Breaking: Tom Lee’s BitMine Buys Another $20M Ethereum, BMNR Stock Recovers

Over the past week, Tom Lee’s BitMine Immersion Technologies (NYSE: BMNR) purchased another 8,573 Ethereum (ETH) valued at around $19.4 million. The new purchase brings the total amount of ETH that the exchange has in its possession to 6,060,506 ETH, which accounts for 4.9% of Ethereum’s total supply.

BitMine Expands Ethereum Treasury to $13.7 Billion

The acquisition is designed to help BMNR’s stock recover from its losses. The stock ended at $20.18 on October 30, up 6.83%, but rising about 2% after hours to $20.59. Ethereum also rallied up to reach around $2,281.

BitMine announced in its November 2 statement that its overall cryptocurrency assets, along with cash, marketable securities and other investments, valued at $14.5 billion as of November 1.

Chairman Tom Lee emphasized how the company has been consistently building up its investments. He said, “In the last week, we have bought 8573 ETH.”

He also highlighted the purchasing history of BitMine and stated: “Bitmine has been purchasing ETH weekly since 30th June 2025, the day of the ETH Treasury Strategy launch.

Beast Industries and Eightco Holdings make up the other investments, with eight of the company’s holdings representing 216 BTC or $180 million, and eight others representing $82 million. BitMine has $498 million in cash and marketable securities.

Tom Lee Compares Binance Hack With Bybit Exploit

Additionally, Lee tackled the recently reported Binance security leak, where some $6.3 billion worth of customer funds were stolen. The FBI has come up with the conclusion that North Korea is to blame, he said.

“While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive,” Lee stated.

He likened the event to the Bybit hack on February 2025, where $1.5 billion of customer cryptocurrencies were stolen. Ethereum fell 8% on the day of the Bybit hack announcement, and 20% in a week, Lee expressed.

“By contrast, since the Binance theft was disclosed, ETH went down 4%,” he added.

Lee also pointed out that the financial power of Binance to compensate for customer losses and a lack of cascading failure in DeFi were factors in the market response. He said that the industry’s response prevented losses of 50% in potential losses.

BitMine Stakes Over 5.2 Million ETH

Bitmine additionally revealed that its staking procedure froze about $11.8 billion worth of 5,227,037 ETH.

Lee said, “Bitmine has staked more ETH than other entities in the world.”

If all Ethereum’s treasury is staked via MAVAN and its partners, annualized staking rewards could hit $415 million, he predicted. He estimated he made $358 million annualized revenue at the current stakes.