Bitmine Increases Ethereum Holdings
Bitmine Immersion Technologies has bolstered its Ethereum reserves by acquiring an additional 8,573 ETH, bringing its total to 6,060,506 ETH, valued at approximately $13.7 billion. This acquisition represents about 4.9% of Ethereum's total supply and brings the company closer to its ambitious goal of owning 5% of the network, a target it calls the "Alchemy of 5%". Bitmine has consistently purchased Ethereum weekly since initiating its treasury strategy on June 30, 2025.
Tom Lee Comments on Market Resilience
Tom Lee, the chairman of Bitmine, leveraged the recent $6.4 billion hack of Binance to argue that the cryptocurrency market has become more resilient. Despite the severity of the breach, which has been linked to North Korean hackers, Lee highlighted the market's relatively muted response, with Ethereum only dropping 4% compared to previous hacks that resulted in more significant price declines.
Lee attributed the less severe market reaction to several factors, including Binance's commitment to covering customer losses, the absence of cascading failures in decentralized finance (DeFi), and swift industry responses that mitigated potential losses. He emphasized that this incident indicates the industry's growing capability to withstand attacks from nation-state actors.
