Bitmine Holds 6.06 Million ETH, 4.9% of Supply, as Tom Lee Calls the Market’s Binance Hack Reaction Constructive

Bitmine Immersion Technologies (BMNR) added 8,573 ETH over the past week, lifting its holdings to 6,060,506 ETH, or about 4.9% of ether’s total supply, The Block reported on Nov. 2. At $2,261 per ETH the position is worth about $13.7 billion.

Of that total, 5,227,037 ETH, about 86%, is staked, worth $11.8 billion. The company projects $358 million in annualized staking revenue at current levels, rising to $415 million if all ETH were staked. Beyond ether, Bitmine reported 216 BTC, a $180 million stake in Beast Industries, an $82 million investment in Eightco Holdings and $498 million in cash and marketable securities, for a total of $14.5 billion as of Nov. 1. BMNR shares closed Friday at $20.18, down 6.83%.

Chairman Tom Lee addressed the $6.3 billion Binance hack, calling the market reaction “very constructive.” He noted that ETH fell about 4% after the hack was disclosed, compared with an 8% drop on the day the $1.5 billion Bybit theft was announced in February 2025 and a 20% fall within a week of that incident. Lee cited several reasons for the calm, including Binance’s ability to cover losses, the absence of DeFi protocol failures and swift industry action that he said limited losses by 50%. These are Lee’s own assessments and The Block did not independently verify them.

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Sources:

• The Block: Bitmine adds 8,573 ETH as Tom Lee flags muted Binance hack reaction