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$ETH Bitmine Immersion Technologies continued its weekly Ethereum buying streak, purchasing 8,573 ETH worth about $19 million, bringing its total holdings to 6,060,506 ETH (approximately $13.7 billion), or 4.9% of the network's supply. The firm remains the largest Ethereum treasury and second-largest overall crypto treasury, trailing only Strategy. It has bought ETH every week since June 30, 2025, and is 99% of the way to its goal of owning 5% of the supply.
Chairman Tom Lee argued that the market's muted reaction to the record $6.4 billion Binance hack, which the FBI attributed to North Korea, shows crypto's growing resilience. He noted ETH fell just 4% after the breach, compared to an 8% drop and 20% weekly decline following the smaller $1.5 billion Bybit hack in February 2025. Lee cited six reasons for the subdued response, including Binance's full coverage of losses, absence of DeFi failures, industry actions halving the loss, swift FBI attribution, the exploit being a corporate infiltration rather than blockchain flaw, and the limited price downside as evidence of a bull market.
Bitmine's total holdings reached $14.5 billion, including 216 Bitcoin, $498 million in cash and securities, and stakes in other companies. About 86% of its ETH (5.2 million tokens) is staked, generating projected annualized revenue of roughly $358 million.