"In July, ETH outperformed the Nasdaq 100 by 2,500 basis points. This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto." Tom Lee didn't just comment on the numbers. Bitmine, the company he chairs, bought 10,399 ether last week, dropping roughly $19.1 million at current prices. The purchase extended a buying streak that started in June 2025, when the firm pivoted to building an Ethereum treasury.
The weekly acquisition pushed Bitmine's holdings to almost 5.8 million ETH, representing about 4.8% of Ethereum's total circulating supply. That's a serious position. Last week's buy mirrored the previous week's 9,946 ETH purchase, showing the company isn't slowing down. Alongside the ether accumulation, Bitmine also repurchased 4.5 million shares of common stock, bringing recent buybacks to 16 million shares. The dual strategy, buying both the asset and buying back equity, signals confidence in the recovery thesis.
Lee anchored his conviction to a historical parallel. When ETH last posted similar monthly outperformance in July 2025, the coin rallied from about $2,375 to over $4,000 by August's close. That 68% monthly move would validate the bet. For context, rival treasury player Strategy trimmed its bitcoin holdings by 1,638 BTC (worth roughly $105 million) while simultaneously repurchasing $81.2 million of preferred stock and raising $290 million through share sales. The market's biggest corporate crypto holders are signaling through their capital allocation, and right now Bitmine is betting hard on ether's next chapter.
This article is informational only and does not constitute financial advice. Cryptocurrency investments carry significant risk.
