BitMine’s ETH Stack Nears 5% as Lee Says the Mega-Hack Didn’t Break the Market

BitMine Immersion Technologies added 8,573 ETH worth roughly $19 million last week, lifting its Ethereum holdings to 6,060,506 ETH worth about $13.7 billion at a reference price of $2,261 per coin. The NYSE-listed company said on November 2 that its ETH represented 4.9% of Ethereum’s 122.2 million token supply, putting it 99% of the way toward its 5% target, known as the “Alchemy of 5%.” BitMine has purchased ETH every week since launching its treasury strategy on June 30, 2025, completing the target in 15 months.

Chairman Tom Lee said, “In the last week, we have bought 8573 ETH.” The purchase was valued at around $19.4 million in one report and $19.6 million in another, while BMNR stock ended October 30 at $20.18, up 6.83%, before rising about 2% after hours to $20.59. Ethereum reached around $2,281 during the period.

Lee’s market assessment focused on the roughly $6.4 billion Binance theft, also described as a $6.3 billion breach, which the FBI attributed to North Korea. He called the incident “a terrible development” but described the market’s “relatively muted” reaction as “very constructive.” ETH fell just 4% after the hack, compared with an 8% decline on the day the $1.5 billion Bybit theft was disclosed in February 2025 and a 20% fall within a week.

Lee cited six factors behind the muted response: Binance’s ability to cover all customer losses, the absence of a cascade of DeFi failures, swift industry action that cut the potential loss in half, the FBI naming North Korea within 2 days rather than up to 180 days historically, the breach being a “corporate infiltration” of Binance’s infrastructure rather than a blockchain flaw, and limited price downside. He said, “Limited price downside is a sign that a crypto ‘bull market’ is underway, notwithstanding recent price declines,” and argued the episode showed crypto was “increasingly resilient and more capable of absorbing these nation-state assaults.”

Other indicators showed caution. Ethereum traded at $2,254.11 at press time, down 1.71% over 24 hours, while total stablecoin market capitalization fell from $270.3 billion on October 1 to $263.4 billion, a $6.9 billion monthly outflow. The Crypto Fear and Greed Index dropped from 65 a month earlier to 48 a week earlier, 37 a day earlier and 26 on November 3. October also produced $1.61 billion in net outflows from U.S. spot ETH ETFs, while ETH was down 19% from its local peak.

BitMine’s total assets, including cash, marketable securities and other investments, stood at $14.5 billion as of November 1. Those holdings included 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 BitMine describes as a rare public proxy for indirect OpenAI exposure. Separately, Strategy bought 811 $BTC for $65.5 million last week at an average price of $80,846, funding the purchases through the sale of 1,178,552 MSTR shares for $164 million in net proceeds. Disclosure: Tom Lee is one of several investors in Dastan, Decrypt’s parent company.