Bitmine Immersion Technologies announced on Monday that it bought 8,573 ETH during the week through Nov. 1, bringing its ether stash to 6,060,506 ETH. The purchase marks the smallest weekly acquisition since early fall, down from 10,452 ETH the prior week and well below the 12,535‑15,112 ETH buys seen earlier in the season. At Coinbase’s price of $2,261 per token, the new total is valued at roughly $14.5 billion, a slight decline from the prior update’s $15 billion valuation. The firm’s ether holdings now represent about 4.9% of the 122.2 million ETH supply, leaving it roughly 49,500 ETH short of its long‑standing 5% target.

ETH / USD
Source: CoinGecko. Prices are indicative.

Staking strategy and revenue outlook

Bitmine reported that 5,227,037 ETH – 86% of its total holdings – is currently staked, worth $11.8 billion at the Nov. 1 price. Chairman Tom Lee projected that fully staking the treasury would generate $415 million annually at a 3.03% seven‑day yield, compared with the $358 million a year earned on the 5.2 million ETH already staked. The company also holds 216 BTC, a $180 million stake in Beast Industries, an $82 million position in Eightco Holdings, and $498 million in cash and marketable securities.

Market reaction to the Binance theft

Lee used the update to comment on the recent Binance hack, in which $6.3 billion was taken from hot wallets and attributed to North Korea. He noted that ETH fell about 4% after the breach, a far milder move than the 8% drop (and 20% decline over a week) seen after the February 2025 ByBit hack that stole $1.5 billion. Lee attributed the calmer response to Binance’s ability to cover user losses, the lack of cascading DeFi failures, rapid asset freezes, and the fact that the attack targeted corporate infrastructure rather than a blockchain vulnerability. He framed these factors as evidence of an increasingly resilient crypto industry capable of absorbing nation‑state assaults.

What to watch next

Investors will monitor Bitmine’s next ETH purchase to see whether the firm can close the remaining gap to its 5% supply goal, as well as any changes in staking yields that could boost annual revenue. Market participants are also watching how the broader crypto ecosystem reacts to ongoing investigations of the Binance hack and whether further regulatory or security developments could shift sentiment.