BMNR Buys Nearly $20M Worth Of ETH: Tom Lee Calls Market’s Binance Hack Reaction ‘Very Constructive’

• Bitmine Immersion bought 8,573 ETH last week, worth $19.4 million.
• Lee said the reaction to the Binance hack was not as severe as the "cascade" of hacks in the DeFi sector after the Bybit incident. 
• According to him the episode just shows the crypto industry was becoming “increasingly resilient.” 

Shares of Bitmine Immersion Technology (BMNR) climbed higher in midday trading on Monday after the firm announced it bought roughly $20 million worth of Ethereum (ETH) last week. 

The firm bought 8,573 ETH in the past week valued at around $19.4 million, purchased at $2,261 per coin. That brought the company's total Ethereum holdings to 6.06 million ETH. 

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Lee Points To Bybit Hack

Chairman Tom Lee called the market's reaction to the Binance (BNB) hack "very constructive." 

Speaking about last week's Binance hack, Lee said that "While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive, particularly compared to the market's response to prior sizable crypto thefts.”

Lee added that the event was similar to the Bybit hack in February of last year, in which $1.5 billion was stolen. He said there wasn't a "cascade" of decentralized finance (DeFi) crashes like there was after Bybit.

Lee noted that the FBI named North Korea two days after the theft, whereas in past cases it took over 180 days. He said this shows that the crypto industry is becoming "increasingly resilient."

Earlier on Monday, Lee also said the crypto market was “at the bottom” and stocks would end the year stronger. 

BMNR's Total Holdings Fall To $14.5B

The firm currently owns 216 Bitcoin (BTC), $180 million in Beast Industries, $82 million in Eightco Holdings (ORBS), and $498 million in total cash & marketable securities. The company's total crypto, cash, and "moonshot" holdings dropped to $14.5 billion from $15 billion amid the crypto-sell off. As of Sunday, the company had more than 5.2 million ETH staked, worth almost $11.8 billion at $2,261 per token.

BMNR’s stock was up over 0.1% during midday trading hours. On Stocktwits, the retail sentiment around BMNR remained in the ‘neutral’ zone, while chatter around it stayed at ‘normal’ levels over the past day.

Ethereum’s price was trading around $2,260, flat over the past 24 hours. On Stocktwits, retail sentiment around ETH remained in the ‘bearish’ zone, accompanied by ‘normal’ chatter levels over the past day.

Read also: Strategy Makes Its Largest Bitcoin Purchase Since September, Keeps Buying Back More STRC

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