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Bitmine Slows to 8,573 ETH Buy as Tom Lee Downplays Binance Hack
Bitmine's crypto, cash and stakes fell to $14.5 billion from about $15 billion a week earlier as ether slipped, leaving the company roughly 49,500 ETH short of its 5% goal.
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Bitmine Immersion Technologies said Monday it acquired 8,573 ether over the seven days ending Nov. 1, lifting its holdings to 6,060,506. That is its smallest recent weekly buy, down from 10,452 a week earlier. The combined value of its crypto, cash and speculative stakes fell to $14.5 billion from about $15 billion, with ether priced at $2,261 on Coinbase on Nov. 1.
Bitmine says its ether equals 4.9% of the 122.2 million ETH supply, leaving it about 49,500 ETH short of a 5% goal by Unchained's estimate. On the Binance theft, which drained $6.3 billion from hot wallets and is linked to North Korea, Chairman Tom Lee said ether slipped 4% since disclosure, a smaller move than the 8% fall after the 2025 ByBit hack.
Why it matters: It shows the market reacted far less sharply to a very large exchange theft than to earlier hacks, which bears on how markets absorb security shocks.
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