Bitmine Immersion Technologies added 8,573 ETH over the past week, lifting its holdings to 6,060,506 ETH. Chairman Tom Lee said the market's muted reaction to the $6.3 billion Binance hack is constructive.
Bitmine Immersion Technologies increased its Ethereum treasury to 6,060,506 ETH after acquiring 8,573 ETH over the past week, the company said in a statement on Monday. The holdings represent 4.9% of ether's total supply, according to the statement.
Bitmine stakes 86% of its ether
At $2,261 per ETH, the holdings were worth approximately $13.7 billion. Of the total, Bitmine has staked 5,227,037 ETH, approximately 86% of its position. The company projects $358 million in annualized staking revenue at current levels, rising to $415 million if its ETH were fully staked.
Beyond ether, Bitmine said it holds 216 BTC, a $180 million stake in Beast Industries, an $82 million investment in Eightco Holdings, and $498 million in cash and marketable securities. Its combined holdings, including other investments, totaled $14.5 billion.
The pace of buying has slowed, however. CryptoPotato reported that last week's purchase of nearly 10,500 tokens was the smallest in over two months, and this week's buy was larger.
Lee calls the Binance hack reaction constructive
Lee said ETH had declined approximately 4% since the Binance incident was disclosed. He compared that with an 8% drop on the day the $1.5 billion Bybit theft was announced in February 2025, and ETH fell 20% within a week of that incident.
According to Lee, "the relatively muted crypto market reaction is very constructive". He cited six factors, including Binance's ability to cover losses, the absence of decentralized finance protocol failures, and swift industry intervention that limited losses by 50%.
ETH traded at $2,281.41 on Monday, up 0.87% over 24 hours, according to The Block's price page.
Bitmine shares closed Friday at $20.18, down 6.83%.
Sources: The Block, CryptoPotato
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