BitMine Immersion Technologies announced that it has added 8,573 ETH to its treasury, raising its total Ethereum holdings to 6,060,506 tokens as of November 1. Using Coinbase pricing, the ETH balance is valued at approximately $2,261 per token.
The company also reported holdings of 216 BTC, cash and marketable securities near $500 million, a $180 million stake in Beast Industries, and an $82 million position in Eightco. Combined, these assets are valued at roughly $14.5 billion.
Staking activity
BitMine continues to stake a large portion of its ETH, with more than 5,227,000 tokens currently delegated. This represents about 86% of its total Ethereum holdings. The firm estimates that the staked ETH could generate $358 million in annualized staking revenue, potentially rising to $415 million if the entire treasury were deployed at the cited yield.
Market perspective
Chairman Tom Lee commented that the muted price reaction of ETH to the recent $6.3 billion Binance hack, compared with a larger decline during the February 2025 Bybit incident, indicates resilience in the broader market. Lee cited factors such as Binance’s ability to cover user losses, the lack of cascading DeFi failures, rapid asset freezes, and swift attribution of the attack to North Korea as reasons for the limited downside.
Lee concluded that the limited price impact suggests the crypto bull market remains active despite recent price declines.
