Bitmine’s Ethereum holdings have risen after the firm added 8,573 ETH to its reserves last week, bringing its total to approximately 6.06 million ETH. The Block published these figures in its November 2 report, noting the company’s steady acquisitions as part of a long-term treasury plan.
Bitmine’s strategy and latest purchases
Bitmine, a digital asset investment company, has been gradually buying Ethereum in pursuit of its stated goal to own 5% of the total ETH supply. The firm reported on October 26 that it had accumulated 6,051,933 ETH—equivalent to 4.95% of the then-current 122.2 million ETH circulating supply. Regular weekly purchases since June 30, 2025, have been part of this approach.
The Block’s most recent report shows Bitmine’s continued expansion, with the 8,573 ETH acquisition lifting total holdings above the company’s earlier milestone. Previous announcements also indicated that Bitmine had staked over 5.22 million ETH as of October 25, generating an estimated $318 million in annualized staking rewards at that time. These disclosures, however, reflect specific dates and prevailing market conditions rather than ongoing balances.
Mini dictionary: Bitmine is a cryptocurrency investment company focused on building substantial digital asset reserves, particularly in Ethereum, as part of its treasury management and staking strategies.
Binance theft and market reaction
Binance, one of the world’s largest cryptocurrency exchanges, announced that its hot wallets were compromised at around 20:05 UTC on October 29. The exchange estimated losses totaling $6.3 billion from the breach and has since worked to recover customer funds and restore operations.
The FBI attributed the hack to North Korea’s TraderTraitor group, stating that most of the stolen assets have been converted into ether. Authorities have urged digital asset platforms and DeFi providers to block transactions involving the specified laundering addresses.
Binance reported covering approximately 95% of the impacted funds, with the remaining 5% primarily consisting of less-liquid tokens. The company scheduled a subsequent round of withdrawals for November 3 and allowed users to verify asset backing for ten major cryptocurrencies through a zero-knowledge proof system of its reserves as of October 31.
| Date | Event | ETH Price | BTC Price |
|---|---|---|---|
| October 29, 2026 | Binance hack announced | Not specified | Not specified |
| November 2, 2026 | Bitmine adds 8,573 ETH | $2,264.63 | $77,236 |
Analyst perspective and current market trends
Market analyst Tom Lee observed that Ethereum’s price dropped by about 4% following the Binance incident—a reaction he classified as muted given the scale of the attack. Lee interpreted this as evidence of growing market resilience but did not suggest it meant losses had been recovered or future prices would rise accordingly.
Lee viewed the roughly 4% dip in ETH following the breach as a sign that digital asset markets have become less reactive to security events, noting several factors that may have contributed to the restrained response.
Latest market data as of 16:29 UTC on November 2 placed ETH at $2,264.63, representing a 0.13% decrease over 24 hours and down 2.29% over the past week. Bitcoin was priced at $77,236, down 1.03% on the day. The Crypto Fear & Greed Index stood at 37 (Fear), suggesting caution among traders during this turbulent period.
Looking ahead
Binance’s next withdrawal window is set for November 3, with the company stating that users can now verify 1:1 backing for ten named assets. Further communications from Bitmine regarding the size and strategy of its Ethereum holdings are also anticipated, as the company continues to build its reserve position. The FBI’s alert to custodians and DeFi protocols to block transactions associated with the hack remains in effect.
Both the scale of the Binance breach and Bitmine’s aggressive accumulation are likely to remain key points of attention as digital asset markets seek confirmation of stability and renewed confidence among investors.
