- Bitmine Immersion Technologies purchased another 8,573 ETH over the past week, increasing its total Ethereum holdings to 6,060,506 ETH.
- The company has staked more than 5.22 million ETH and projects approximately $358 million in annualized staking revenue, potentially rising to $415 million if all its Ethereum is staked.
- Chairman Tom Lee believes Ethereum’s relatively limited price decline following the reported $6.3 billion Binance hack signals greater market resilience compared with previous major security incidents.
Bitmine Immersion Technologies has expanded its Ethereum treasury once again, bringing its total holdings to more than 6.06 million ETH.
According to a company announcement on Monday, Bitmine acquired an additional 8,573 ETH over the past week.
The latest purchases increased its total holdings to 6,060,506 ETH, representing approximately 4.9% of Ethereum’s circulating supply.
At an estimated price of $2,261 per ETH, the company’s Ethereum reserves were valued at approximately $13.7 billion as of Nov. 2.
Bitmine continues expanding its cryptocurrency treasury while generating additional income through Ethereum staking.
Bitmine Stakes More Than 5.22 Million Ethereum
Bitmine currently has 5,227,037 ETH staked, representing approximately 86% of its total Ethereum holdings.
At the company’s reported valuation, the staked assets are worth approximately $11.8 billion.
The company estimates that its current staking operations could generate around $358 million in annualized revenue.
If Bitmine eventually stakes its entire Ethereum position, projected annual staking revenue could increase to approximately $415 million.
These estimates depend on prevailing staking yields and other network conditions, meaning actual returns may vary.
Beyond Ethereum, Bitmine also maintains several cryptocurrency and investment positions.
The company reported holdings of 216 Bitcoin, a $180 million investment in Beast Industries and an $82 million stake in Eightco Holdings.
It also holds approximately $498 million in cash and marketable securities.
Combined, Bitmine’s cryptocurrency holdings, cash, marketable securities and other investments were valued at approximately $14.5 billion.
Tom Lee Addresses $6.3 Billion Binance Hack
Bitmine Chairman Tom Lee also commented on the cryptocurrency market’s reaction to the recently reported $6.3 billion Binance security breach.
According to Lee, Ethereum declined approximately 4% following disclosure of the incident.
He compared that reaction with the February 2025 Bybit hack, when approximately $1.5 billion in cryptocurrency was stolen.
Ethereum initially fell around 8% on the day the Bybit incident was announced before declining approximately 20% over the following week.
Lee believes the smaller immediate decline following the Binance incident suggests the market has become more resilient to major security disruptions.
“While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive,” Lee said.
However, the longer-term impact of the incident remains uncertain, and additional market volatility is still possible.
Ethereum Market Shows Signs of Resilience
Lee identified six factors that he believes helped limit the cryptocurrency market’s reaction to the Binance hack.
Among them were Binance’s reported ability to cover customer losses, the absence of major decentralized finance protocol failures and rapid intervention from industry participants.
According to Lee, those interventions helped reduce potential losses by approximately 50%.
His assessment suggests that improvements in industry response mechanisms may have contributed to the relatively limited immediate market reaction.
Meanwhile, Ethereum traded around $2,281.41 on Monday, representing a 0.87% increase over the previous 24 hours, according to The Block.
For Bitmine, the latest acquisition reinforces its strategy of accumulating Ethereum while using staking to generate recurring revenue.
Investors will be watching whether the company continues purchasing ETH and increases the proportion of its holdings committed to staking.
Ethereum’s price performance following the Binance incident will also remain an important factor in evaluating the broader cryptocurrency market’s stability.
