Bitmine Immersion Technologies (NYSE: $BMNR) has increased its Ethereum (CRYPTO: $ETH) holdings to more than 6 million ETH, bringing its position to 4.9% of the cryptocurrency's total supply.
The company acquired 8,573 ETH over the past week, bringing its total holdings to 6,060,506 ETH, worth approximately $13.7 billion at a price of $2,261 per token as of Nov. 1, according to a Monday announcement .
Bitmine has staked 5,227,037 ETH, valued at roughly $11.8 billion, representing about 86% of its Ethereum holdings. The company estimates that its staked ETH generates annualized revenue of $358 million. That figure could rise to $415 million if the entire position were staked, based on its current yield.
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Beyond Ethereum, Bitmine reported holdings of 216 Bitcoin (CRYPTO: $BTC), a $180 million stake in Beast Industries and an $82 million investment in Eightco Holdings (NASDAQ: $ORBS). It also holds $498 million in cash and marketable securities, bringing its combined crypto and other investments to approximately $14.5 billion.
The announcement also addressed the recent $6.3 billion Binance hack, with chairman Tom Lee arguing that the market's reaction suggests the crypto industry has become more resilient to major security incidents.
"While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive, particularly compared to the market's response to prior sizable crypto thefts," he said.
Lee noted that ETH has fallen roughly 4% since the Binance incident became public. By comparison, Ethereum dropped 8% on the day the $1.5 billion Bybit hack was disclosed in February 2025 and lost another 20% over the following week.
ETH was trading at $2,284 on Monday, up 0.7% over 24 hours.
