Vitalik Buterin’s Devcon Costume Goes Viral as Bitmine’s Ethereum Holdings Near 5% of Supply

Ethereum co-founder Vitalik Buterin delivered an unexpected spectacle at Devcon 8 in Mumbai, appearing on stage in a green cloak paired with a smiling mask. His unusual look added a humorous twist to the developer conference, while Bitmine Immersion Technologies continued expanding its ETH reserves with another purchase of 8,573 tokens.

Buterin’s fantasy-inspired costume stood out at an event focused on Ethereum’s technology and future development. While attendees discussed network upgrades, scalability, and adoption, the co-founder’s appearance provided one of the gathering’s most memorable moments.

Away from the spotlight, Bitmine is continuing its push to accumulate 5% of Ethereum’s total supply.

The company’s latest figures showed a balance of 6,060,506 ETH as of November 1. At a market price of $2,261 per token, the holdings were worth approximately $13.7 billion, representing around 4.9% of Ethereum’s supply.

Bitmine Adds Another $19.4 Million in Ethereum

Devcon 8 is being held in Mumbai from November 3 to November 6, with developers, researchers, and ecosystem participants attending talks and workshops about Ethereum’s development.

Buterin’s green cloak and smiling mask offered a lighthearted contrast to the technical discussions surrounding the network. His appearance also highlighted the distinctive culture of Ethereum’s developer community.

Bitmine, meanwhile, remains focused on expanding its digital asset portfolio.

The company acquired 8,573 ETH during the latest reported week, valued at approximately $19.4 million. Its total portfolio of cryptocurrencies, cash, and other investments reached $14.5 billion.

The reported holdings included 216 BTC alongside $498 million in cash and marketable securities.

Bitmine has also increased its participation in Ethereum staking. Approximately 5.23 million ETH, or 86% of its total holdings, have been committed to staking.

According to the company, its current staked balance could generate roughly $358 million in annualized rewards. Staking its entire Ethereum treasury could potentially lift that figure to around $415 million.

This gives Bitmine an additional reason to maintain its ETH position, allowing it to pursue long-term price appreciation while collecting rewards for participating in network security.

Can Ethereum Recover to $5,000 or Reach $6,000?

Bitmine’s growing treasury has strengthened the long-term bullish argument for Ethereum, although corporate accumulation alone may not be sufficient to trigger a major price rally.

The company’s large purchases add to demand, while staking reduces the quantity of ETH immediately available for trading. Its holdings now represent nearly one out of every 20 ETH in circulation.

Bitmine’s staking strategy also demonstrates how institutional investors can generate returns without relying exclusively on price appreciation. The company can earn rewards through Ethereum’s proof-of-stake system while maintaining its exposure to the asset.

Chairman Tom Lee has outlined an optimistic price outlook, suggesting that Ethereum could revisit its previous all-time high near $4,954 before the end of 2026. He has also identified $6,000 as a possible year-end target.

At $2,261, ETH would need to rise approximately 119% to reach $4,954. A move to $6,000 would require an advance of about 165%.

However, Ethereum still faces technical resistance. The $2,315 region has been identified as an important moving-average level that could influence the next phase of its price movement.

A convincing break above that area could improve the recovery outlook. If buyers fail to overcome the resistance, ETH could remain vulnerable to additional selling pressure.

Ethereum ETF Withdrawals Remain a Concern

Bitmine’s aggressive accumulation comes against a backdrop of weak market conditions.

US spot Ethereum ETFs experienced substantial outflows during October, indicating that institutional demand through exchange-traded products remained under pressure. Despite corporate purchases, ETH has yet to establish a decisive upward trend.

This creates a mixed picture for the market. Bitmine’s expanding treasury and staking commitments reflect confidence in Ethereum’s long-term potential, but ETF withdrawals and weak price performance continue to challenge the bullish outlook.

A recovery toward $5,000 or $6,000 would likely require stronger buying demand and improving technical conditions.

Buterin’s unusual appearance may have been Devcon 8’s most entertaining moment, but Bitmine’s latest acquisition highlights a more consequential development for Ethereum’s institutional adoption.

The company is now approaching its goal of controlling 5% of ETH supply. Whether its continued accumulation helps drive the next major rally will depend on broader investor demand, ETF flows, and Ethereum’s ability to break through resistance.