Bitmine Immersion Applied sciences has added one other 8,573 ETH to its treasury, pushing its whole holdings above 6.06 million tokens and bringing it inside touching distance of its long-standing 5% provide goal.
Chairman Tom Lee has doubled down on his perception that the crypto market’s restrained response to the Binance hack is proof that the trade’s bull market has remained intact.
Extra ETH Added
The press launch shared earlier as we speak states that Bitmine held 6,060,506 ETH as of November 1, valued at $2,261 per token utilizing Coinbase pricing. It additionally owned 216 BTC, practically $500 million in money and marketable securities, a $180 million stake in Beast Industries, and an $82 million place in Eightco. Its whole place throughout all these sectors was value round $14.5 billion.
As well as, Bitmine outlined the acquisition of one other 8,573 ETH. Lee asserted as soon as once more that the corporate he chairs has purchased parts of the world’s largest altcoin ever because it launched its Ethereum treasury technique on June 30, 2025. Nevertheless, the tempo has slowed significantly.
As we reported final week, Bitmine added practically 10,500 tokens, which was nonetheless so much decrease than a few of the summer season purchases of greater than 50,000 ETH. In truth, final week’s acquisition was the smallest in over two months, however this week’s purchase beat that anti-record.
However, Bitmine continues to stake a large portion of its ETH fortune, with the present quantity exceeding 5,227,000 tokens. Which means it has staked 86% of its whole holdings, whereas Lee estimated that the present place is more likely to generate $358 million in annualized staking income. The numbers may rise to $415 million if your entire treasury is deployed on the cited yield.
Market Power Stays
Maybe essentially the most attention-grabbing a part of the newest replace is Lee’s evaluation of the broader market’s present situation. He argued that ETH’s comparatively muted response to the $6.3 billion Binance hack final Friday was really constructive. He in contrast it with the February 2025 Bybit assault, when the asset slumped by 8% instantly and roughly 20% inside per week. The decline now was roughly 4%, regardless that the Binance exploit was greater than 4 occasions bigger.
Based on Lee, there are a number of causes for this, starting from Binance’s skill to cowl consumer losses, the absence of cascading DeFi failures, speedy asset freezes, and the FBI’s fast attribution of the assault to North Korea. Furthermore, the incident concerned company infrastructure as a substitute of one other blockchain vulnerability.
His conclusion was much more bullish: the restricted draw back suggests {that a} crypto bull market is underway regardless of the latest value declines.
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