TLDR
- Bitmine stock traded at $20.14 on Monday, down slightly, after the company announced another ETH purchase.
- The company bought 8,573 ETH last week and now holds 6,060,506 ETH, or 4.9% of supply.
- Chairman Tom Lee called the muted market reaction to the $6.3 billion Binance hack “very constructive.”
- BMNR hit a ten-week low and found support near $20, while charts still lean bearish.
- Bitmine will report Q4 earnings on Nov. 20.
Bitmine (BMNR) stock traded at $20.14 on Monday, down slightly. The move came after the company announced another Ethereum purchase.
Bitmine Immersion Technologies, Inc., BMNR
Bitmine bought 8,573 ETH between Oct. 26 and Oct. 30. That lifts its total to 6,060,506 ETH.
The holdings equal 4.9% of ether’s total supply. At $2,261 per ETH, they were worth about $13.7 billion.
Bitmine has staked 5,227,037 ETH, worth about $11.8 billion. That is roughly 86% of its position.
BitMine Adds 8,573 ETH, Holdings Reach 6.06M ETH
BitMine said it acquired 8,573 ETH over the past week, bringing total holdings to 6,060,506 ETH, or about 4.9% of Ethereum’s supply. The company has 5,227,037 ETH staked, while total crypto, cash, marketable securities and other… pic.twitter.com/jQNblpdkdr
— Wu Blockchain (@WuBlockchain) November 2, 2026
The company projects $358 million in annualized staking revenue at current levels. That would rise to $415 million if all its ETH were staked.
Bitmine also holds 216 BTC and a $180 million stake in Beast Industries. It has an $82 million investment in Eightco Holdings and $498 million in cash and marketable securities.
Tom Lee Addresses the Binance Hack
Total crypto, cash, marketable securities and other investments reached $14.5 billion as of Nov. 1. Lee also spoke about the recent $6.3 billion Binance hack.
He said ETH has fallen about 4% since the incident was disclosed. That compares with an 8% drop on the day the $1.5 billion Bybit theft was announced in February 2025.
ETH then fell 20% within a week of the Bybit incident. Lee said the calmer reaction this time is a good sign.
“While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive,” Lee said. He pointed to prior large crypto thefts as the comparison.
Lee cited six reasons for the calm response. They include Binance’s ability to cover losses, no DeFi protocol failures, and quick industry action that cut losses by 50%.
In another X post, Lee listed reasons the market may be nearing a bottom. These include falling yields and oil prices, cautious sentiment, and stocks nearing a low in a US midterm cycle.
Chart Levels and Sentiment
The crypto fear and greed index dropped from 68 in late October to 37. That reading points to fear.
BMNR stock hit a ten-week low before finding support near $20. On the weekly chart, support sits at $18.93 with $15 below it, and resistance is at $22.
The weekly MACD line is below its signal line. On the four-hour chart, RSI is 36 and CMF has turned negative.
ETH traded at $2,281.41 on Monday, up 0.87% over 24 hours. Bitmine plans to stop buying ETH once it reaches 5% of supply.
Bitmine reported Q3 revenue of $45.7 million, with staking making up 98% of it. The company will report Q4 earnings on Nov. 20.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
