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UNIBitMine nears 5% ether goal as Tom Lee says Binance hack impact was muted
BitMine Immersion Technologies has bought more ether to reach 99% of its 5% supply target, while chairman Tom Lee says the market's limited reaction to the $6.3bn Binance hack shows growing resilience.
Key points
- BitMine bought 8,573 ETH in the past week, taking its holdings to 6,060,506 ETH, about 4.9% of circulating supply and worth roughly $13.8bn at $2,286.
- Tom Lee says ether fell about 4% after the Binance theft, against 8% immediately after the February 2025 Bybit hack, which took about $1.5bn.
- BitMine has 5,227,037 ETH staked, about 86% of its treasury, producing an estimated $358m in annualised revenue.
BitMine Immersion Technologies has reached 99% of its ether accumulation goal, the company said on 2 November, after buying another 8,573 ETH in the past week. Bitcoin.com News reports that BitMine has bought ether every week since starting its treasury strategy in June 2025 and is the world's largest corporate ether holder.
Chairman Tom Lee used the announcement to play down the market impact of the previous week's Binance breach, in which about $6.3bn in customer assets was stolen across various cryptocurrencies. Lee called the theft a terrible development but said the muted reaction was constructive, noting ether fell about 4% afterwards, against 8% immediately after the February 2025 Bybit hack and 20% over the following week.
Lee gave six reasons for the calmer response, including Binance's ability to absorb customer losses, swift freezing of stolen stablecoins and exchange assets, no cascading DeFi failures, compromised corporate infrastructure rather than a blockchain flaw, and the FBI's rapid attribution to North Korean attackers. He read the limited decline as a sign the bull market continues.
Binance customers remain affected: assets tracked on the exchange fell from about $145bn on 29 Oct to $128bn by 2 Nov, a drop of roughly $16.6bn that includes price moves and stolen funds. BitMine, meanwhile, has 5,227,037 ETH staked, about 86% of its treasury, earning an estimated $358m a year, and spent about $400m buying back 22.9m shares during 2026.
What to watch: Binance is expected to publish an updated proof-of-reserves report on 27 October.
Live updates on NewsFeeds:EthereumDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.