TLDR
- Bitmine bought 9,946 ETH last week, bringing total holdings to 5,787,414 ETH worth $11.2 billion
- The firm now holds 4.8% of Ethereum’s circulating supply, closing in on its 5% target
- BMNR stock rose over 5%, trading around $16
- Share buybacks increased to 6.1 million, up from 5.5 million the prior week
- Chairman Tom Lee flagged the ETH/BTC ratio hitting a 3-month high at 0.3000 as a bullish signal
Bitmine (BMNR) added 9,946 ETH to its treasury last week, worth roughly $19.4 million at current prices. That brings total holdings to 5,787,414 ETH, valued at $11.2 billion.
Bitmine Immersion Technologies, Inc., BMNR
The purchase marks an increase from the prior week’s buy of 7,430 ETH. The company has now purchased ETH every week since launching its treasury strategy in June 2025.
BMNR stock climbed over 5% on the news, trading around $16.
Bitmine now holds approximately 4.8% of Ethereum’s total circulating supply. The company’s stated long-term goal is 5%.
Of the total holdings, 4,917,189 ETH — roughly 85% — is currently staked, worth around $9.6 billion.
Tom Lee Points to ETH/BTC Ratio
Chairman Tom Lee cited the rising ETH/BTC ratio as a key reason for the continued buying and the increased share repurchases.
“We view the rising ETH/BTC ratio, despite the falling odds of passage of the CLARITY Act in 2026, as a sign crypto prices are strengthening,” Lee said.
The ETH/BTC ratio is now at a 3-month high of 0.3000. Lee said this bodes well for further ETH price strength.
ETH hit a 10-week high on Monday. Lee is watching $2,000 and $2,500 as the next key technical levels.
Ethereum has gained roughly 24% over the past month, outpacing bitcoin’s 8% gain in the same period, according to CoinDesk data.
Buyback Program
Bitmine also stepped up its share repurchase program last week, buying back 6.1 million shares. That compares to 5.5 million shares bought back the previous week.
The buybacks are part of a $4 billion share repurchase authorization. The company has now repurchased a total of 11.6 million shares under the program.
Lee noted the increased buybacks reflect the firm’s confidence in the current market setup.
Bitmine’s technical advisor Tom DeMark of DeMark Analytics sees $2,000 and $2,500 as near-term ETH targets, based on a comparison of ETH’s price action to the S&P 500 following the October 1987 period.
ETH is currently trading above the $1,900 level, which Lee called a psychologically important threshold.
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