Bitmine Ethereum Holdings Rise as Lee Calls Market Reaction Resilient

Bitmine Ethereum holdings grew after the company added 8,573 ETH last week, according to The Block, bringing its reported stash to about 6.06 million ETH. Tom Lee said the market’s roughly 4% ETH decline after the record Binance theft was muted and argued that it showed crypto was becoming more resilient, Decrypt reported.

The new purchase figure and holdings total come from The Block’s November 2 report. The report details supplied here do not specify the exact timing or transaction details. Lee’s view is an interpretation of market behavior, not evidence that the theft is positive for investors or that losses are resolved.

• The Block reported Bitmine bought 8,573 ETH last week and held about 6.06 million ETH.
• Decrypt said Lee cited a roughly 4% ETH drop after the Binance theft as a sign of resilience.
• Binance estimated a $6.3 billion loss after its hot wallets were compromised on October 29.
• The FBI attributed the theft to North Korea’s TraderTraitor group and said stolen assets were being converted primarily into ether.
• Binance said it had covered about 95% of the impacted amount, and planned its next withdrawal phase for November 3.

Bitmine Ethereum and Binance hack timeline

1. October 26, 2026: Bitmine said it had bought 10,452 ETH in the prior week. Its reported balance was 6,051,933 ETH as of October 25, equal to 4.95% of the 122.2 million ETH supply cited in its announcement.
2. October 29, 2026: Binance said its hot wallets were compromised at about 20:05 UTC. The exchange estimated the resulting loss at $6.3 billion.
3. October 31, 2026: The FBI attributed the theft of more than $6 billion to North Korea’s TraderTraitor group. It said the stolen assets were being converted primarily into ether and urged crypto and DeFi services to block transactions tied to listed laundering addresses.
4. November 1, 2026: Binance began restarting withdrawals in phases. CoinDesk reported that customers withdrew a net $3.64 billion on the first day.
5. November 2, 2026: The Block reported Bitmine’s latest 8,573 ETH addition. Binance said it had completed a zero-knowledge proof for its October 31 reserves snapshot, allowing users to verify 1:1 backing for ten named assets.

Background on Bitmine Ethereum holdings

Bitmine has described itself as pursuing a goal of acquiring 5% of ETH supply. In its October 26 announcement, the company said it had bought ETH each week since launching its treasury strategy on June 30, 2025. That release put its holdings just below the stated target, at 4.95% as of October 25.

The total in The Block’s November 2 report is higher than the October 25 figure. The evidence provided does not give an exact dated balance corresponding to the 8,573 ETH addition. The reported totals refer to different reporting periods and should not be treated as the same dated balance.

Bitmine’s earlier announcement also said it had staked 5,227,037 ETH as of October 25 and estimated annualized staking revenue of $318 million at then-current levels. That was the company’s estimate for the stated date and conditions, not a current figure.

Reactions and immediate market response

Lee’s central point, as reported by Decrypt, was that the market’s response looked restrained despite the scale of the theft. He listed six reasons for that reading. The information provided does not detail all six, so the claim should be understood as Lee’s assessment rather than an independently established explanation.

At 16:29 UTC on November 2, ETH traded at $2,264.63, down 0.13% over 24 hours and 2.29% over seven days, according to the supplied market data. Bitcoin was $77,236, down 1.03% over 24 hours. Those readings provide a snapshot, not proof that the hack had no market impact. The Crypto Fear & Greed Index was 37, classified as Fear, on November 2.

CoinDesk reported that Bitcoin traded near $78,000 on November 2 and cited an industry executive who said institutional participation was helping moderate hack-related selling. The supplied market data and CoinDesk’s report reflect different readings and may use different timestamps.

What to watch next for Bitmine Ethereum

The next stated checkpoint is Binance’s planned November 3 withdrawal phase. Its November 2 update said about 95% of the impacted amount had been covered, with the remaining 5% made up of less-liquid tokens. Binance also said users could verify 1:1 backing for ten named assets through its completed proof of reserves. These are statements from the exchange, and they do not settle every question about the theft or recovery.

Further developments include Bitmine’s next dated holdings disclosure and any additional Binance updates. The FBI has asked service providers to block transactions linked to listed laundering addresses.

This remains a developing story. Binance said its hot wallets were compromised, and the supplied market data showed ETH down over both the 24-hour and seven-day periods as of 16:29 UTC on November 2. Those facts describe the incident and a market snapshot; they do not establish future price direction.

FAQ

What does the latest Bitmine Ethereum purchase show?

The Block reported that Bitmine added 8,573 ETH last week, lifting its holdings to about 6.06 million ETH. The report details provided do not specify the purchase dates or transaction venues.

Why did Tom Lee describe the market reaction as resilient?

Decrypt reported that Lee viewed the roughly 4% ETH decline after the theft as a muted response and a sign of greater market resilience. That is his interpretation, not a statement about future prices or the status of the recovery.

When will Binance resume more withdrawals?

Binance said its next withdrawal phase was planned for November 3, 2026, after restarting withdrawals in phases on November 1.

Sources

• Bitmine Buys More Ethereum as Tom Lee Calls the Binance Hack Bullish (Decrypt)
• Bitmine adds 8,573 ETH as Tom Lee flags muted Binance hack reaction (The Block)
• Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 6.05 Million Tokens, and Total Crypto and Total Cash & Marketable Securities Holdings of $15 Billion (www.prnewswire.co.uk)

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.