RESOLVING THE LEDGER
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The company bought 9,946 ETH, worth about $19.4 million at current prices, up from 7,430 ETH the previous week, according to a Monday update. The purchase lifted Bitmine's holdings to 5,787,414 ETH ($11.2 billion), or about 4.8% of ether’s circulating supply.
Lee said Bitmine also increased its share repurchases, buying back 6.1 million shares, compared with 5.5 million a week earlier, under its $4 billion buyback authorization.
The latest purchase remains well below the company's buying pace earlier this year, when Bitmine routinely acquired tens of thousands of ETH each week. Even so, the company has continued adding to its treasury every week since launching the strategy in June 2025 and now owns roughly 4.8% of Ethereum's total supply, putting it within reach of its long-term goal of accumulating 5%.
The company's optimistic outlook stems in part from the recent strength of ETH relative to BTC, a metric traders often use to gauge risk appetite within crypto markets.
"We view the rising ETH/BTC ratio, despite the falling odds of passage of the CLARITY Act in 2026, as a sign crypto prices are strengthening," Lee said. "In fact, this ratio is now at a three-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices."
Lee also pointed to thereum's recent price recovery as another sign that sentiment may be improving. ETH hit a 10-week high on Monday, he said, adding that the next technical levels to watch are $2,000 and $2,500.
Ether has been one of the strongest-performing asset in the CoinDesk 20 index over the past month, advancing roughly 24%, outperforming bitcoin’s 8% gain, CoinDesk data shows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
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