Key facts
- BitMine's 6,060,506 ETH equals 4.9% of Ethereum's total supply, the company said.
- BitMine reported $498 million in cash and marketable securities alongside its crypto holdings.
- BitMine said it staked 5,227,037 ETH, which Lee valued at about $11.8 billion.
- Lee said BitMine has staked more ETH than other entities in the world.
- Lee estimated annualized staking rewards of $415 million if all treasury ETH were staked via MAVAN and partners.
- Lee said ETH fell 4% since the Binance theft was disclosed, against 8% on the Bybit hack day.
BitMine Immersion Technologies, listed on the NYSE under BMNR, bought 8,573 Ethereum valued at about $19.4 million in the week before its November 2 statement, the company said. The purchase lifted its holdings to 6,060,506 ETH, equal to 4.9% of Ethereum's total supply.
BitMine said its cryptocurrency assets, together with cash, marketable securities and other investments, were valued at $14.5 billion as of November 1. It reported $498 million in cash and marketable securities. Eight of its holdings represent 216 BTC, or $180 million, and eight others represent $82 million, with Beast Industries and Eightco Holdings among the other investments.
Chairman Tom Lee said in the statement: "In the last week, we have bought 8573 ETH." He said BitMine has purchased ETH weekly since June 30, 2025, the day its ETH Treasury Strategy launched.
BitMine said it had staked 5,227,037 ETH, which Lee valued at about $11.8 billion. Lee said: "Bitmine has staked more ETH than other entities in the world." He estimated annualized staking rewards of $415 million if all of Ethereum's treasury were staked through MAVAN and its partners, and put annualized revenue at the current stakes at $358 million.
Lee also addressed a reported Binance security leak in which he said about $6.3 billion of customer funds were stolen, and said the FBI had concluded North Korea was to blame. He compared it with the February 2025 Bybit hack, in which he said $1.5 billion of customer cryptocurrencies were stolen. Lee said ETH fell 8% on the day of the Bybit hack announcement and 20% in a week, against 4% since the Binance theft was disclosed. He cited Binance's financial capacity to compensate customers and the absence of cascading DeFi failures as factors in the market response, and said the industry's response prevented potential losses of 50%.