Bitmine Buys More Ethereum as Tom Lee Calls the Binance Hack Bullish — SkimNews
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- Bitmine bought 8,573 ETH for roughly $19 million, increasing its total to 6,060,506 ETH worth $13.7 billion and representing 4.9% of the network's supply.
- Bitmine is 99% of the way to its 'Alchemy of 5%' goal, having purchased Ethereum weekly since June 30, 2025, and now holds 86% of its ETH staked via its MAVAN platform.
- Tom Lee argued the $6.4 billion Binance hack was bullish, citing Ethereum’s 4% price drop—far smaller than past breaches—as proof of increasing industry resilience.
- Tom Lee listed six factors for the muted reaction: Binance covering losses, no DeFi contagion, swift mitigation cutting losses, rapid FBI attribution to North Korea, the breach being a corporate hack not a blockchain flaw, and limited price impact.
- Bitmine's total holdings reached $14.5 billion, including 216 BTC, $498 million in cash, and stakes in Beast Industries and Eightco Holdings, which it says offers indirect OpenAI exposure.
- Strategy remains the largest crypto treasury with 848,517 BTC, ahead of Bitmine, and recently resumed buying with a $66 million purchase after a pause.
Why it matters: Bitmine’s continued accumulation brings it within reach of controlling 5% of Ethereum’s supply in just 15 months, a concentration that could influence network dynamics, while the market’s calm after a record hack suggests institutional maturity that may reduce volatility-driven sell-offs in future incidents.
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