Bitmine Adds 8,573 Ether as Holdings Near 5% of Supply Goal

Bitmine Immersion Technologies added 8,573 Ether (ETH) in its latest weekly purchase, lifting its holdings to 6,060,506 as Chairman Tom Lee judged the crypto market’s muted response to Binance’s losses constructive.

As of 4 p.m. ET Nov. 1, Bitmine’s ETH was valued at $2,261 per token, putting the position at about $13.7 billion. The holdings equaled 4.9% of its stated 122.2 million ETH supply denominator. Bitmine described itself as 99% of the way to its self-set goal of holding 5% of the supply.

The purchase extends a weekly program launched with Bitmine’s ETH treasury strategy on June 30, 2025. The latest accumulation builds on the company’s previous report on crossing 6 million ETH.

Bitmine’s combined crypto, cash, marketable securities and “moonshot” investments totaled $14.5 billion. That figure included 216 Bitcoin (BTC), $498 million in cash and marketable securities, and stakes valued at $180 million in Beast Industries and $82 million in Eightco Holdings.

Bitmine had staked 5,227,037 ETH as of Nov. 1, about 86% of its holdings. Using a reported seven-day yield of 3.03%, Bitmine estimated annualized staking revenue of $358 million with 5.2 million ETH staked and $415 million at its target scale.

Lee called the relatively muted crypto-market response “very constructive.” He cited Binance’s ability to cover customer losses, the absence of a cascade of decentralized finance failures, a swift industry response and the FBI’s attribution of the theft to North Korea. Lee also characterized the breach as an intrusion into Binance’s corporate infrastructure and said it was not a blockchain exploit.

Binance placed the hot-wallet compromise at 4:05 p.m. ET Oct. 29 (20:05 UTC) and estimated token losses at $6.3 billion. The FBI identified North Korea’s TraderTraitor activity as responsible for the theft. On Nov. 2, Binance said it had covered about 95% of the affected amount; that figure did not establish that 95% of the stolen assets had been recovered.