Bitmine Buys 8,573 ETH, Lifting Holdings to 6.06 Million

Bitmine Immersion Technologies (BMNR) bought 8,573 ETH over the past week, the company said on Monday, Nov. 2. It now holds 6,060,506 ETH, or 4.9% of the 122.2 million ether in circulation.

Details

The press release, attached to an 8-K filing, gives figures as of 4:00 PM ET on Nov. 1. Bitmine values ETH at $2,261 (Coinbase), so the week's purchase works out to roughly $19.4 million, our own calculation. Some 5,227,037 ETH, about $11.8 billion, is staked. Projected annualized staking revenue is $358 million on the current amount, or $415 million if everything were staked.

Beyond ether, Bitmine holds 216 BTC, a $180 million stake in Beast Industries, an $82 million stake in Eightco Holdings and $498 million in cash and marketable securities, for $14.5 billion in total. A week earlier it reported $15 billion and a purchase of 10,452 ETH (see our previous note).

Chairman Tom Lee also addressed the Binance hack in the release. He argues the market reaction has been muted: ETH is down 4% since the theft was disclosed, versus an 8% drop on the day of the Bybit hack in February 2025. That is Lee's view, not our data. For the incident itself, see our report on the hack.

What this means for the market

Bitmine has bought ETH every week since June 30, 2025, and is about 0.1 percentage point short of 5% of supply. Weekly purchases have shrunk from recent weeks, and the value of its holdings fell along with the ETH price. For the live ETH price see the Ethereum page; for the wider picture, the daily summary.