Bitmine Adds 8,573 ETH as Tom Lee Cites 6 Bullish Factors for ETH

Bitmine Immersion Technologies (NYSE:BMNR) bought 8,573 more Ethereum (CRYPTO: ETH) last week, as Chairman Tom Lee calls the market’s muted reaction to the Binance hack a sign of resilience.

Why Lee Calls the Binance Hack a Sign of Strength

Lee said Binance’s hack, where attackers stole $6.3 billion, triggered a far smaller market reaction than February 2025’s Bybit theft, even though the Binance theft was roughly four times bigger.

Ethereum fell just 4% following the disclosure, compared to an 8% drop the day Bybit’s $1.5 billion theft was announced, a decline that extended to 20% within a week.

Lee pointed to six reasons behind that muted reaction in the official press release:

• Financial backstop: Binance has the capacity to cover all customer losses.
• No DeFi contagion: unlike Bybit, this hack didn’t trigger a cascade of protocol failures.
• Fast industry response: swift action cut potential losses by half.
• Quick attribution: the FBI named North Korea within two days, versus a historical pattern of up to 180 days.
• Attack vector: the exploit came from corporate infrastructure infiltration, not a blockchain exploit.
• Limited price impact: signals an underlying bull market remains intact despite recent declines.

"We believe this is a sign that the crypto industry is increasingly resilient and more capable of absorbing these nation-state assaults on financial infrastructure," Lee said.

What Bitmine’s Treasury Looks Like Now

Bitmine’s crypto holdings, cash, and "moonshot" investments now total $14.5 billion. 

As of Nov. 1, the company held 6,060,506 ETH, equal to 4.9% of Ethereum’s total supply, putting Bitmine 99% of the way to its 5% accumulation target in just 15 months.

Bitmine has bought ETH every single week since launching its treasury strategy in June 2025.

Moreover, the company has staked 5,227,037 ETH worth roughly $11.8 billion through its MAVAN platform, with Lee projecting annualized staking rewards climbing to $415 million once the company’s full position gets staked, up from $358 million currently.

The company’s broader holdings include:

• 216 Bitcoin (CRYPTO: BTC)
• $180 million stake in Beast Industries
• $82 million stake in Eightco Holdings (NASDAQ:ORBS), giving investors indirect exposure to OpenAI

Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy’s (NASDAQ:MSTR) roughly $71 billion Bitcoin position.

Where BMNR Stands Technically

BMNR rose about 2.5% in Monday’s premarket trading, rebounding after Friday’s nearly 7% drop to $20.18. 

The rebound stalled just below $20.87, the midpoint of the rally from $12.89 to $28.86, with daily RSI near 37 still pointing to weak momentum.

Key levels for BMNR:

• $20.87: midpoint resistance, needed to open the path toward $22 to $23, where all major EMA’s converge
• $19.60: Friday’s low, immediate support

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