8,573 ETH Later, BitMine’s “Alchemy of 5%” Keeps Its Weekly Brew Going

BitMine Immersion Technologies added 8,573 ETH worth roughly $19.4 million to its Ethereum treasury, bringing holdings to 6,060,506 ETH valued at about $13.7 billion using a reference price of $2,261 per coin. The NYSE-listed company said its stash now represents 4.9% of Ethereum’s 122.2 million token supply, leaving it, by its own count, 99% of the way toward its “Alchemy of 5%” goal. BitMine has purchased ETH every week since launching its treasury strategy on June 30, 2025. “In the last week, we have bought 8573 ETH,” chairman Tom Lee said. “Bitmine has been purchasing ETH weekly since 30th June 2025, the day of the ETH Treasury Strategy launch.”

The purchase came as BMNR shares ended at $20.18 on October 30, up 6.83%, before rising about 2% after hours to $20.59; $ETH also rallied to around $2,281. BitMine reported total assets of $14.5 billion as of Nov. 1, including 216 $BTC, $498 million in cash and marketable securities, a $180 million stake in Beast Industries and an $82 million position in Eightco Holdings, which the company describes as a rare public proxy for indirect OpenAI exposure. BitMine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy.

Lee used the roughly $6.4 billion Binance hack to argue that the crypto industry has become more resilient. The FBI attributed the theft to North Korea. He called it “a terrible development” but described the market’s “relatively muted” response as “very constructive,” saying it indicated a “crypto bull market is underway.”

Lee compared the breach with the Lazarus-linked $1.5 billion Bybit theft in February 2025. $ETH fell 8% on the day of the Bybit hack and 20% within a week, compared with a 4% decline following the Binance breach despite the theft being roughly four times larger. He cited six factors: Binance’s ability to cover all customer losses, the absence of a cascade of DeFi failures, swift industry action that halved the potential loss, the FBI naming North Korea within two days, the “corporate infiltration” of Binance’s infrastructure rather than a blockchain flaw, and limited price downside. Taken together, he said, the episode shows crypto is “increasingly resilient and more capable of absorbing these nation-state assaults.”

Disclosure: Tom Lee is one of several investors in Dastan, Decrypt’s parent company.