Bitmine Buys More Ethereum as Tom Lee Calls the Binance Hack Bullish
Summary
Bitmine Immersion Technologies bought 8,573 ETH, bringing its reported holdings to 6,060,506 ETH, or 4.9% of supply, and close to its 5% target. The company also said 86% of its ETH is staked, generating projected annualized revenue of about $358 million. Chairman Tom Lee argued that the market’s limited reaction to the roughly $6.4 billion Binance theft—attributed by the FBI to North Korea—shows the crypto industry is more resilient. He cited Binance’s ability to cover losses, rapid response and the breach’s focus on company infrastructure rather than a blockchain flaw.
