Bitmine Immersion Technologies has successfully maintained its weekly purchasing trend for Ethereum, acquiring 8,573 ETH valued at around $19 million. Meanwhile, Chairman Tom Lee leveraged the recent Binance hack to argue that the cryptocurrency market has become more robust rather than more vulnerable.
On Monday, the New York Stock Exchange-listed firm announced that its total Ethereum holdings have reached 6,060,506 ETH, amounting to approximately $13.7 billion based on a reference price of $2,261 per coin.
This quantity constitutes 4.9% of the total Ethereum supply of 122.2 million tokens. According to Bitmine, they are now 99% toward achieving their goal of acquiring 5% of the network, a milestone they refer to as the “Alchemy of 5%,” reached in a mere 15 months. The company has engaged in weekly Ethereum acquisitions since initiating its treasury strategy on June 30, 2025.
Much of Lee’s discussion centered around the recent $6.4 billion theft from Binance, which has been linked by the FBI to North Korea. Lee described this as “a troubling situation,” but indicated that the market’s “relatively calm” response was “quite encouraging.” (Note: Tom Lee is one of several investors in Dastan, the parent company of Decrypt.)
He pointed out that when North Korea’s Lazarus-linked hackers siphoned off $1.5 billion from Bybit in February 2025, Ethereum’s value dropped 8% that same day and 20% within a week. In contrast, ETH only slipped 4% following the Binance incident, even though the scale of the theft was approximately four times greater.
Lee outlined six factors contributing to this subdued market reaction: Binance’s capacity to compensate all affected customers, the absence of widespread failures in the DeFi sector like those that followed the Bybit hack, prompt industry measures that halved the potential loss, the FBI’s swift identification of North Korea within two days instead of months, the nature of the breach as a “corporate infiltration” rather than a weakness in blockchain technology, and the minimal price decline itself, which he interpreted as indicative of a “bull market in crypto.”
Collectively, he asserted that this incident demonstrates the industry’s growing resilience and its enhanced ability to withstand attacks from nation-states.
When factoring in cash, additional tokens, and what it describes as “moonshot” investments, Bitmine’s total assets were valued at $14.5 billion as of November 1. This includes 216 Bitcoin, $498 million in cash and marketable securities, a $180 million share in Beast Industries, and an $82 million investment in Eightco Holdings, which the company regards as a rare public proxy for indirect exposure to OpenAI.
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Bitmine remains the largest holder of Ethereum globally, as well as the second-largest cryptocurrency treasury overall, surpassed only by the strategy of Michael Saylor, which reportedly contains approximately 848,517 BTC.
Recently, Strategy has returned to acquiring Bitcoin with a fresh purchase of $66 million following a short hiatus.
Out of its total holdings, Bitmine has 5,227,037 ETH staked through its MAVAN platform, representing around 86% of its assets, with expected annual staking revenue of approximately $358 million.