Bitmine Slows to 8,573 ETH Buy as Tom Lee Downplays Binance Hack

Bitmine Immersion Technologies bought 8,573 ETH in the week through Nov. 1, taking its ether stash to 6,060,506 ETH, the company announced on Monday. The purchase is the smallest in Bitmine’s recent weekly updates, down from the 10,452 ETH it disclosed a week earlier and from buys of 12,535 ETH and 15,112 ETH this fall.

The combined value of Bitmine’s crypto, cash and “moonshot” stakes dropped to $14.5 billion, compared with about $15 billion in the prior update. The company priced ether at $2,261 on Coinbase as of 4 p.m. ET on Nov. 1, roughly 4% below the $2,356 it used a week before.

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Bitmine said its ether amounts to 4.9% of the 122.2 million ETH supply. By Unchained’s calculation, the company is now about 49,500 ETH short of its goal of holding 5% of that supply, down from about 58,000 ETH a week ago.

Outside of ether, Bitmine reported 216 BTC, a $180 million stake in Beast Industries and an $82 million stake in Eightco Holdings. Its cash and marketable securities came to $498 million, down from $514 million in the previous update.

The company said 5,227,037 of its ETH is staked, worth $11.8 billion at the Nov. 1 price. Chairman Tom Lee projected that once all of Bitmine’s ether is staked, it would earn $415 million a year at a 3.03% seven-day yield, against $358 million a year on the 5.2 million ETH staked now.

Lee also used the update to weigh in on the Binance theft, which saw $6.3 billion taken from hot wallets and has been linked to North Korea. In Lee’s view, “the relatively muted crypto market reaction is very constructive, particularly compared to the market’s response to prior sizable crypto thefts.” He pointed to the February 2025 ByBit hack, which saw $1.5 billion taken, and ETH drop 8% on the day it was announced and 20% over the following week. “Since the Binance theft was disclosed, ETH went down 4%,” Lee said in the release.

He gave six reasons for the calmer response, among them that Binance can cover all customer losses, that no string of DeFi protocol failures followed, and that the breach targeted Binance’s infrastructure rather than a blockchain. Taken together, Lee said in the same statement, “this is a sign that the crypto industry is increasingly resilient and more capable of absorbing these nation-state assaults on financial infrastructure.”

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