Bitmine Immersion Technologies bought 9,946 ETH last week, taking its total holdings to 5,787,414 ETH, valued at about $11.3 billion based on the figures cited in the report. The company said that amount represents roughly 4.8% of Ethereum’s circulating supply.
Chairman Tom Lee said in a statement, “Since launching our Ethereum treasury strategy on June 30, 2025, Bitmine has purchased Ethereum in the market every week.”
The latest weekly purchase was larger than the previous one. Data in the report showed Bitmine bought 7,430 ETH a week earlier, then raised that pace to 9,946 ETH last week.
Lee says rising ETH/BTC ratio supports a stronger market view
Alongside its continued ETH accumulation, Bitmine also expanded its share repurchases last week. Lee said the company bought back 6.1 million common shares over the course of the week, up from 5.5 million in the prior week.
He said Bitmine chose to increase the size of the repurchase even though market expectations for the CLARITY Act to pass in 2026 have weakened. Lee tied that decision to the continued rise in the ETH/BTC ratio, which he said shows capital moving back into Ethereum and points to more strength across the broader crypto market.
According to Lee, the ETH/BTC ratio has now reached a three-month high of 0.3000. He said that reading usually indicates Ethereum is outperforming Bitcoin on a relative basis, and the company sees that as supportive for ETH price action.
Ethereum hits a 10-week high as traders watch $2,000 and $2,500
Lee also described Ethereum’s recent rebound as an important sign that market sentiment is improving. He said ETH reached a 10-week high on Monday and that investors should now watch two key technical levels: $2,000 and $2,500.
Bitmine said it has repurchased a total of 11.6 million common shares so far as part of its previously announced $4 billion buyback program.
The company also said 4,917,189 ETH has been committed to staking, with expected annualized staking income of about $254 million.