Bitmine Acquires 8,573 ETH, Boosting Reserves to 6.06 Million ETH

Bitmine Immersion Technologies increased its Ethereum holdings to 6,060,506 ETH, acquiring 8,573 ETH over the week, the company reported on Monday. At $2,261 per ETH, the position was worth about $13.7 billion at the beginning of November, representing 4.9 percent of the total Ethereum supply.

Of this amount, 5,227,037 ETH valued at $11.8 billion are staked, approximately 86 percent of the position. The company expects $358 million in annual staking revenue at current levels and $415 million if the entire Ethereum is staked.

In addition to Ethereum, Bitmine holds 216 BTC, a stake in Beast Industries valued at $180 million, an investment in Eightco Holdings worth $82 million, and $498 million in cash and marketable securities. The company valued its total crypto assets, cash, securities, and other investments at $14.5 billion.

Reaction to Binance Hack

Bitmine Chairman Tom Lee commented on the $6.3 billion theft from Binance. According to him, since the incident was disclosed, ETH has depreciated by about 4 percent compared to a drop of 8 percent on the day of the $1.5 billion theft announcement from Bybit in February 2025, after which ETH lost another 20 percent over the week.

Quote: “Although this is a terrible event, in my view, the relatively restrained reaction of the crypto market is very constructive, especially compared to the reaction to past major thefts.” – said Lee. He listed six factors for the restrained reaction: Binance's ability to cover losses, no disruptions in decentralized finance protocols, and the swift industry intervention that halved the losses, among others.

On Monday, ETH was trading at $2,281.41, up 0.87 percent over 24 hours. Bitmine shares closed on Friday at $20.18, losing 6.83 percent.