Binance hack raises crypto security fears: Why are Strategy and Bitmine still buying Bitcoin (BTC USD) and Ethereum (ETH USD)? What did Michael Saylor and Tom Lee say

A record crypto theft put the industry’s security under scrutiny last week, but Strategy and Bitmine Immersion Technologies continued buying digital assets. Strategy purchased more than $65 million worth of Bitcoin, while Bitmine added roughly $19 million in Ethereum, keeping both companies’ buying strategies on track.

The purchases took place between October 26 and November 1, overlapping with the Binance hack and a sharp drop in Bitcoin’s price. Neither company said the security breach directly prompted its latest acquisition.

Strategy Makes Its Biggest Bitcoin (BTC USD) Purchase Since September

Strategy, the publicly traded Bitcoin-holding company chaired by billionaire Michael Saylor, bought 811 BTC at an average price of approximately $80,800 per coin, according to Fortune. It was the company’s largest Bitcoin purchase since late September.


Strategy financed the acquisition by selling shares of its common stock. Separately, it used $208 million from its cash holdings to repurchase roughly 2 million STRC shares, which pay investors regular dividends.

Bitcoin fell to a low of $76,600 on Thursday as news of the Binance breach spread across social media. Saylor hinted at another purchase in a post early Sunday, writing, “We found room for even more orange,” alongside a chart comparing Strategy’s buying activity with Bitcoin’s price.

The company’s disclosure did not specify whether it bought Bitcoin during the price decline.

Binance Hack Renews Questions About Crypto Security

The Binance breach involved approximately $6.3 billion in stolen cryptocurrency. The firm said attackers linked to North Korea moved most of the funds in about 20 minutes.

Crypto intelligence firm TRM Labs attributed the operation to TraderTraitor, which is an elite North Korean hacking unit, according to the Fortune report.

While Binance pledged to cover customer losses but the scale of the incident prompted fresh questions about security across the industry. Users on social media questioned whether cryptocurrency platforms could adequately protect assets against sophisticated attacks.

Bitmine Adds $19 Million in Ethereum (ETH USD) as Tom Lee Assesses Market Reaction

Bitmine continued its weekly Ethereum purchases. It added 8,573 ETH worth roughly $19 million, as per a Decrypt report. As the company has bought Ethereum every week since launching its treasury strategy on June 30, 2025.

Bitmine’s total Ethereum holdings was 6,060,506 ETH. Valued at about $13.7 billion using a reference price of $2,261 per coin. That represents about 4.9% of Ethereum’s reported total supply of 122.2 million tokens. Bitmine says it is 99% of the way toward its goal of owning 5% of the network, a target it calls the “Alchemy of 5%.”

Chairman Tom Lee described the Binance breach as a terrible development but argued that the market’s relatively muted reaction was “very constructive,” as quoted by Decrypt.

He compared Ethereum’s performance with its response to the Bybit hack in February 2025. ETH fell 8% on the day of that incident and 20% over the following week. Following the Binance breach, Ethereum declined by about 4%, despite the reported theft being roughly four times larger.

Lee cited several reasons for the smaller reaction, including Binance’s commitment to cover customer losses, the absence of a similar wave of decentralized finance failures, and industry action that reduced the potential loss by half.

He also pointed to the FBI identifying North Korea within two days and emphasized that the breach involved infiltration of Binance’s corporate infrastructure rather than a flaw in the blockchain itself.

Lee interpreted the limited price decline as evidence that the crypto market was becoming more resilient and suggested that a bull market was underway. That remains his assessment of market conditions, rather than a confirmed indication of future price movements.

Bitmine Reports $14.5 Billion in Total Holdings

Bitmine reported total holdings of $14.5 billion as of November 1, including cash, other tokens and investments it describes as “moonshot” positions.

The total included 216 Bitcoin, $498 million in cash and marketable securities, a $180 million stake in Beast Industries and an $82 million position in Eightco Holdings. Bitmine describes Eightco as a rare publicly traded investment offering indirect exposure to OpenAI.

The company also reported 5,227,037 ETH staked through its MAVAN platform and projected annualized staking revenue of roughly $358 million.

Strategy remains the largest cryptocurrency treasury with approximately 848,517 BTC. Bitmine ranks as the largest Ethereum treasury and the second-largest crypto treasury overall.

The latest purchases show both companies continuing to accumulate digital assets while the Binance breach keeps security concerns in focus. Strategy is building its Bitcoin holdings, while Bitmine is pursuing its goal of owning 5% of Ethereum’s supply.