Bitmine Hits 99% of Ether Goal as Tom Lee Downplays Impact of $6.3B Binance Hack

Bitmine Immersion Technologies has moved closer to its ambitious goal of owning 5% of ether’s total supply, while Chairman Tom Lee argues that the cryptocurrency market’s relatively muted response to last week’s massive Binance hack demonstrates the industry’s growing resilience. The publicly traded company announced Monday that it purchased another 8,573 ether over the past week, bringing its total holdings to 6,060,506 ETH. That represents approximately 4.9% of Ethereum’s circulating coin supply, putting Bitmine 99% of the way toward its self-imposed accumulation target. At ether’s recent price of $2,286, Bitmine’s ETH holdings were worth approximately $13.85 billion. Its combined cryptocurrency holdings, cash, marketable securities and other investments totaled $14.5 billion as of Sunday, Nov.

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