Tom Lee Reads the Binance Hack as Bullish. His Own Buying Spree Is Almost Done.

Ethereum barely flinched. The $6.3 billion Binance hack — the largest crypto theft on record — knocked ether down only about 4%, and Tom Lee, whose BitMine Immersion is the asset's biggest corporate holder, called that a bullish tell. Per Decrypt's Morning Minute, Lee described the drop as a 'relatively muted crypto market reaction' and 'very constructive.'

His firm kept buying right through it. BitMine Immersion picked up another 8,573 ETH last week, worth roughly $19.6 million, and now sits on 6,060,506 ETH — about $13.7 billion, or 4.9% of all circulating ether. By Decrypt's count, that makes Lee the most ETH-exposed executive on the planet.

The muted response looks even better next to February 2025. After the Bybit hack that month, ETH fell 8% on day one and 20% across the following week, according to the newsletter. Lee pointed to four factors driving his optimism, and each one went right in 2026 after going badly in 2025.

The tape isn't entirely on his side, though. October was the worst month in the history of U.S. spot ETH ETFs, bleeding $1.61 billion in net outflows. Ether is down 19% from its local peak, while Bitcoin has shed just 11%.

Here's the twist: Lee might also be a source of the weakness. BitMine is now 99% of the way to the 5% supply cap Lee has said the company will stop at — roughly 49,500 ETH away, or about six weeks at last week's pace. ETH has had a giant, price-insensitive corporate buyer for most of a year, and that buyer is nearly done.

So the market waits to see what the bid looks like without BitMine's weekly check. If Lee's read is the right one, it won't matter much.