Bitmine Immersion Technologies (NYSE: BMNR) said on November 2, 2026 that it bought 8,573 ETH last week, lifting its holdings to 6,060,506 tokens. The Tom Lee-chaired Ethereum treasury firm now sits roughly 49,500 tokens short of owning 5% of the ETH supply.
Key Facts
- Bitmine has bought ETH every week since its treasury strategy launched on June 30, 2025, and now owns 4.9% of supply.
- Bitmine puts the combined value of its crypto, cash, securities and two “moonshot” equity stakes at $14.5 billion.
- Chairman Tom Lee said ETH fell 4% after the $6.3 billion Binance theft, against an 8% one-day drop after Bybit’s 2025 hack.
- Staking covers about 86% of the treasury, and Bitmine estimates it earns $358 million a year at a 3.03% yield.
Bitmine closes in on its 5% ETH ceiling
Bitmine disclosed the purchase in its weekly holdings release, counting balances at 4:00 p.m. ET on November 1. The haul was smaller than the prior week’s 10,452 tokens, which took the count to 6,051,933 ETH on October 25.
The release says Bitmine got 99% of the way to its “Alchemy of 5%” target in 15 months. On the 122.2 million supply figure Bitmine uses, 5% equals about 6.11 million ETH. The company has framed that level as the end point of its accumulation, a goal that has anchored Bitmine’s weekly ETH updates since mid-2025.
🧵 1/ BitMine provided its latest holdings update for November 2, 2026 $14.5 billion in total crypto + "moonshots": – 6,060,506 ETH at $2,261per ETH (per @coinbase) – 216 Bitcoin (BTC) – $180 million stake in Beast Industries @MrBeast – $82 million stake in Eightco Holdings (NASDAQ:$ORBS) (“moonshots”) and – total cash and marketable securities of $498 million. Ticker: $BMNR common equity $BMNP 9.5% perpetual preferred, dividends paid weekly Chairman: Tom Lee @fundstrat Link ⛓️ https://t.co/JA1wTnU5nB
— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) November 2, 2026
At $2,261 per ETH, the reference price Bitmine took from Coinbase (NASDAQ: COIN), the ETH stake alone is worth about $13.7 billion. The balance sits in 216 Bitcoin, $498 million in cash and marketable securities, and two equity “moonshots.” Those are a $180 million stake in Beast Industries and an $82 million position in Eightco Holdings (NASDAQ: ORBS). Bitmine pitches Eightco as one of the few listed stocks offering indirect exposure to OpenAI.
Lee says the Binance theft showed market resilience
Lee used the release to address the October 29 Binance breach, in which attackers stole $6.3 billion of customer funds. Citing Binance and media reports, he said the exploit began when a contractor infiltrated Binance’s corporate infrastructure. The FBI has named North Korea as the perpetrator.
His yardstick is February 2025, when North Korean hackers took $1.5 billion from Bybit using a different method. ETH fell 8% the day that theft became public and was down 20% within a week, Lee said. This time ETH has slipped 4%, even though the Binance haul is roughly four times larger.
Lee listed six reasons for the calmer reaction. Five deal with the incident itself:
- Binance has the money to cover all customer losses.
- No cascade of DeFi protocol failures followed, as it did after Bybit.
- Swift industry action cut the potential loss by 50%.
- The FBI named North Korea within two days, while past attributions have taken as long as 180 days.
- The attack was a corporate infiltration of Binance, and not a blockchain exploit.
The sixth is a market call. Lee argued that the limited price downside signals a crypto bull market is underway, despite recent declines. Taken together, he said, the episode shows the industry is “increasingly resilient and more capable of absorbing these nation-state assaults on financial infrastructure.“
Staking now covers 86% of Bitmine’s ETH
Bitmine has staked 5,227,037 ETH, worth about $11.8 billion at the reference price. At a trailing seven-day yield of 3.03%, the company estimates annualized staking revenue of $358 million. Fully staked, the treasury would earn about $415 million a year on the same assumptions.
Bitmine runs part of that stake through MAVAN (Made in America VAlidator Network), alongside outside staking partners. The company built MAVAN for its own treasury earlier in 2026 and has since opened it to institutional investors and custodians. Lee called Bitmine the world’s largest ETH staker, though the release publishes no ranking to back that up.
The Bottom Line
For BMNR shareholders, the figures that move this story get restated every week: the ETH count, the staked share and the cash line. The trailing yield matters too, because the revenue estimate shifts with it.
The release leaves two questions unanswered. How, and over what period, will Binance cover customer losses? Will Bitmine stop buying at exactly 5%, or adjust its target as ETH supply changes?
Lee’s resilience case rests on a single price comparison with Bybit. One data point can’t separate industry strength from the October selling that had already pushed ETH lower before the breach.
The next checkpoint is plain arithmetic. Bitmine’s coming weekly update will show how much of the remaining gap to 5% is left, measured against the same 122.2 million supply figure.
