BitMine Expands Ethereum Treasury to 6.065M ETH as Supply Nears 5% Goal

Ethereum tested resistance near $2,300 as BitMine Immersion Technologies expanded its treasury to 6.065 million ETH valued at roughly $13.7 billion, representing approximately 4.96% of the token's circulating supply. The company recently purchased 5,000 ETH for $11.22 million, pushing closer to its 5% accumulation target, after previously adding 8,573 ETH over the past week. Concurrently, liquid token supply tightened as exchange balances dropped from 3.56% of total supply on October 28 to 3.20% by November 2. BitMine has also staked 5.23 million ETH, generating an estimated $358 million in annualized rewards.