Bitmine Immersion Technologies said its crypto, cash and other investments totaled $14.5 billion as of Nov. 1, led by a 6.06 million-ETH position. The company said that holding represented 4.9% of Ethereum’s circulating supply, putting it close to its stated goal of acquiring 5%.
The update also highlighted Bitmine’s Ethereum staking activity and its view that the market’s relatively limited reaction to a reported Binance theft showed greater resilience in the crypto industry.
Holdings and staking
- Bitmine held 6,060,506 ETH, valued at $2,261 per token, or about $13.7 billion at that price. The company said its position equaled 4.9% of the 122.2 million ETH supply and put it 99% of the way to its 5% target.
- It reported 5,227,037 ETH staked, worth about $11.8 billion at the same ETH price. Bitmine said its MAVAN validator network serves as a staking destination for the company and institutional investors.
- The company also held 216 bitcoin and $498 million in cash and marketable securities.
- Its other investments included a $180 million stake in Beast Industries and an $82 million stake in Eightco Holdings, which Bitmine described as “moonshots.” Together, the company counted these positions alongside its crypto and cash in its $14.5 billion total.
- The figures are a snapshot as of Nov. 1 at 4 p.m. ET; the ETH valuation uses the price cited in the announcement.
Bitmine’s view on the Binance theft
- Chairman Thomas “Tom” Lee said a reported Binance security breach, which he said involved $6.3 billion in customer funds, had produced a more muted market reaction than the 2025 Bybit theft. Lee cited reports that the Binance incident involved an intrusion into a contractor’s corporate infrastructure and said the FBI identified North Korea as responsible.
- Lee contrasted ETH’s reported decline of about 4% after the Binance incident with an 8% drop on the day the Bybit theft was announced in February 2025, followed by a 20% decline within a week.
- Bitmine attributed the milder reaction in part to Binance’s ability to cover customer losses, the absence of a cascade of decentralized-finance failures like those it associated with the Bybit aftermath, and rapid industry action that it said cut potential losses by half. Lee also pointed to the FBI’s quick attribution of the attack.
The update reinforces Bitmine’s strategy of building a large, concentrated ETH position and staking much of it. Its reported 5.23 million staked ETH accounts for most of the 6.06 million tokens it holds.