Bitmine Immersion Technologies kept its weekly Ethereum buying streak intact, adding 8,573 ETH worth roughly $19 million, while chairman Tom Lee pointed to last week's record Binance hack to argue that crypto has grown more resilient, not more fragile.

The NYSE-listed company said Monday that its holdings now total 6,060,506 ETH, worth approximately $13.7 billion at a reference price of $2,261 per coin. That represents 4.9% of Ethereum's 122.2 million token supply, leaving Bitmine, by its own count, 99% of the way toward its target of owning 5% of the network—a goal it brands the "Alchemy of 5%," reached in just 15 months. The firm has bought Ethereum every week since launching its treasury strategy on June 30, 2025.

Most of Lee's commentary focused on last week's roughly $6.4 billion theft from Binance, which the FBI has attributed to North Korea. Lee called it "a terrible development" but argued the market's "relatively muted" reaction was "very constructive." (Disclosure: Tom Lee is one of several investors in Dastan, Decrypt's parent company.)

Lee drew a comparison with the February 2025 theft of $1.5 billion from Bybit by hackers linked to North Korea's Lazarus group. At the time, Ethereum fell 8% that day and 20% within a week. By contrast, ETH slid just 4% after the Binance breach, even though the stolen amount was roughly four times larger.

Lee laid out six reasons for the muted response: Binance's ability to cover all customer losses; the absence of a cascade of DeFi failures like the one that followed the Bybit hack; swift industry action that cut the potential loss in half; the FBI naming North Korea within two days, rather than the months such attributions have historically taken; the fact that the exploit was a "corporate infiltration" of Binance's infrastructure rather than a blockchain flaw; and the limited price downside itself, which he read as a sign that a "crypto bull market is underway."

Taken together, he said, the episode shows the industry is "increasingly resilient and more capable of absorbing these nation-state assaults."

Holdings Beyond Ethereum

Counting cash, other tokens, and what the company calls "moonshot" investments, Bitmine's total holdings stood at $14.5 billion as of Nov. 1. Alongside its Ethereum position, the total includes 216 Bitcoin, $498 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $82 million position in Eightco Holdings, which Bitmine bills as a rare public proxy for indirect exposure to OpenAI.

Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy, which the company's release said holds about 848,517 BTC. Strategy recently resumed its own Bitcoin buying with a $66 million purchase after a brief pause.

Bitmine has 5,227,037 ETH, about 86% of its holdings, staked through its MAVAN platform, with projected annualized staking revenue of roughly $358 million.