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Ahmed Barakat
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Devcon attendees got an unexpected laugh when Ethereum co-founder Vitalik Buterin appeared on stage wearing a green cloak and a smiling mask. The unusual cosplay stole the spotlight as Bitmine ETH accumulation continued, with the company adding another 8,573 Ethereum to its massive treasury.
Buterin’s costume looked more suited to a fantasy game than one of crypto’s biggest developer gatherings. The playful Vitalik appearance offered a lighter moment at Devcon 8 in Mumbai, where developers and researchers are discussing Ethereum’s future.
Meanwhile, Bitmine Immersion Technologies is pursuing a much more serious mission: accumulating enough ETH to control 5% of its total supply. The company’s latest disclosure showed holdings of 6,060,506 ETH as of November 1, worth $13.7 billion at its current price of $2,261. Bitmine now controls around 4.9% of Ethereum’s supply, putting it close to its ambitious accumulation target.
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Vitalik Devcon Cosplay Goes Viral as Bitmine Keeps Buying ETH
Devcon 8 runs from November 3 to November 6 in Mumbai, bringing Ethereum developers, researchers, and ecosystem participants together for four days of talks and workshops. But Buterin’s unusual outfit delivered an unexpected highlight during the event.
The Vitalik Devcon appearance showed the lighter side of Ethereum’s culture, even as the network faces serious questions about adoption, scaling, and ETH’s market performance.
Bitmine, however, appears unfazed by the market uncertainty. The company purchased 8,573 ETH during the latest reported week, worth roughly $19.4 million at its disclosed valuation. Its total crypto, cash, and other investments reached $14.5 billion, including 216 BTC and $498 million in cash and marketable securities.
Bitmine has also staked 5.23 million ETH, representing 86% of its holdings. The company estimates that its current staking position could generate around $358 million in annualized rewards, potentially rising to $415 million if its entire ETH treasury were staked.
That creates a second part of its Ethereum thesis. Accumulating the asset while generating yield from the network.
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Ethereum’s bullish outlook rests on more than Bitmine’s buying activity. Staking removes ETH from immediate trading circulation, while institutional treasury accumulation can add another source of demand. Bitmine’s holdings alone now represent nearly one in every 20 ETH in existence.
The company’s growing staking position also shows Ethereum’s proof-of-stake model, where holders can earn rewards by helping secure the network. Bitmine’s projected staking income gives it an incentive to maintain its ETH exposure rather than simply trade around short-term price moves.
Price forecasts remain ambitious. Bitmine Chairman Tom Lee has suggested Ethereum could revisit its previous all-time high near $4,954 before the end of 2026, with $6,000 also emerging as a potential year-end target.
At $2,261, ETH would need to climb 119% to reach $4,954 and around 165% to hit $6,000. The technical picture still needs improvement. Ethereum faces resistance around the $2,315 area, identified as a key moving-average level in recent market analysis.
A sustained move above that zone could strengthen the recovery case, while a failure to reclaim it would leave ETH vulnerable to further downside.
There are risks to the bullish thesis. U.S. spot Ethereum ETFs recorded substantial outflows during October, while ETH’s price performance remained under pressure. Institutional accumulation has not yet translated into a decisive market reversal.
Still, Bitmine’s continued buying, its massive staked position, and Ethereum’s potential price recovery are keeping long-term bulls engaged.
Vitalik and his Devcon cosplay may have provided the conference’s funniest moment, but Bitmine’s growing treasury is the more serious signal. If institutional demand returns and ETH breaks through key resistance, $6,000 could move back into the conversation.
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