Bitmine Buys 8,573 ETH Despite Binance Hack

Bitmine's purchase and staking highlight how corporate holders now shape Ethereum's supply as exchange thefts rattle prices.

Updated on Nov. 2, 2026 in Cybersecurity

Bitmine Buys 8,573 ETH Despite 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, bringing its holdings to 6,060,506 ETH as of Nov. 1, equal to 4.9% of Ethereum's total supply. The purchase comes as Ethereum fell 4% following disclosure of the Binance hack, which stole $6.3 billion. This is a reported market transaction, not a new product or technology.

Why it matters

Bitmine has bought ETH every week since June 2025, and the muted market reaction to the Binance disclosure suggests, in the company's view, growing resilience in the crypto industry. Ethereum's price movements after earlier thefts, including a 8% drop when the $1.5 billion Bybit theft was announced in February 2025, show how exchange security incidents ripple through the asset.

The figures are company-reported holdings and staking data for Bitmine, with 5,227,037 ETH staked through its MAVAN platform and current annualized staking rewards of $358 million. Those rewards are projected to reach $415 million once the full position is staked, a projection made by company chairman Lee rather than an audited result.

The players

Bitmine Immersion Technologies

A publicly traded company that has accumulated Ethereum as a treasury asset and stakes its holdings through its MAVAN platform.

The details

Bitmine holds its ETH partly through staking, a process in which token holders lock coins to help validate the Ethereum network in exchange for rewards, which the company runs through its MAVAN platform. The company also holds 216 Bitcoin, a $180 million stake in Beast Industries, and an $82 million stake in Eightco Holdings, bringing its crypto, cash, and investment holdings to a reported $14.5 billion in total.

February 2025: Bybit theft of $1.5 billion caused an 8% drop in ETH.
June 2025: Bitmine launched its treasury strategy and has bought ETH every week since.
Nov. 1, 2026: Bitmine's holdings stood at 6,060,506 ETH in the snapshot cited.
Last week: Bitmine bought 8,573 ETH.
Monday: BMNR rose about 2.5% in premarket trading.

The Tech Race

Bitmine's treasury accumulation and staking through MAVAN places it among corporate holders building large Ethereum positions, a strategy that now carries yield exposure as well as price exposure. Its reported $14.5 billion in total holdings signals how far such strategies have scaled since the company began buying ETH in June 2025.

For everyday crypto holders, the reported ETH price swings after the Binance and Bybit hacks show that exchange security incidents can move the broader market. Bitmine's staking rewards are a corporate treasury strategy, and the source does not indicate any change in how individual users can access Ethereum staking.

The takeaway

Watch whether Bitmine's weekly ETH purchases continue and whether its staking rewards reach the projected $415 million once the full position is staked. Both are verifiable through the company's future holdings disclosures.