Bitmine buys more ether as Tom Lee says rising ETH/BTC ratio points to stronger crypto prices

Bitmine, the largest Ethereum treasury company, purchased an additional 9,946 ether (ETH) last week, increasing its total holdings to approximately 5.79 million ETH, valued at about $11.2 billion. This amount represents roughly 4.8% of ether's circulating supply, bringing Bitmine closer to its long-term goal of owning 5% of Ethereum’s total supply. These purchases continue a steady accumulation strategy that Bitmine has maintained weekly since June 2025, albeit at a slower pace compared to earlier in the year when the company regularly acquired tens of thousands of ETH weekly.

In addition to buying ether, Bitmine has accelerated its share repurchases. The company bought back 6.1 million shares under an existing $4 billion buyback authorization, up from 5.5 million shares the previous week. Bitmine chairman Tom Lee highlighted that ether’s recent price performance, including a 24% gain over the past month, combined with a three-month high in the ETH/BTC ratio—currently at 0.3000—signifies strengthening sentiment in the crypto market. Lee noted that this rising ETH/BTC ratio is often used by traders as an indicator of increased risk appetite in the crypto sector despite other regulatory uncertainties.

Lee also pointed to Ethereum’s recent price recovery, with ETH hitting a ten-week high, identifying key technical levels at $2,000 and $2,500 to watch moving forward. He views these signs as evidence that crypto prices, particularly ether, may continue to strengthen. This optimism comes at a time when ether has outperformed bitcoin, which gained about 8% over the month compared to ether's roughly 24% advance, according to CoinDesk data. The developments underscore Bitmine’s confidence in Ethereum’s potential as a long-term asset and reflect larger market dynamics that may be influencing crypto investment trends.