After purchasing an additional 12,535 tokens, Bitmine Immersion Technologies increased their Ethereum holdings to 6.04 million ETH. Despite a recent market downturn, Ethereum has still struggled to regain a price above $2,500.

The company stated that after purchasing an additional 12,535 tokens this week, its Ethereum holdings have increased to 6.04 million ETH.

The company reported that its total assets of cryptocurrencies, cash, securities, and strategic investments amounted to $15.1 billion.

Despite a slight rebound on that day, the trading price of Ethereum was still close to $2,422, with an overall weekly decline of about 4.8%.

Bitmine has currently pledged 5.07 million ETH, which accounts for about 84% of its disclosed holdings in the Ethereum treasury.

Technical indicators show that Ethereum faces resistance around $2,545, while the support below that level is approximately $2,300 per coin.

According to the company's announcement on October 19th, as of October 18th, the total valuation of its cryptocurrencies, cash, tradable securities, and strategic investments was approximately $15.1 billion.

The company listed on the New York Stock Exchange disclosed holding 6,041,481 of ETH, which accounts for approximately 4.9% of Ethereum's claimed total supply of 122.1 million. The chairman of Bitmine, Tom Lee, stated that since adopting the Ethereum treasury strategy on June 30, 2025, the company has continued to buy ETH on a weekly basis thereafter.

As of press time, Ethereum is trading at around $2,422.48, up 0.50% in the past 24 hours, but down 4.80% over the past 7 days. Against the backdrop of continuous increases in holdings of Bitmine, Ethereum's recent performance stands in contrast to this trend; this also brings the company closer to its goal of holding 5% of the total ETH supply.

Bitmine Ethereum holdings increased to 6.04 million coins

This increase in holdings occurred after the company's update on October 12th, when the disclosed ETH holdings were 6,028,946 units. The difference between the two disclosures is consistent with the number of units purchased in the most recent week.

On October 19th, Bitmine used a reference price of $2,365 per coin to value its Ethereum holdings. Based on this price, its ETH holdings are estimated to be worth approximately $14.29 billion, which constitutes the majority of its disclosed $15.1 billion portfolio.

Based on the supply of 122.1 million ETH mentioned in the announcement, the company holds approximately 4.95% of the Ethereum supply. Using this fixed denominator to precisely reach 5%, a holding of 6,105,000 ETH would be required, which means that there is still a shortfall of 63,519 Bitmine to achieve the target.

The supply of Ethereum is not permanently fixed, therefore the number of tokens required to maintain a 5% holding will change over time. Bitmine describes the progress as being about 99% completed.

Earlier this October, crypto.news analyzed the holding targets for Bitmine. At that time, Tom Lee discussed the measures that the company might take after its cumulative holdings reached 5%. The report indicated that pledging and vault management might continue to exist even after regular buying stops.

Bitmine has not yet announced that its weekly increase in holdings plan has ended. Its statement on October 19 confirmed additional purchases again and reiterated Lee's claim that the company has been buying ETH every week since June 2025.

Ethereum price remains below the 20-day moving average

CoinGecko shows that the trading price of ETH is close to $2,422, with a daily trading volume of about $10.22 billion and a market value of approximately $295.9 billion. Ethereum remains the second-largest cryptocurrency by market value.

A decline of about 4.8% over seven days continues the trend seen since October, when the price fell from the range of $2700 to $2800. Daily technical analysis indicates that the 20-day simple moving average is at $2544.70, which means Ethereum is still below this commonly watched trend indicator.

The Bollinger Bands show that in the same chart snapshot, the upper band is at $2,784 and the lower band is at $2,305.40. Ethereum is below the middle band, indicating that the recent rebound has not yet reversed the previous downward trend.

The Relative Strength Index (RSI) is at 39.65, which is below its moving average of 41.32 and also below the neutral threshold of 50. Technical analysis suggests that this reading indicates weak buying momentum, but it is still above the traditional oversold level of 30.

These indicators reflect the chart conditions at the time of analysis and do not necessarily mean that Ethereum will continue to fall; as new trading periods affect the daily calculations, their values may also change.

The short-term support range is between $2,300 and $2,305, close to the lower band of the Bollinger Bands. If this area is effectively broken through, $2,200 could come into view. If the selling pressure continues, the psychological barrier of $2,000 might also come under attention.

On the upside, analysts consider the range of $2,500 to $2,545 to be a resistance zone, with the latter level nearly coinciding with the 20-day moving average. If this range is broken through, $2,600 could come into view, followed by stronger resistance levels between $2,780 and $2,800.

