Bitmine's ether pile hits 6.06 million ETH as Tom Lee spins the Binance hack as a non-event

Bitmine Immersion Technologies said on Monday it added 8,573 ETH over the past week, pushing its ether holdings to 6,060,506 tokens — about 4.9% of the total supply, per the company's statement reported by The Block. At $2,261 per ETH, Bitmine valued the stack at roughly $13.7 billion.

The company says 5,227,037 ETH — around 86% of the position, worth $11.8 billion — is staked, and projects $358 million in annualized staking revenue at current levels, or $415 million if the full holding were staked. Alongside the ether, Bitmine reported 216 BTC, a $180 million stake in Beast Industries, an $82 million position in Eightco Holdings, and $498 million in cash and marketable securities — $14.5 billion in combined crypto, cash, securities and other investments as of Nov. 1.

Chairman Tom Lee used the update to address the roughly $6.3 billion Binance hack. By his account, ETH has fallen about 4% since the incident was disclosed, versus an 8% same-day drop when the $1.5 billion Bybit theft was announced in February 2025 — an event after which ETH fell 20% within a week. "While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive," Lee said, citing six factors including Binance's ability to cover the losses, no DeFi protocol failures, and industry intervention he said cut losses by 50%.

Key facts

• Bitmine bought 8,573 ETH in the past week; total holdings now 6,060,506 ETH, ~4.9% of supply (company statement via The Block).
• Holdings valued at ~$13.7 billion at $2,261/ETH; 5,227,037 ETH (~86%) staked, worth $11.8 billion (company statement).
• Projected staking revenue: $358M annualized now, $415M if fully staked (company projection).
• Other holdings: 216 BTC, $180M in Beast Industries, $82M in Eightco, $498M cash/securities; $14.5B total as of Nov. 1 (company statement).
• ETH traded at $2,281.41 Monday, up 0.87% on the day; Bitmine shares closed Friday at $20.18, down 6.83% (The Block price data).

The real-world read

Nearly every figure here originates in Bitmine's own statement — a treasury company reporting its own balance sheet, which is exactly the kind of interested-party number to treat with care. The staking-revenue figures are projections, not earnings, and even the price Bitmine used to value its stack ($2,261) sits below the $2,281 spot price The Block cited the same day. Lee's "constructive" read on the Binance hack is a forecast from the chairman of a firm holding 6 million ETH; his six reasons for calm — including a claimed 50% loss recovery — are his framing, not independently confirmed here. Worth noting what the upbeat tone sits beside: The Block's own headlines the same day flagged the Binance breach as a record hack, $3.64 billion in net outflows after withdrawals reopened, and roughly $242 million being laundered via Tron. The muted price move is real; the interpretation is salesmanship.

Opinion, and whose

• Tom Lee, Bitmine chairman: the subdued ETH reaction is "very constructive" versus past thefts — a bullish read from an interested party, offered as commentary, not fact.
• The staking-revenue range ($358M–$415M) is Bitmine's own projection and depends on price and staking yields holding.

Sources

• The Block (reputable secondary) — Bitmine's holdings, purchase, staking figures, other investments, and Lee's Binance-hack comments, sourced to a company statement; also same-day ETH and share prices. The Block notes it labels sponsored content and press releases separately; this was reported editorial coverage of a company statement.

Not financial advice. Treasury-company figures and staking projections here come from the company itself; verify against primary filings before drawing conclusions.