Bitmine Immersion Technologies purchased another 8,573 ETH, bringing its total holdings to 6,060,506 ETH, or 4.9% of Ethereum’s circulating supply. The New York Stock Exchange-listed company valued the position at approximately $13.7 billion as of November 1, putting it 99% of the way toward its stated “Alchemy of 5%” ownership target.
The accumulation marks the latest in a weekly buying streak that began June 30, 2025. Bitmine is now the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy, the crypto treasury firm associated with Michael Saylor.
Market Resilience Amid Major Hacks
Tom Lee, Bitmine’s Chairman, characterized the market’s response to recent exchange breaches as evidence of sector maturation. The FBI attributed a $6.4 billion hack at Binance to North Korea, occurring last week. A prior Bybit hack of $1.5 billion in February 2025 was also attributed to North Korea’s Lazarus-linked hackers.
Lee called the Binance hack “a terrible development” but noted the market reaction was “relatively muted” and “very constructive.” He framed the exploit as “corporate infiltration” and argued that the limited price downside after the breach signals that crypto is “increasingly resilient and more capable of absorbing these nation-state assaults.”
Ethereum fell approximately 4% following the Binance hack announcement. In contrast, the Bybit hack in February triggered an 8% single-day drop and a 20% decline within the week.
Staking and Treasury Composition
Bitmine stakes approximately 5,227,037 ETH through its MAVAN platform, representing 86% of its total holdings. The company projects annualized staking revenue of $358 million based on current yields.
As of November 1, Bitmine’s total assets stood at $14.5 billion, comprised of $13.7 billion in Ethereum, $498 million in cash and marketable securities, $180 million in Beast Industries, $82 million in Eightco Holdings, and 216 Bitcoin. Strategy, by comparison, holds approximately 848,517 BTC and recently resumed Bitcoin buying, including a $66 million purchase.
Bitmine has maintained its weekly accumulation pace since launching the treasury strategy in mid-2025. The company has not disclosed the average purchase price or cost basis for its Ethereum position.
