Bitmine Buys 8,573 More ETH as Tom Lee Says Muted Binance Hack Reaction Shows Crypto Resilience

Bitmine Immersion Technologies bought another 8,573 ETH last week, bringing its total to 6,060,506 coins as of Nov. 1. That equals 4.9% of Ethereum’s supply, leaving the company 99% of the way to its 5% target after only 15 months. It has made a purchase every week since starting its treasury plan in June 2025. Total crypto holdings, cash and “moonshot” investments now come to $14.5 billion, which makes Bitmine the largest Ethereum treasury and the second biggest crypto treasury overall, behind Strategy’s roughly $71 billion bitcoin stack.

Staking Rewards and Other Holdings

About 5,227,037 ETH, worth roughly $11.8 billion, is staked through the MAVAN platform. Chairman Tom Lee expects yearly staking rewards to rise to $415 million once the full position is staked, up from $358 million now. Beyond Ethereum, the company holds 216 BTC, a $180 million stake in Beast Industries and an $82 million stake in Eightco Holdings, which gives indirect exposure to OpenAI.

Tom Lee on the Binance Hack and Market Resilience

Lee says the market took the $6.3 billion Binance theft in stride, even though it was about four times larger than the Bybit hack of February 2025. Ether slipped only 4% after the Binance news, compared with an 8% fall on the day of the Bybit disclosure, which grew to 20% within a week. He credits a fast industry response, which he says cut potential losses in half, along with other factors listed in the company’s release. In his view, this shows the industry is better able to absorb nation-state attacks on financial infrastructure.