Vitalik Buterin’s Devcon Appearance Grabs Attention as Bitmine’s ETH Treasury Reaches $13.7 Billion

Ethereum co-founder Vitalik Buterin surprised the audience at Devcon 8 in Mumbai by taking the stage in a green cloak and a smiling mask. His unconventional costume became an unexpected talking point at the event, while Bitmine Immersion Technologies continued building its Ethereum position with another acquisition of 8,573 ETH.

Buterin’s appearance brought a playful moment to the conference, where developers and researchers are gathering to discuss Ethereum’s technical progress and future direction. The fantasy-style outfit contrasted with the serious conversations surrounding network adoption, scalability, and the cryptocurrency’s market performance.

Meanwhile, Bitmine is continuing its effort to accumulate 5% of Ethereum’s total supply. Its latest disclosure showed that the company held 6,060,506 ETH as of November 1, worth approximately $13.7 billion at a price of $2,261 per token.

The position represents roughly 4.9% of Ethereum’s supply, leaving the company close to its ambitious target.

Bitmine Expands Its Ethereum Position With Another Purchase

Devcon 8 is running in Mumbai from November 3 through November 6, bringing together developers, researchers, and other Ethereum ecosystem participants for several days of presentations and workshops.

Although Buterin’s costume provided an entertaining highlight, Bitmine’s latest purchase has drawn attention to the growing role of corporate treasuries in the Ethereum market.

The company added 8,573 ETH during the latest reported week, representing approximately $19.4 million at the disclosed valuation. Its combined portfolio of cryptocurrencies, cash, and other investments reached $14.5 billion.

Alongside its Ethereum holdings, Bitmine reported 216 BTC and $498 million in cash and marketable securities.

The company has also committed a large portion of its ETH treasury to staking. Its staked balance reached 5.23 million ETH, accounting for approximately 86% of its total holdings.

Bitmine estimates that its current staking position could produce around $358 million in annualized rewards. If the company stakes its entire ETH reserve, the potential annualized income could increase to approximately $415 million.

This approach allows Bitmine to earn rewards through Ethereum’s proof-of-stake system while maintaining significant exposure to the cryptocurrency’s long-term price potential.

ETH Needs a Strong Recovery to Reach $5,000

Bitmine’s continued purchases add to the bullish outlook among investors who expect institutional demand and staking activity to support Ethereum over the long term.

Its holdings now account for nearly 5% of the asset’s total supply. Meanwhile, staking removes a substantial amount of ETH from immediate market circulation, potentially reducing the tokens available for trading.

Bitmine Chairman Tom Lee has expressed confidence in Ethereum’s recovery prospects. He suggested that ETH could return to its previous all-time high near $4,954 before the end of 2026, while $6,000 has also emerged as a possible year-end target.

At the reference price of $2,261, Ethereum would need to climb approximately 119% to revisit $4,954. Reaching $6,000 would require a gain of roughly 165%.

However, the technical outlook remains uncertain. The $2,315 region has been identified as a significant resistance level associated with a key moving average.

A sustained move above this threshold could strengthen the case for a broader recovery. If Ethereum fails to break through, sellers could retain control and keep prices under pressure.

ETF Outflows Challenge Ethereum’s Bullish Momentum

Despite Bitmine’s aggressive accumulation, the wider Ethereum market continues to face demand-related challenges.

US spot Ethereum ETFs recorded substantial outflows during October, indicating that investment through these products remained weak. The continued withdrawals have also highlighted the gap between corporate treasury purchases and broader institutional demand.

Bitmine’s growing ETH position offers a positive signal for long-term investors, but it has not yet triggered a decisive change in market direction.

For Ethereum to move toward the $5,000 or $6,000 targets, stronger buying interest and improved technical conditions will likely be necessary.

Buterin’s green cloak and smiling mask may have delivered one of Devcon 8’s most memorable moments, but Bitmine’s latest purchase highlights a more significant development for Ethereum’s corporate adoption.

With its treasury approaching 5% of total ETH supply and most of its holdings already staked, Bitmine continues to demonstrate strong conviction in the network. Whether that strategy translates into a sustained price recovery will depend on institutional demand, ETF flows, and Ethereum’s ability to overcome resistance.