Recently, as the price of Ethereum has rebounded, the market has also continued to pay attention to institutional increases in holdings and the liquidity of exchanges. However, these developments alone cannot prove that purchases by corporate treasuries companies have led to any specific change in the market price of ETH.

Bitmine pledges 5.07 million ETH, with an annualized revenue forecast of $309 million

Pledge remains an important part of the operation of the Bitmine Ethereum treasury.

The company disclosed that as of October 18th, it had pledged 5,067,309 ETH, which accounts for approximately 83.9% of its total holdings of ETH. Calculated at the reference price of $2,365 per Bitmine, the value of the pledged balance is close to $12 billion.

In the October announcement, Bitmine estimated that its existing pledged positions could generate an annualized income of approximately $309 million. This calculation is based on a 7-day annualized pledge yield of 2.58%, which may vary depending on the conditions of the Ethereum network.

The company also estimated separately that if all of its Ethereum balances were pledged through networks named Made, in, America Validator Network (abbreviated as MAVAN), as well as service providers involved in staking, the annualized staking rewards would be approximately 369 million US dollars. This estimate assumes that the same 2.58% yield rate applies to a larger stakable balance.

These two forecasts describe different levels of staking, not the income that has already been earned. The actual return depends on the performance of verifiers, network rewards, fees, operational expenses, and the number of ETH that are still in a staked state.

In September, the concentration of staking for Bitmine attracted attention due to issues with validator operations, withdrawal permissions, and reward distribution. At that time, the company disclosed that there were 5,067,309 ETH coins staked, which is roughly the same as the balance disclosed on October 19th.

Earlier in 2026, the company launched MAVAN to support its vault and institutional clients. Bitmine indicates that this network now also provides services to more investors, custodian institutions, and ecosystem participants seeking Ethereum staking infrastructure.

Bitmine A $15.1 billion portfolio includes cash and strategic investments

In addition to Ethereum, Bitmine also disclosed several other positions in the portfolio update on October 19th.

The company holds 215 bitcoins, as well as $582 million in cash and tradable securities. It also disclosed an investment of $180 million in Beast Industries, and owns shares in Eightco Holdings worth $74 million; the latter is traded on NASDAQ under the code ORBS.

Cash and investment positions, together with their cryptocurrency holdings, constitute a total of $15.1 billion for Bitmine. This total is not equivalent to the market value of Ethereum alone.

Calculated based on the company's reference price of $2,365 ETH, the disclosed Ethereum position accounts for approximately $14.29 billion of the portfolio. Cash and tradable securities contribute $582 million, and the two disclosed strategic investments together contribute $254 million, without including Bitcoin or any valuation differences.

These figures are based on the assumptions of the company's reporting date and may not equal the portfolio valuation calculated later using real-time cryptocurrency prices. Market fluctuations can change the value of the treasury even in the absence of new trades.

According to the company announcement, Bitmine joined the Russell 1000 index on June 26, 2026. Its Series A preferred stocks are traded on the New York Stock Exchange under the code BMNP.

The previous "6 million ETH" treasury milestone record showed that on October 4th, the holding of Bitmine was 6,016,414 ETH. The number on October 18th was 25,067 more than the previous balance.

Tom Lee attributes the sell-off of cryptocurrencies to the weakness in global tech stocks

Bitmine Chairman Tom Lee attributed the recent decline in investors' risk appetite to concerns regarding artificial intelligence financing, geopolitical developments, and bond yields.

Lee believes that when investors in the cryptocurrency market reduce risk in their portfolios, there may also be selling pressure in the cryptocurrency market. His comments represent the company's interpretation of recent price changes, rather than a confirmed causal judgment regarding the reasons for the decline in Ethereum.

The chairman still holds an optimistic attitude towards the long-term prospects of digital assets, stating that blockchain-based financial infrastructure and artificial intelligence applications are potential areas for growth. He mentioned that if the market environment improves, Bitmine is expected to benefit, however, the company's forecasts do not indicate when any rebound may occur.

On October 7th, Bitmine released a presentation titled “Crypto Bull Underway — This Cycle Likely the Largest”. The document outlines Lee's views on the encryption cycle, as well as the company's positioning after continuously buying Ethereum for over 15 months.

Bitmine indicates that the GENIUS Act and the U.S. Securities and Exchange Commission's Project Crypto may drive changes in the financial services infrastructure. The company compares its potential importance to the early development of the international monetary system, but at the same time notes that this is merely the view of management.

On October 19, the company still retained 215 BTC in its disclosure and marked the market value of Eightco at $74 million. This disclosure did not announce any new purchases of Bitcoin, nor did it indicate any changes in the number of Beast Industries holdings during the most recent reporting period.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.