Bitmine Immersion Technologies announced that it purchased an additional 8,573 ETH, valued at roughly $19 million, raising its Ethereum holdings to 6,060,506 ETH. At a reference price of $2,261 per ETH, the portfolio is valued at about $13.7 billion, representing 4.9% of the total Ethereum supply of 122.2 million tokens.
The company says this brings it within 1% of its “Alchemy of 5%” goal, a target it set when it began its treasury strategy on June 30, 2025. Bitmine has bought Ethereum on a weekly basis since that launch.
Market context and commentary
Chairman Tom Lee referenced the recent $6.4 billion theft from Binance, attributed by the FBI to North Korea, to argue that the cryptocurrency market is becoming more resilient. Lee noted that Ethereum’s price fell only 4% after the Binance incident, compared with an 8% drop following a $1.5 billion hack of Bybit in February 2025.
Lee outlined six factors he believes contributed to the muted price reaction: Binance’s ability to fully reimburse customers, the lack of a cascade of DeFi failures, rapid industry response that limited losses, the swift FBI attribution to North Korea, the nature of the breach as a corporate infiltration rather than a blockchain flaw, and the limited downside in price.
Bitmine’s broader treasury
Including cash, other tokens and strategic investments, Bitmine’s total assets were reported at $14.5 billion as of November 1. The holdings include 216 BTC, $498 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $82 million position in Eightco Holdings, which provides indirect exposure to OpenAI.
Bitmine remains the world’s largest Ethereum treasury and the second‑largest crypto treasury overall, behind Michael Saylor’s Strategy, which holds approximately 848,517 BTC. Strategy recently resumed Bitcoin buying with a $66 million purchase.
Staking activity
About 86% of Bitmine’s Ethereum, or 5,227,037 ETH, is staked through its MAVAN platform, generating projected annualized staking revenue of roughly $358 million.
