Bitmine adds 8,573 ETH, putting it 99% of the way to owning 5% of Ethereum, as Tom Lee calls the Binance hack reaction muted

Summary

Bitmine Immersion Technologies, the largest ether treasury company, bought 8,573 ETH last week, lifting its holdings to 6,060,506 ETH, or 4.9% of supply, worth about $13.7 billion at $2,261 per coin, The Block and Decrypt reported.

Decrypt said the purchase was worth roughly $19 million and leaves Bitmine, by its own count, 99% of the way to its goal of owning 5% of Ethereum; the firm has bought ETH every week since launching its treasury strategy on June 30, 2025.

Chairman Tom Lee called the Binance hack 'a terrible development' but said the 'relatively muted' market reaction was 'very constructive,' noting ETH fell about 4% after it versus an 8% one-day drop and a 20% one-week drop after the $1.5 billion Bybit theft in February 2025.

Lee cited six reasons for the muted reaction, including Binance covering losses, no cascade of DeFi failures and swift industry action that cut potential losses by about half, both outlets reported.

Key facts

• Bitmine has staked 5,227,037 ETH, about 86% of its holdings, and projects $358 million in annualized staking revenue, rising to $415 million if fully staked. (The Block)
• Its total crypto, cash, marketable securities and other investments were $14.5 billion as of Nov. 1, including 216 BTC, $498 million in cash and securities, a $180 million stake in Beast Industries and an $82 million investment in Eightco Holdings. (The Block)
• Lee's other reasons included the FBI naming North Korea within two days and the exploit being a corporate infiltration of Binance's systems rather than a blockchain flaw. (Decrypt)
• The outlets put the Binance theft at slightly different sizes: The Block said $6.3 billion and Decrypt about $6.4 billion. (Decrypt)
• Bitmine shares closed Friday at $20.18, down 6.83%. (The Block)
• Decrypt disclosed that Tom Lee is an investor in Dastan, Decrypt's parent company. (Decrypt)

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