Bitmine Immersion Technologies continued its weekly Ethereum buying spree, adding 8,573 ETH worth approximately $19 million. The company’s total holdings now stand at 6,060,506 ETH, valued at roughly $13.7 billion, based on a reference price of $2,261 per coin. This represents 4.9% of Ethereum’s total supply of 122.2 million tokens, bringing Bitmine 99% closer to its goal of owning 5% of the network, a target it calls the “Alchemy of 5%.” The firm has been purchasing Ethereum every week since launching its treasury strategy on June 30, 2025.
Meanwhile, Bitmine chairman Tom Lee argued that the recent record-breaking $6.4 billion hack of Binance demonstrated the crypto industry’s growing resilience. Lee described the breach as a “terrible development” but highlighted the market’s relatively muted reaction as a positive sign. He contrasted this with the February 2025 Bybit hack, where Ethereum dropped 8% in a day and 20% within a week. This time, ETH slid just 4% despite the larger theft.
Lee cited six reasons for the muted response, including Binance’s ability to cover customer losses, the absence of a DeFi failure cascade, swift industry action, the FBI’s quick attribution of the hack to North Korea, the fact that the exploit was a corporate infiltration rather than a blockchain flaw, and the limited price downside itself. He interpreted these factors as evidence of a “crypto bull market underway.”
Bitmine’s total holdings, including cash, other tokens, and “moonshot” investments, amounted to $14.5 billion as of November 1. The company holds 216 Bitcoin, $498 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $82 million position in Eightco Holdings. Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy, which holds about 848,517 BTC. Bitmine has also staked 5,227,037 ETH through its MAVAN platform, with projected annualized staking revenue of roughly $358 million.