# Bitmine Nears 5% Ether Target Amid Binance Hack Market Resilience Bitmine reaches 99% of its ether accumulation goal while Chairman Tom Lee signals market maturity. - **Source:** [Bitcoin News](https://brifing.si/source/d8aeaf1e-9839-4dad-9d25-7a6bf3fbeef8) - **Published:** 2026-11-02 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/721ae9ac-9d01-4b62-9d59-8e69496a871f ## Bitmine Approaches Strategic Milestone Bitmine Immersion Technologies has reached 99% of its self-imposed goal to acquire 5% of the total ether supply. The company recently purchased 8,573 ETH, bringing its total holdings to 6.06 million tokens. This aggressive accumulation strategy, initiated in June 2025, positions Bitmine as the world's largest corporate ether holder today. ## Market Resilience After Binance Breach Chairman Tom Lee argues that the cryptocurrency market's response to the $6.3 billion Binance hack indicates growing institutional maturity. Despite the scale of the theft, ether prices declined by only 4%. Lee contrasts this with the February 2025 Bybit incident, where ether prices dropped 8% immediately and 20% within one week. ## Factors Behind Market Stability Lee attributes the restrained market reaction to six specific factors, including Binance's capacity to absorb losses and rapid industry coordination to freeze stolen assets. Furthermore, the absence of cascading failures across decentralized finance protocols and the FBI's swift attribution of the attack to North Korean actors helped maintain overall investor confidence. ## Financial Impact on Binance The security breach has significantly impacted Binance's platform liquidity and user trust. Tracked assets on the exchange fell from $144.9 billion on October 29 to $128.3 billion by November 2. This $16.6 billion reduction reflects both the stolen funds and the broader market price movements occurring throughout the immediate post-hack period. ## Staking Revenue and Treasury Yields Bitmine leverages its massive ether holdings to generate consistent passive income through staking. Currently, 5.23 million ETH are staked, producing an estimated $358 million in annualized revenue. The company notes that staking its entire portfolio could potentially increase this annual figure to $415 million, further strengthening its corporate treasury financial position. ## Corporate Treasury and Asset Composition As of November 1, Bitmine's total treasury value reached $14.5 billion. This includes $498 million in cash and marketable securities, 216 bitcoin worth $16.8 million, and strategic investments in Beast Industries and Eightco Holdings. The company continues to prioritize its ether accumulation campaign while maintaining a diversified portfolio of liquid assets. ## Share Buybacks and Valuation Strategy Management believes Bitmine stock remains undervalued relative to its underlying cryptocurrency assets. Consequently, the company spent $399.6 million to repurchase 22.9 million shares during 2026. This buyback activity runs concurrently with their ongoing ether acquisition strategy, signaling strong internal confidence in the company's long-term growth trajectory and asset-backed valuation model. ## Industry Implications of Institutional Holdings Bitmine's status as the second-largest corporate cryptocurrency treasury highlights the increasing role of public companies in digital asset markets. By reaching the 5% threshold, Bitmine sets a precedent for institutional accumulation. The ability of the market to absorb a $6.3 billion hack suggests that crypto infrastructure is becoming increasingly robust. ## Sources covering this story - https://news.bitcoin.com/crypto-news/bitmine-99-percent-ether-goal-tom-lee-downplays-impact-binance-hack/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._