Bitmine buys another 8,573 ETH and nears its 5% target

Bitmine Immersion Technologies purchased 8,573 ETH during the week ended November 1, 2026, according to its November 2 release. The American company now holds 6,060,506 ETH, or approximately 4.96% of the benchmark supply of 122.2 million ETH. Its objective: to reach 5% of this supply, or one Ethereum in twenty. He still needs 49,494 ETH to achieve this.

Where is Bitmine on its goal of 5% of Ethereum supply?

Bitmine is now considered the largest corporate Ethereum treasury in the world. In his official press releaseshe indicates hold 6,060,506 ETH as of November 1, 2026 on a reference offering of 122.2 million tokens.

This represents approximately 4.96% of the global Ethereum supply. To achieve its 5% goal, Bitmine still needs to acquire 49,494 ETH.

At the rate of its last weekly purchase of 8,573 ETH, the company could cross this threshold in around six weeks. This projection, however, remains conditional on maintaining the same pace of accumulation.

Many observers of the crypto market could see this as the last mile of a marathon. The finish line is close, but the effort is not over. There Bitmine accumulation strategy indeed began on June 30, 2025. As of November 1, 2026, approximately sixteen months have therefore passed since its launch.

What does Bitmine do with all this Ethereum?

Bitmine doesn’t just hold onto its Ethereum reserves. The company uses a large part of it to help secure the Ethereum network through staking.

According to her press release, she placed 5,227,037 ETH in staking. Which represents approximately 86.25% of his assets. This mechanism consists of immobilizing ETH to contribute to the validation of transactions and the operation of the network, in exchange for rewards.

Bitmine estimates its annualized staking rewards at $358 million. However, this is a projection based on the performance conditions adopted by the company, and not a guaranteed income.

At the same time, the company also spent nearly $400 million buying back its own shares since January. It thus pursues two strategies:

• strengthen its Ethereum treasury;
• support the value of its own title.

What does Tom Lee say about the Binance hack?

Bitmine President Tom Lee believes that the crypto market has reacted relatively little to the theft of $6.3 billion from Binance. According to the figures put forward in its press release of November 2, the Ethereum price fell by around 4% since the theft was announced. For comparison, ETH lost 8% on the day of the attack after the Bybit hack in February 2025, then 20% in a week.

Tom Lee therefore interprets this relatively moderate reaction as a sign of resilience of the crypto sector:

The relatively muted reaction from the crypto market is very constructive.

Thomas “Tom” Lee, President of Bitmine, press release dated November 2, 2026

This comparison must, however, be interpreted with caution. THE observation periods differ : around four days for Binance, compared to a week for Bybit. The two events are therefore not directly comparable. Moreover, it is still too early to fully measure the impact of the Binance hack on the market.

The FBI attributed the attack to a North Korean TraderTraitor group on October 31, 2026, according to theAssociated Press. For its part, Binance claims to have raised its own funds to replace approximately $6 billion of the 6.3 billion stolen.

Bitmine’s next weekly update is expected on Monday, November 9. If the company maintains its current purchasing pace, it could reach its target of 5% of Ethereum’s supply by mid-December. It remains to be seen whether Bitmine will then continue its accumulation of ETH or whether it will reorient its strategy towards the valorization of its reserves. One thing is certain: his goal of holding one Ethereum in twenty has never been closer!