BitMine’s ETH Stash Hits 6.06 Million as Tom Lee Reaffirms Crypto Bull Market Is Still Alive

Last week’s purchase was smaller than many of the previous ones.

Bitmine Immersion Technologies has added another 8,573 ETH to its treasury, pushing its total holdings above 6.06 million tokens and bringing it within touching distance of its long-standing 5% supply target.

Chairman Tom Lee has doubled down on his belief that the crypto market’s restrained reaction to the Binance hack is evidence that the industry’s bull market has remained intact.

More ETH Added

The press release shared earlier today states that Bitmine held 6,060,506 ETH as of November 1, valued at $2,261 per token using Coinbase pricing. It also owned 216 BTC, nearly $500 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $82 million position in Eightco. Its total position across all these sectors was worth around $14.5 billion.

In addition, Bitmine outlined the acquisition of another 8,573 ETH. Lee asserted once again that the company he chairs has bought portions of the world’s largest altcoin ever since it launched its Ethereum treasury strategy on June 30, 2025. However, the pace has slowed considerably.

As we reported last week, Bitmine added nearly 10,500 tokens, which was still a lot lower than some of the summer purchases of more than 50,000 ETH. In fact, last week’s acquisition was the smallest in over two months, but this week’s buy beat that anti-record.

Nevertheless, Bitmine continues to stake a massive portion of its ETH fortune, with the current number exceeding 5,227,000 tokens. This means that it has staked 86% of its total holdings, while Lee estimated that the current position is likely to generate $358 million in annualized staking revenue. The numbers could rise to $415 million if the entire treasury is deployed at the cited yield.

Market Strength Remains

Perhaps the most interesting part of the latest update is Lee’s assessment of the broader market’s current condition. He argued that ETH’s relatively muted reaction to the $6.3 billion Binance hack last Friday was actually constructive. He compared it with the February 2025 Bybit attack, when the asset slumped by 8% immediately and approximately 20% within a week. The decline now was approximately 4%, even though the Binance exploit was more than four times larger.

You may also like:

According to Lee, there are several reasons for this, ranging from Binance’s ability to cover user losses, the absence of cascading DeFi failures, rapid asset freezes, and the FBI’s quick attribution of the attack to North Korea. Moreover, the incident involved corporate infrastructure instead of another blockchain vulnerability.

His conclusion was even more bullish: the limited downside suggests that a crypto bull market is underway despite the recent price declines.