BitMine Immersion Technologies, which holds more Ether than any other listed company, kept buying through last week’s Binance hack.
The company said on Monday that it added 8,573 ETH in the week to 1 November, taking its holdings to 6,060,506 ETH. That is about 4.9% of Ether’s total supply of 122.2 million, according to the company.
At the $2,261 ETH price BitMine used, the week’s purchase was worth about $19.4 million, and its total ETH holdings about $13.7 billion.
Tom Lee on the Binance hack
BitMine chairman Tom Lee addressed the Binance theft, estimated at about $6.3 billion, in the company’s update.
“While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive,” Lee said.
Lee said Ether fell about 4% after the theft was disclosed. He compared that with an 8% drop on the day of the Bybit hack in February 2025, and a 20% fall within a week of it.
Lee also cited the FBI’s attribution of the Binance theft to North Korea.
Most of the ETH is staked
BitMine says 5,227,037 ETH, about 86% of its holdings, is now staked, worth about $11.8 billion. The company estimates its current staking revenue at about $358 million a year, rising to about $415 million if all its ETH were staked, based on a seven-day yield of 3.03%.
The wider treasury
Alongside its Ether, BitMine reported:
- 216 BTC
- $498 million in cash and marketable securities
- a $180 million stake in Beast Industries
- an $82 million stake in Eightco Holdings
The company put its total crypto, cash and other holdings at $14.5 billion.
BitMine has bought ETH every week since starting its Ether treasury strategy on 30 June 2025, and is aiming to own 5% of the total supply.
What happens next
BitMine’s weekly updates will show whether it keeps buying at the same pace. Lee’s view that the market has absorbed the hack depends on how Binance’s phased withdrawals and its promised proof of reserves report play out.
