Bitmine Buys More Ethereum, Calls Massive Binance Hack a Good Sign

Bitmine now owns nearly 5% of all Ethereum. Its chairman says the record $6.4B Binance hack proves crypto is getting stronger.

A company called Bitmine Immersion Technologies just bought even more Ethereum (the world's second-biggest cryptocurrency, after Bitcoin), continuing a buying streak it hasn't broken since mid-2025.

Bitmine is what's called a crypto treasury company — a business whose main strategy is to buy and hold large amounts of cryptocurrency, similar to how some companies hold cash or gold.

The latest purchase and holdings:

Bought another 8,573 ETH (about $19 million worth)
Now holds 6,060,506 ETH, worth roughly $13.7 billion
That's 4.9% of all Ethereum that exists — just short of its goal to own 5% (which it calls the "Alchemy of 5%")
Total holdings, including cash and other investments, hit $14.5 billion

This makes Bitmine the world's largest Ethereum holder and the second-biggest crypto treasury company overall, behind Michael Saylor's Strategy, which holds about 848,517 Bitcoin.

Why the chairman thinks a huge hack is actually good news:

Recently, hackers (blamed by the FBI on North Korea) stole roughly $6.4 billion from Binance, the world's largest crypto exchange (a platform where people buy and sell crypto). This was a record-breaking theft.

Yet Bitmine chairman Tom Lee argued the market reacted calmly. Ethereum's price only dropped 4%. He compared this to a similar but smaller hack in February 2025, after which Ethereum fell 8% in a day and 20% within a week.

Lee gave several reasons the damage was limited:

Binance could cover all customer losses itself
There was no domino effect of other companies collapsing
The FBI named the attacker within two days (normally takes months)
The hack targeted Binance's systems, not a flaw in the blockchain itself

He concluded the industry is "increasingly resilient" — meaning better able to survive attacks — and sees it as a sign a crypto bull market (a period of rising prices) is underway.

The takeaway: Bitmine keeps betting big on Ethereum, and its leader believes crypto is growing stronger despite major attacks. Whether that optimism proves correct remains to be seen.

This is an AI-generated summary. Read the original article at: https://decrypt.co/382340/bitmine-buys-more-ethereum-tom-lee-binance-hack-bullish