Last week, Bitmine increased its Ethereum stash by nearly 10,000 ETH, raising its total to about 5.79 million tokens, worth $11.2 billion.
This accounts for roughly 4.8% of Ethereum’s circulating supply, edging closer to the company’s 5% target.
Alongside this, Bitmine accelerated its stock buybacks, repurchasing 6.1 million shares under a $4 billion authorization, up from 5.5 million the previous week.
Tom Lee, Bitmine’s chairman and Fundstrat cofounder, highlighted the ETH/BTC ratio hitting a three-month peak at 0.3 as a positive indicator.
“Despite setbacks like the waning chances for the CLARITY Act in 2026, the rising ETH to Bitcoin ratio signals strengthening crypto prices,” he said.
Ethereum’s price climbed about 24% in the past month, recently reaching a 10-week high near $2,000, marking strong recovery momentum.
Lee also mentioned $2,000 and $2,500 as key upcoming resistance levels.
Although Bitmine’s weekly ETH purchases aren’t as aggressive as earlier this year, when they routinely scooped up tens of thousands of coins, the company has consistently added to its treasury since June 2025.
This steady accumulation strategy now makes Bitmine the largest Ethereum treasury holder.
