outflows and a break below USD 2,276 could expose the 200-day average around USD 2,158.
Bitmine's latest Ethereum purchase brings its holdings closer to 5% of circulating supply, while staking and share repurchases remain central to its strategy. Despite the growing reserves, Ethereum faces ETF outflows and uncertain upgrade timing. A recovery above USD 2,540 could strengthen the case for USD 2,700, while USD 2,276 remains a critical support level.
