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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.
Dextape brief
Bitmine Immersion Technologies reported buying 8,573 more ETH, lifting holdings past 6.06 million tokens and nearing its 5% supply goal. As of November 1 it held 6,060,506 ETH, valued at $2,261 each per Coinbase, plus 216 BTC, roughly $500 million in liquid assets, and other stakes totaling about $14.5 billion. Purchases have slowed; this week's buy beat last week's roughly 10,500-token purchase, which was the smallest in over two months. Chairman Tom Lee called ether's modest decline after last Friday's $6.3 billion Binance exploit encouraging, citing about 4% versus the 8% immediate drop and roughly 20% weekly fall after the 2025 Bybit attack. He pointed to Binance covering user losses, rapid asset freezes and the FBI's fast attribution to North Korea, and said the limited downside still points to a crypto upswing.
Why it matters: It shows a major corporate ether holder still adding to its position, while the chairman's reading of the market's response to the Binance exploit offers a view on sentiment.
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Terms in this story
- Bull market
- A long stretch of rising prices and confident sentiment.
Mentioned in this story
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