Bitmine Buys More Ethereum as Tom Lee Sees Stronger Crypto Prices Ahead
Quick Reads:
- Bitmine bought 9,946 ETH last week, worth about $19.4 million, lifting total holdings to 5.79 million ETH ($11.2 billion)
- The company now holds roughly 4.8% of ether’s circulating supply, edging closer to its 5% target
- Bitmine also expanded stock buybacks to 6.1 million shares, up from 5.5 million the week before
- Tom Lee cites ETH/BTC ratio at a three-month high of 0.3000 as a sign of strengthening prices
- Ether has gained roughly 24% in the past month, outperforming bitcoin’s 8% rise
Bitmine buys more ether once again, and the pace shows the Ethereum treasury giant has no plans to slow down. Chairman Tom Lee confirmed the company added 9,946 ETH last week, worth close to $19.4 million at current prices, a jump from the 7,430 ETH it purchased the week before.
The fresh purchase brings Bitmine’s total ether stash to 5,787,414 ETH, now valued at approximately $11.2 billion. That figure represents around 4.8% of ether’s entire circulating supply, putting the firm within striking distance of its long-standing goal of owning 5% of all ETH in existence.
Alongside its accumulation strategy, Bitmine also ramped up its stock buyback program. The company repurchased 6.1 million shares last week, up from 5.5 million the previous week, under its $4 billion buyback authorization.
While Bitmine buys more ether at a noticeably slower clip than earlier this year, when weekly purchases often ran into the tens of thousands of tokens, the company hasn’t missed a single week of accumulation since launching its treasury strategy in June 2025.
Lee pointed to a key market signal behind his optimism: the ETH/BTC ratio. “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,” he said, noting the ratio now sits at a three-month high of 0.3000.
He also flagged ether’s recent price recovery, with ETH touching a 10-week high on Monday. Lee named $2,000 and $2,500 as the next technical levels traders should watch.
The numbers back up his case. Ether has climbed roughly 24% over the past month, comfortably outperforming bitcoin’s 8% gain over the same period, according to CoinDesk data.
