BitMine Boosts Ethereum Holdings to 6.06 Million ETH Worth $13.7 Billion
Bitmine Immersion Technologies has expanded its Ethereum holdings after purchasing another 8,573 ETH over the past week, bringing its total treasury to 6,060,506 ETH, according to a company statement released Monday.
With Ethereum trading at approximately $2,261, BitMine's holdings were valued at around $13.7 billion as of November 2. The company's ETH reserves now account for approximately 4.9% of the cryptocurrency's total supply.
BitMine continues to generate income from a large portion of its Ethereum treasury through staking. The company has staked 5,227,037 ETH, worth approximately $11.8 billion, representing roughly 86% of its total holdings.
Based on current conditions, BitMine estimates that its staked Ethereum could generate around $358 million in annualized revenue. If the company stakes its entire ETH position, that figure could increase to approximately $415 million.
Beyond Ethereum, BitMine reported holding 216 Bitcoin, a $180 million investment in Beast Industries, an $82 million stake in Eightco Holdings, and $498 million in cash and marketable securities. Combined, its cryptocurrency holdings, cash reserves, and other investments bring its total asset value to approximately $14.5 billion.
BitMine Chairman Comments on Binance Hack and Ethereum's Price Reaction
BitMine Chairman Tom Lee also addressed the recent $6.3 billion Binance security breach, pointing to Ethereum's relatively limited price decline following the incident.
ETH fell approximately 4% after news of the Binance hack became public. Lee compared this reaction with the February 2025 Bybit exploit, when Ethereum dropped around 8% on the day the $1.5 billion theft was announced. The cryptocurrency subsequently lost another 20% over the following week.
According to Lee, the market's relatively modest reaction to the latest security incident suggests that confidence in the broader crypto market remains stronger than during previous major exchange hacks.
He highlighted several factors that may have helped limit the market impact, including Binance's financial ability to cover the losses, the absence of major decentralized finance (DeFi) protocol failures, and a rapid response from industry participants that reportedly reduced potential losses by 50%.
Despite describing the incident as a serious development, Lee viewed the market's response as encouraging compared with previous large-scale crypto thefts.
BitMine's latest purchase further expands its position as one of the largest corporate Ethereum holders, while its growing staked balance provides a substantial source of potential recurring revenue.