Newsletter
- Bitmine purchased an additional 8,573 ETH, bringing the total holdings to 6,060,506 ETH (approximately $13.7 billion), which is about 4.9% of the Ethereum supply. This brings the achievement of its "5% alchemy" goal to 99%.
- Chairman Tom Lee stated that the record-breaking $6.4 billion theft from Binance demonstrates the resilience of the crypto market, and listed six reasons why ETH only fell by 4%.
- Bitmine's total holdings have reached $14.5 billion; the company remains the largest Ethereum reserve institution and is also the second-largest crypto reserve institution after Strategy. It has resumed its increase in holdings through a purchase of $66 million.
Bitmine Immersion Technologies continued its weekly buying of Ethereum, adding 8,573 ETH, worth approximately 19 million US dollars. Meanwhile, the company's chairman, Tom Lee, referring to the record-breaking hack of Binance, stated that the crypto industry has become more resilient, rather than more vulnerable.
The company, which is listed on the New York Stock Exchange, stated on Monday that based on a reference price of $2,261 per unit, its current holdings total 6,060,506 units of ETH, worth approximately $13.7 billion.
This corresponds to 4.9% of Ethereum's total token supply of 122.2 million tokens. According to Bitmine's own calculations, this means that 99% of the goal of holding 5% of the entire network has been achieved. The company refers to this goal as "5% Alchemy" ( Alchemy of 5%), and states that this progress was made within just 15 months. Since the launch of the reserve strategy on June 30, 2025, the company has been buying Ethereum every week.
Most of the comments regarding Lee have focused on the approximately $6.4 billion theft incident at Binance last week. The Federal Bureau of Investigation (FBI) in the United States has attributed this incident to North Korea. Lee described this as a “bad development,” but he believes that the market’s “relatively mild” reaction is “very constructive.” (Disclosure: Tom Lee is one of the investors in Dastan, and Dastan is the parent company of Decrypt.)
Lee pointed out that in February 2025, when hackers associated with North Korea's Lazarus stole $1.5 billion from Bybit, Ethereum fell by 8% on that day and accumulated a 20% decline within a week; however, after Binance was hacked, although the amount stolen was approximately four times that of the previous incident, ETH only fell by 4%.
Lee lists six reasons for the mild market reaction: Binance has the capability to cover all customer losses; there were no DeFi chain failures like those that occurred after the Bybit incident; the industry took swift action, reducing potential losses by half; FBI identified North Korea within two days, whereas historically such attributions usually take months; this time, it was an "enterprise-level penetration" of Binance's infrastructure that was exploited, rather than a vulnerability in the blockchain itself; and the extent of the price decline was limited in itself, which he interprets as a sign that "an encryption bull market is unfolding."
He stated that, overall, this incident indicates that the industry "is becoming more resilient and better equipped to absorb attacks at the national level."
Including cash, other tokens, and what the company refers to as “moonshot” investments, as of November 1st, Bitmine had a total position of $14.5 billion, which included 216 bitcoins, $498 million in cash and securities, a holding of Beast Industries worth $180 million, as well as a position in Eightco Holdings worth $82 million. The company stated that the latter is a rare listed proxy target that allows for indirect betting on OpenAI exposures.
Bitmine remains the largest Ethereum reserve institution in the world and is also the second-largest crypto reserve institution overall, only behind Strategy under Michael Saylor. According to the announcement, Strategy holds approximately 848,517 BTC.
Strategy has recently resumed its increase in Bitcoin holdings after a short pause, with a purchase of $66 million.
Bitmine holds 5,227,037 ETH, which accounts for about 86% of its holdings. These are pledged through its MAVAN platform, with an estimated annualized pledge income of approximately 358 million US dollars.
