Bitmine’s ETH Bag Nears 5% as Tom Lee Finds Silver Lining in $6.4B Hack

Bitmine Immersion Technologies added 8,573 ETH worth roughly $19 million to its Ethereum treasury, bringing total holdings to 6,060,506 ETH valued at about $13.7 billion at a reference price of $2,261 per coin. The amount represents 4.9% of Ethereum’s 122.2 million token supply, putting the NYSE-listed company about 99% of the way toward its 5% target, which it calls the “Alchemy of 5%.” Bitmine has bought ETH every week since launching its treasury strategy on June 30, 2025. The acquisition was completed in just 15 months.

Chairman Tom Lee said the market’s relatively subdued response to the roughly $6.4 billion Binance theft was “very constructive,” calling it “a terrible development” while arguing that crypto is “increasingly resilient and more capable of absorbing these nation-state assaults.” The FBI attributed the attack to North Korea. Lee said ETH fell 4% after the Binance breach, compared with an 8% decline on the day the $1.5 billion Bybit hack was disclosed in February 2025 and a 20% fall within one week. He cited six factors behind the muted reaction: Binance’s ability to cover all customer losses, the absence of a cascade of decentralized-finance failures, swift industry action that halved the potential loss, the FBI naming North Korea within two days, the breach being a “corporate infiltration” of Binance’s infrastructure rather than a blockchain flaw, and limited price downside. Lee said that last point is a sign a crypto “bull market” is underway, notwithstanding recent price declines.

Other market data did not support that interpretation. The total stablecoin market capitalization fell from $270.3 billion on October 1 to $263.4 billion, marking a $6.9 billion outflow over the past month, while the Crypto Fear and Greed Index dropped to 26 on November 3 from 37 a day earlier, 48 a week earlier and 65 a month earlier. October was also the worst month in the history of U.S. spot ETH ETFs, with $1.61 billion in net outflows, and ETH was down 19% from its local peak. Before the Binance disclosure, ETH traded at $2,254.11, down 1.71% over 24 hours, but it had held up better than $BTC over the preceding week, falling 2.87% against $BTC’s 3.6% decline.

As of November 1, Bitmine reported total cryptocurrency holdings, cash, marketable securities and other investments worth $14.5 billion. The portfolio included 216 Bitcoin worth $180 million, $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. Lee said, “In the last week, we have bought 8573 ETH.” Bitmine’s BMNR shares ended October 30 at $20.18, up 6.83%, and rose about 2% after hours to $20.59.

Elsewhere, Strategy bought 811 $BTC for $65.5 million, resuming its Bitcoin purchases after a one-week pause. It paid an average of $80,846 per coin between October 26 and November 1 and funded the purchases by selling 1,178,552 MSTR shares for $164 million in net proceeds, according to an SEC filing. Of those proceeds, $65.5 million went to Bitcoin and $98.5 million to its USD Cash account. Ethereum co-founder Vitalik Buterin also appeared at Devcon 8 in Mumbai wearing a green cloak and a smiling mask during the November 3 to November 6 gathering.