BitMine Buys 8,573 More Ether, Lifting Holdings Above 6.06 Million

BitMine, the world’s largest corporate holder of Ether, bought another 8,573 ETH over the past week, raising its total holdings to 6,060,506 ETH. That equals 4.9% of Ether’s total circulating supply of 122.2 million tokens.

As of Nov. 2, the company’s digital assets, cash, marketable securities and strategic investments totaled $14.5 billion, according to PR Newswire. The holdings include 6.06 million ETH, 216 Bitcoin, $498 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $82 million stake in Aethir Holdings.

At an Ether price of $2,261, BitMine’s ETH holdings are worth about $13.7 billion. The company said it has reached 99% of its goal of acquiring 5% of all ETH and has bought Ether every week since launching its Ethereum treasury strategy on June 30 last year.

Of its total Ether holdings, 5,227,037 ETH is currently staked, worth about $11.8 billion at the same $2,261 price. That accounts for 86% of its total holdings. Based on a seven-day annualized yield of 3.03%, the company projected about $358 million in annual staking income. If all of its ETH were staked, annual rewards would rise to about $415 million.

Tom Lee, BitMine’s chairman, said the crypto market appeared more stable than in the past following the recent Binance hack.

“Last week, $6.3 billion of customer funds was stolen from Binance, but the crypto market’s reaction was relatively limited,” Lee said. “Compared with past large-scale hacks, that is a very positive sign.”

When Bybit lost $1.5 billion in a North Korean attack in February last year, Ether fell 8% on the day of the announcement and 20% within a week, he said. After the latest Binance hack, by contrast, ETH declined just 4%.

Lee cited six reasons the market impact was limited: Binance’s ability to compensate customers, the absence of cascading failures in decentralized finance services, quick industry action that reduced potential losses, the Federal Bureau of Investigation identifying the suspected perpetrators early, the fact that the breach affected exchange infrastructure rather than the blockchain itself, and the relatively modest price drop.

“This hack was not caused by a vulnerability in the blockchain itself, but by an intrusion into Binance’s corporate infrastructure,” Lee said. “The industry’s rapid response helped cut potential losses by roughly half, and the FBI identified North Korea as being behind it within two days.”

He added that the limited decline in prices signaled that a crypto bull market remains in place and showed the industry is becoming more resilient and increasingly capable of responding to state-backed attacks on financial infrastructure.

BitMine is currently the world’s largest Ethereum treasury company and remains the second-largest digital-asset treasury company globally after Strategy.