Bitmine Buys 8,573 ETH After Binance Hack

The Ethereum treasury firm added to its holdings as ETH fell following the Binance theft disclosure.

Updated on Nov. 2, 2026 in Cybersecurity

Bitmine Buys 8,573 ETH After Binance Hack

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Would you consider investing in cryptocurrency like Ethereum right now?

Bitmine Immersion Technologies bought 8,573 ETH last week, continuing weekly purchases it has made since June 2025. Ethereum fell 4% following the disclosure of a Binance hack that stole $6.3 billion.

Why it matters

Bitmine's steady accumulation, equal to 4.9% of Ethereum's total supply, shows a large holder continuing to buy during a period of market stress. Lee said the muted market reaction reflects increased crypto industry resilience.

Bitmine staked 5,227,037 ETH through its MAVAN platform, with annualized staking rewards currently at $358 million and projected to reach $415 million once the full position is staked. The projection depends on completing the full staking position, which the source does not give a timeline for.

The players

Bitmine Immersion Technologies

Bitmine Immersion Technologies is the company that has accumulated a large Ethereum treasury through weekly purchases since June 2025.

The details

Bitmine bought 8,573 ETH last week and held 6,060,506 ETH as of Nov. 1. The firm also holds 216 Bitcoin, a $180 million stake in Beast Industries, and an $82 million stake in Eightco Holdings, with total crypto, cash, and investments of $14.5 billion.

February 2025: Bybit theft of $1.5 billion caused an 8% Ethereum drop, which extended to 20% within a week.
June 2025: Bitmine launched its treasury strategy and has bought ETH every week since.
Last week: Bitmine bought 8,573 ETH.
Monday: BMNR rose about 2.5% in premarket trading.

Roadmap

Ethereum fell 8% the day the Bybit theft of $1.5 billion was announced in February 2025, and the decline reached 20% within a week. The smaller 4% drop after the Binance disclosure suggests the market has absorbed large exchange thefts with less sustained damage than before.

Holders of Ethereum-linked investments may see price swings tied to large exchange thefts and treasury purchases. The reported decline after the Binance disclosure shows how quickly the market can move on security news.

The takeaway

Large exchange hacks can move ETH prices sharply in the short term, but the smaller reaction to the Binance theft compared with Bybit suggests markets may be adjusting. Readers tracking crypto holdings should watch security disclosures closely.