CoinDesk
Bitmine, the largest Ethereum treasury company, bought 9,946 ETH last week, worth roughly $19.4 million at current prices, lifting its holdings to 5,787,414 ETH, or about $11.2 billion and 4.8% of Ethereum's circulating supply. Chairman Tom Lee, citing the company's Monday update, also disclosed that Bitmine repurchased 6.1 million shares under its $4 billion buyback authorization, up from 5.5 million a week earlier.
The latest purchase is well below the tens of thousands of ETH Bitmine routinely acquired earlier this year, but the company has now added to its treasury every week since launching the strategy in June 2025. Holdings remain within reach of the long-stated 5% target.
Why it matters
Lee tied the bullish read to ether's relative strength against bitcoin rather than to any single headline. The ETH/BTC ratio sits at a three-month high of 0.3000, even as the odds of the CLARITY Act passing in 2026 have fallen, a pattern he argues points to organic demand rather than regulatory anticipation. ETH has gained roughly 24% over the past month on the CoinDesk 20 index, outpacing bitcoin's 8% advance, and printed a 10-week high on Monday.
Market impact
A treasury buyer pulling ether off the market at a near-record relative-valuation point is the kind of overlap that tends to reinforce itself: Bitmine's weekly accumulation tightens float at the same time Lee flags that altcoin risk appetite is rotating back in. Watch $2,000 and $2,500 as the next technical levels Lee named. The combination of steady treasury buying, accelerating share repurchases, and a ratio breakout is the story bullish ETH positioning will lean on into year-end.
Frequently asked questions
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How much ETH does Bitmine now hold?
Bitmine's holdings stand at 5,787,414 ETH, worth roughly $11.2 billion, or about 4.8% of Ethereum's circulating supply, after it purchased 9,946 ETH last week.
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What is Bitmine's long-term ETH accumulation target?
Bitmine has stated a long-term goal of accumulating 5% of ether's circulating supply and is now within reach of that threshold after adding to its treasury every week since June 2025.
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Why is Tom Lee bullish on ETH right now?
Lee pointed to a rising ETH/BTC ratio, ether's roughly 24% monthly gain on the CoinDesk 20 index versus bitcoin's 8%, and a recent 10-week price high as evidence that crypto risk appetite is rebuilding.
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What is the ETH/BTC ratio telling traders?
The ratio sits at a three-month high of 0.3000. Traders typically use it to gauge risk appetite within crypto; a rising ratio suggests capital is rotating from bitcoin into ether and other majors.
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Is Bitmine buying back shares too?
Yes. Bitmine repurchased 6.1 million shares last week under its $4 billion buyback authorization, up from 5.5 million the prior week, alongside its ETH accumulation.
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