Bitmine Adds 8,573 ETH as Tom Lee Reads Binance Hack as Market Resilience
Bitmine Immersion Technologies added 8,573 ETH in its latest weekly purchase, bringing holdings to 6,060,506 ETH, about 4.9% of supply. Chairman Tom Lee argued the muted market response to the roughly $6.3 billion Binance hack shows growing crypto resilience, though sources differ on the size of the theft and the price comparison.
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Weekly Purchase and Holdings
Bitmine Immersion Technologies bought 8,573 ETH in its latest reporting week, worth roughly $19 million, extending a streak of weekly purchases that began when the company launched its Ethereum treasury strategy on June 30, 2025. The company now holds 6,060,506 ETH, which it values at about $13.7 billion at a reference price of $2,261 per coin. Bitmine puts its stake at 4.9% of Ethereum's 122.2 million token supply, or 99% of the way to its stated goal of owning 5% of the network.
The firm's broader portfolio has shrunk in dollar terms even as it accumulates ETH. Bitmine's total holdings, which include cash, other tokens and what it calls moonshot investments, fell from $17.4 billion on Oct. 4 to $14.5 billion on Nov. 1, according to CryptoSlate's reading of the company's releases. The holdings include 216 BTC, $498 million in cash and marketable securities, a $180 million stake in Beast Industries and an $82 million position in Eightco Holdings. Bitmine says about 5.23 million ETH, roughly 86% of its holdings, is staked through its MAVAN platform, with projected annualized staking revenue of about $358 million.
Tom Lee's Read on the Binance Breach
Lee's comments centered on the theft of roughly $6.3 billion to $6.4 billion from Binance last week. Decrypt and CryptoSlate cite slightly different figures for the loss, a gap the sources do not reconcile. The FBI has attributed the attack to North Korea's TraderTraitor group, which it identified within two days. Lee called the event "a terrible development" but described the market's "relatively muted" response as "very constructive."
Lee's central comparison is with Bybit, where North Korean-linked hackers took $1.5 billion in February 2025. He says ETH fell 8% on the day of that breach and 20% within a week. For Binance, he cites a decline of about 4%. The two sources treat the comparison differently. CryptoSlate notes that the 20% Bybit figure covers a full week, while the Binance figure covers only the days since Oct. 29, so the periods are not matched. Measured over the same window, the Binance move is a more limited comparison than the headline contrast suggests. CryptoSlate's review of Bitmine's own price references also shows ETH down roughly 17% between Oct. 4 and Nov. 1, a longer-run decline that the 4% figure does not capture.
Lee lists six reasons for the subdued reaction: Binance's capacity to cover customer losses, the absence of cascading DeFi failures, quick action by industry participants that reportedly cut potential losses roughly in half, the rapid FBI attribution, the nature of the breach as a compromise of corporate infrastructure rather than a protocol flaw, and what he reads as an early sign that a bull market is underway. Lee has a disclosed relationship with Decrypt's parent company, Dastan, as one of its investors.
Recovery Efforts and Open Questions
Binance said it had replenished about 95% of affected assets from its own funds, including corporate treasury and insurance reserves, by Nov. 2. Blockchain analytics firm Elliptic verified roughly $2.85 billion in frozen or seized assets, about 44% of the theft, and estimated on Nov. 2 that about $3 billion remained in addresses linked to the attack, mostly as BTC and ETH. Tether and Circle were among the issuers that restricted compromised tokens. Binance is working to source the remaining 5% of affected customer assets, which are less liquid tokens, and plans another proof-of-reserves snapshot for Nov. 4.
The Bitmine and Binance figures are company-reported or third-party estimates rather than audited results, and the sources do not independently confirm the claim that the market response signals a durable bull market.
Why It Matters
For Traders
The Binance and Bybit drawdown comparisons use different time windows, so short-term ETH risk should be judged on matched periods rather than headline percentages.
For Investors
Bitmine's accumulation continues while its overall portfolio value has fallen about 17% since early October, showing that treasury-company returns depend heavily on the ETH price.
For Builders
Exchange hacks that stay contained to corporate infrastructure leave protocol-level assets intact, which matters for how custody and proof-of-reserves tooling is designed.
This article is for information only and is not financial advice. Read the full disclaimer.
