Bitmine adds 8,573 ETH, its smallest recent weekly buy, to reach 6.06M
Bitmine bought 8,573 ETH in the week to Nov. 1, lifting holdings to 6,060,506 ETH, about 4.9% of supply, as Tom Lee downplayed the Binance hack's impact.
Bitmine Immersion Technologies (NYSE: BMNR) said it bought another 8,573 ETH in the week through Nov. 1. That brings its total to 6,060,506 ETH, according to Wu Blockchain, The Cryptonomist and Unchained. The company announced the figures in its Nov. 2 update.
Bitmine says the holdings equal about 4.9% of Ethereum's supply. Unchained cites a supply figure of 122.2 million ETH. The company reported about $14.5 billion in total crypto, cash and other investments.
A slower week of buying
Unchained noted that this was the smallest purchase in Bitmine's recent weekly updates. The company disclosed 10,452 ETH a week earlier, and 12,535 ETH and 15,112 ETH in earlier buys this fall.
The combined value of Bitmine's holdings fell to $14.5 billion from about $15 billion in the previous update. Unchained attributes the drop partly to price: Bitmine valued ether at $2,261 on Coinbase as of 4 p.m. ET on Nov. 1, about 4% below the $2,356 it used the week before. Cash and marketable securities came to $498 million, down from $514 million.
Besides ether, the company listed 216 BTC, a $180 million stake in Beast Industries and an $82 million stake in Eightco Holdings.
Staking and the 5% target
Bitmine reported 5,227,037 ETH staked, about 86% of its ether and valued at $11.8 billion, according to The Cryptonomist. The company projects annualized staking revenue of $358 million. That would rise to $415 million if all its ETH were staked through MAVAN and its staking partners. Chairman Tom Lee said the estimate uses a 3.03% seven-day BMNR yield.
Bitmine has a goal of holding 5% of ether's supply. By Unchained's calculation, it is about 49,500 ETH short, down from roughly 58,000 ETH a week earlier. Bitcoin.com News framed this as Bitmine reaching 99% of that goal.
The Cryptonomist also reported that Bitmine calls itself the largest Ethereum treasury and the second-largest crypto treasury overall. It ranks behind Strategy Inc., which the release said held 848,517 BTC worth about $71 billion.
Lee on the Binance hack, and what to watch
Lee argued that the market's muted reaction to the late-October Binance theft shows the industry is more resilient, according to Bitcoin.com News and The Block. The Cryptonomist reports that he said ETH fell 4% after the theft was disclosed. He said it fell 8% on the day of the ByBit hack in February 2025, and by 20% within a week of that attack.
Lee said the Binance incident involved $6.3 billion in stolen customer funds, against $1.5 billion at ByBit. He also said the FBI named North Korea as responsible for both attacks. These figures come from Lee's comments as relayed by The Cryptonomist. The excerpts reviewed here do not include independent confirmation.
For traders, the next weekly update will show whether the smaller purchase was a one-off or the start of a slowdown. It will also show how far Bitmine still has to go to reach 5% of supply. The size of its staked share and the value of its holdings will also move with ETH's price.
Sources
- BitMine adds 8,573 ETH, holdings reach 6.06M ETH Wu Blockchain
- Bitmine’s crypto holdings top 6 million ETH; staking revenue projected at $358M The Cryptonomist
- Bitmine Slows to 8,573 ETH Buy as Tom Lee Downplays Binance Hack Unchained
- Bitmine adds 8,573 ETH as Tom Lee flags muted Binance hack reaction The Block
- Bitmine Hits 99% of Ether Goal as Tom Lee Downplays Impact of $6.3B Binance Hack Bitcoin.com News
- Strive’s Bitcoin Buying Slows to 124 BTC, About 2% of the Prior Week’s Total Unchained
Written with AI assistance from the sources above and checked against them. Not investment advice.