Bitmine Buys More Ethereum as Tom Lee Calls the Binance Hack Bullish

In brief

• Bitmine bought another 8,573 ETH, raising holdings to 6,060,506 ETH (about $13.7 billion), or 4.9% of supply—99% of the way to its “Alchemy of 5%” goal.
• Chairman Tom Lee argued the record $6.4 billion Binance hack showed crypto’s resilience, citing six reasons for the muted 4% ETH drop.
• Total holdings hit $14.5 billion; Bitmine remains the top ETH treasury and No. 2 behind Strategy, resumed buying with a $66 million purchase.

Bitmine Immersion Technologies kept its weekly Ethereum buying streak intact, adding 8,573 ETH worth roughly $19 million, while chairman Tom Lee used the record Binance hack to argue that crypto has grown more resilient, not more fragile.

The NYSE-listed company said Monday its holdings now total 6,060,506 ETH, worth roughly $13.7 billion at a reference price of $2,261 per coin.

That represents 4.9% of Ethereum’s 122.2 million token supply, leaving Bitmine, by its own count, 99% of the way to its goal of owning 5% of the network, a target it brands the “Alchemy of 5%,” reached in just 15 months. The firm has bought Ethereum every week since launching its treasury strategy on June 30, 2025.

Most of Lee’s commentary focused on last week’s roughly $6.4 billion theft from Binance, which the FBI has attributed to North Korea. Lee called it “a terrible development” but argued the market’s “relatively muted” reaction was “very constructive.” (Disclosure: Tom Lee is one of several investors in Dastan, Decrypt’s parent company.)