The Ethereum price is trading below $2,500 on October 19 amid BitMine Immersion Technologies’ purchase of 6.04 million ETH. The firm made another acquisition of 12,535 coins while the market had slumped for the week.
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In fact, BitMine announced that as of October 18, the total number of ETH was 6,041,481, against 6,028,946 the previous week. The total value of its cryptocurrencies, cash, securities, and strategic investments stood at approximately $15.1 billion.
However, the Ethereum price is trading around at $2,410, up by about 0.5% within 24 hours but down 4.8% within seven days.
Why Is BitMine Buying ETH Despite Ethereum Price Decline?
Tom Lee, Chairman of BitMine, said that the firm had been purchasing Ethereum weekly ever since its treasury plan was launched on June 30, 2025. This recent purchase was part of the ongoing scheme despite a difficult time for the Ethereum price trying to gather momentum.
Using a reference price of $2,365 per ETH, BitMine valued its Ethereum holdings at approximately $14.29 billion, accounting for most of its reported portfolio.
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It is estimated that BitMine holds about 4.95% of the entire supply of 122.1 million ETH as declared by the company. It will require 63,519 more ETH to hold 5% on the assumption that the total supply is fixed.
The circulating supply of Ethereum is flexible, making it a target quantity. There have been no announcements regarding when the weekly purchases will end from BitMine.
BitMine recently surpassed the mark of six million ETH in October. The figure stood at 6,016,414 on October 4, making its current figure of 25,067 ETH greater than before.
Where Are the Key Ethereum Price Levels?
Ethereum price is trading below its simple moving average at the 20-day level of $2,544.70. It had an RSI of 39.65, which is lower than 50, the neutral level, but still higher than the oversold level of 30.
The Bollinger Bands showed the lower boundary at $2,305 and the upper boundary at $2,784, indicating the presence of weak recent momentum but not predicting any future downtrend.
According to CoinGecko, ETH is currently trading close to $2,422, with a daily trading volume of $10.22 billion and a market capitalization of $295.9 billion. These figures were taken at various snapshots and not at the closing price.
The nearest support level for the Ethereum price is the range of $2,300 – $2,305. In case of further sell-off, the next levels would be $2,200 and then $2,000.
The nearest resistance level would be the range $2,500 – $2,545 for the recovery of the Ethereum price. If traders see any upward momentum, then $2,600 and the range 2780-2800 become significant.
How Much ETH Has BitMine Staked?
As of October 18, BitMine staked 5,067,309 ETH worth almost 84% of its assets. Given the company’s valuation, the staked ETH amounted to almost $12 billion in value.
The company projected a yearly staking income of $309 million based on the seven-day yield of 2.58%. Should BitMine stake all its ETH via the validator network and other validators, the annual projection will increase to $369 million.
None of the projections is an income generated by the company. The actual figures will depend on network yields, fees, validator performance, and expenses.
The staked ETH balance did not increase along with the most recent purchase. The company did not mention if any of the newly purchased tokens was staked before the reporting date.
Furthermore, BitMine indicated that the company’s validator network, MAVAN, provides its services for institutional investors besides its own treasury. Although staking can bring some income, it does not provide protection against price drops.
What Else Is in BitMine’s Treasury?
BitMine, along with ETH, was also holding 215 Bitcoin worth $582 million. The investments made by BitMine include $180 million in Beast Industries and $74 million in Eightco Holdings.
This $15.1 billion sum also includes more than just Ethereum because its value may also vary depending on the price of cryptocurrency, even without making any further acquisitions.
Lee explained the weakening of the entire crypto market by pointing out that people were less interested in technology stocks, bond yields, and geopolitics. Lee pointed out that South Korea and Taiwan were the most affected by these problems.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
