Coinspeaker
Nov 3, 2025
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Bitmine Increases Ethereum Holdings to 3.4 Million ETH Amid Market Turmoil

1 min

On Nov. 3, Bitmine, led by Tom Lee, announced acquiring 82,353 ETH, increasing its total Ethereum holdings to 3.4 million ETH, valued at $14.2 billion. The firm aims to own 5% of Ethereum's circulating supply.

  • Bitmine's cash reserves rose to $389 million from $305 million.
  • The firm's stock price fell 7.48% after the purchase, reflecting investor concerns over a recent DeFi security breach.
  • Weekly disclosures indicate consistent Ethereum purchases, including significant buys on Oct. 20 and Oct. 13.

The latest purchase coincided with a $120 million exploit targeting the Ethereum-based DeFi protocol, Balancer.

Ethereum Price Forecast

  • Ethereum recently dropped below $3,700, forming a death cross between the 50-day and 200-day moving averages, suggesting potential further downtrend.
  • Current price: $3,616, down 7.4%, marking its largest single-day loss since Oct. 10.

Ethereum (ETH) Price Analysis, Nov 3, 2025 | Source: TradingView

  • RSI at 36.52 indicates oversold conditions, hinting at a possible short-term rebound towards $3,720.
  • If Ethereum fails to maintain above $3,500, the next target could be around $3,300.