Bitmine Immersion Technologies added 8,573 ETH worth approximately $19 million in its latest weekly purchase. The NYSE-listed firm’s move pushed its total Ethereum holdings to 6,060,506 ETH. Based on a benchmark market price of $2,261 per coin, the company’s total treasury reserves are valued at roughly $13.7 billion.
That stake represents 4.9% of Ethereum’s total circulating supply of 122.2 million coins. Through consistent weekly accumulation, Bitmine is now 99% of the way toward its strategic goal dubbed the ‘Alchemy of 5%’. The objective of securing 5% of the global supply is being pursued over a 15-month timeframe that kicked off on June 30, 2025. What makes this treasury valuable is not merely the number of coins on the balance sheet, but how that capital is deployed to generate yield.
$358 Million in Annual Staking Yield
Bitmine is not leaving its millions of coins idle in cold storage wallets. A total of 5,227,037 ETH, or roughly 86% of its holdings, has been staked via the MAVAN platform. From this deployment, the firm projects an annual staking yield of around $358 million.
On the global corporate stage, Bitmine now stands as the world’s largest Ethereum treasury. The company’s cryptocurrency reserves rank second overall among all institutional holders, trailing only Michael Saylor’s Strategy, which holds 848,517 BTC.
Why the Market Reaction Differed From the Bybit Hack
Amid Bitmine’s steady accumulation, the crypto industry was rattled by news of a $6.4 billion exploit targeting exchange giant Binance. The breach pushed ETH down by 4%. However, Bitmine Chairman Tom Lee viewed the dip as a measured, constructive market response compared to similar historical incidents.
By comparison, crypto exchange Bybit suffered a $1.5 billion hack in February 2025. At that time, ETH plunged 8% in a single day and sank as much as 20% over the course of a week. This stark contrast demonstrates that the market has remained significantly calmer despite facing a substantially larger headline loss.
Six Pillars of Market Resilience, According to Tom Lee
Tom Lee outlined six core factors underpinning the crypto market’s resilience following the Binance incident. First is Binance’s readiness to cover all user losses. Second is the lack of any domino effect on decentralized finance (DeFi) protocols, allowing liquidity and operations to continue uninterrupted. Third is rapid industry coordination, which managed to contain half of the potential exploit losses.
The other three factors relate to law enforcement response and network technicalities. FBI agents identified the involvement of North Korean hackers within just two days. Furthermore, the breach stemmed from an internal corporate infrastructure compromise rather than any smart contract or blockchain vulnerability. Finally, the modest price drop indicates that the broader bullish market trend remains intact.
For market participants tracking capital flows, Bitmine’s moves and price resilience in the wake of the Binance incident signal a clear direction. With a publicly traded company nearing 5% ownership of Ethereum’s circulating supply and markets absorbing a multi-billion-dollar shock without disrupting the DeFi ecosystem, institutional accumulation continues unabated in pursuit of network yield.
Reported via Decrypt.
Read also: How Crypto Staking Works and Its Risks
Read also: Binance Hacker Swaps $325 Million in One Hour - Still Controls $2.4 Billion in Freeze-Proof Assets
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
