BitMine Lifts ETH Holdings to 6.06 Million as Tom Lee Cites Muted Binance Hack Reaction
BitMine Immersion Technologies disclosed holdings of 6,060,506 ETH as of November 1 after buying 8,573 more tokens, roughly 90% of the way to its 5% supply target. Chairman Tom Lee argued that ETH's modest drop after the $6.3 billion Binance hack signals the bull market is intact.
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BitMine's Latest Purchase
BitMine Immersion Technologies added 8,573 ETH to its treasury, bringing total holdings to 6,060,506 tokens as of November 1, according to a company press release cited by CryptoPotato. Bitcoinist, in its own report, put the stockpile at more than 5.4 million tokens, worth over $10.5 billion, and placed the company about 90% of the way toward its goal of controlling 5% of Ethereum's circulating supply. The gap reflects the different reference dates and figures used by each outlet, and readers should treat the 6.06 million figure as the more recent company disclosure.
The purchase is smaller than BitMine's earlier buying. CryptoPotato reported that the company bought roughly 10,500 ETH the previous week, which was itself the smallest weekly acquisition in over two months, and that the latest buy edged below that level. Summer purchases exceeded 50,000 ETH in some periods. Bitcoinist framed the buying as coming while ETH has been stuck near $2,000, a level that CryptoPotato's valuation of $2,261 per token, based on Coinbase pricing, does not match, underscoring that the two outlets were working from different price snapshots.
Treasury Composition and Staking
The company's wider position is broader than its ETH holdings. According to the press release as reported by CryptoPotato, BitMine also held 216 BTC, nearly $500 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $82 million position in Eightco. Total exposure across these positions was described at around $14.5 billion.
BitMine has staked 86% of its ETH, with staked holdings above 5,227,000 tokens. Chairman Tom Lee estimated annualized staking revenue of $358 million on the current position, rising to $415 million if the full treasury were deployed at the cited yield. Those projections are company estimates and have not been independently verified.
Tom Lee on the Binance Hack
Lee's central argument concerns the market's response to the $6.3 billion Binance hack last Friday. He compared it with the February 2025 Bybit attack, after which ETH fell 8% immediately and roughly 20% within a week. The decline this time was about 4%, even though the Binance exploit was more than four times larger, he said. Lee attributed the restrained reaction to Binance's ability to cover user losses, the absence of cascading DeFi failures, rapid asset freezes, and the FBI's quick attribution of the attack to North Korea, adding that the incident involved corporate infrastructure rather than a blockchain vulnerability.
From those observations, Lee concluded that the limited downside indicates a crypto bull market remains underway despite recent price declines. That conclusion is his own view and is not a finding of the cited reports. Neither outlet provided independent price-impact data that would test the comparison against Bybit beyond the figures Lee cited.
What to Watch
BitMine's stated goal is 5% of Ethereum's circulating supply, and the 6.06 million ETH disclosed would leave it close to that threshold, though the company's own figures and the outlets' reporting should be checked against on-chain data before drawing firm conclusions about the exact distance remaining. The pace of purchases has slowed since the summer, which bears on how quickly the target can be reached.
Why It Matters
For Traders
ETH buying has slowed to its smallest pace in months, so a weaker-than-expected accumulation signal may matter more than the headline holdings figure in the near term.
For Investors
A single treasury holder nearing 5% of circulating supply concentrates a meaningful share of ETH, which raises questions about float and governance influence over time.
For Builders
Staking at this scale, with 86% of holdings staked, means concentrated validator and liquid-staking flows can affect network participation and any DeFi integrations built around them.
This article is for information only and is not financial advice. Read the full disclaimer.
