Bitmine adds 8,573 ETH as Tom Lee flags muted Binance hack reaction

Bitmine Immersion Technologies increased its Ethereum treasury to 6,060,506 ETH after acquiring 8,573 ETH over the past week, the company said in a statement on Monday.

At $2,261 per ETH, the holdings were worth approximately $13.7 billion as of Nov. The haul represents 4.9% of ether's total supply, according to the statement.

Of the total, Bitmine has staked 5,227,037 ETH worth $11.8 billion, representing approximately 86% of its position. The company projects $358 million in annualized staking revenue at current levels, rising to $415 million if its ETH were fully staked.

Beyond ether, Bitmine said it holds 216 BTC, a $180 million stake in Beast Industries, an $82 million investment in Eightco Holdings, and $498 million in cash and marketable securities. Its combined crypto, cash, marketable securities, and other investments totaled $14.5 billion.

Chairman Tom Lee also addressed the recent $6.3 billion Binance hack. He said ETH had declined approximately 4% since the incident was disclosed, compared the decline with an 8% drop on the day the $1.5 billion Bybit theft was announced in February 2025. ETH subsequently fell 20% within a week of the Bybit incident.

"While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive, particularly compared to the market's response to prior sizable crypto thefts," Lee said. 

Lee cited six factors for the muted price reaction, including Binance's ability to cover losses, the absence of decentralized finance protocol failures, and swift industry intervention that limited losses by 50%.

ETH traded at $2,281.41 on Monday, up 0.87% over 24 hours, according to The Block's price page.

Bitmine shares closed Friday at $20.18, down 6.83%.