Bitmine buys 9,946 ETH; Tom Lee cites ETH/BTC rally
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- Bitmine bought 9,946 ETH last week (~$19.4 million), lifting its holdings to 5,787,414 ETH ($11.2 billion) — roughly 4.8% of Ethereum's circulating supply and within reach of its 5% long-term target.
- The weekly purchase was up from 7,430 ETH the previous week, though well below the tens-of-thousands-per-week pace the company maintained earlier in 2025.
- Bitmine repurchased 6.1 million shares under its $4 billion buyback authorization, up from 5.5 million the prior week.
- Chairman Tom Lee cited a three-month-high ETH/BTC ratio of 0.3000 as a bullish signal, noting the ratio rose despite falling odds of the CLARITY Act passing in 2026.
- Ether climbed roughly 24% over the past month, outperforming bitcoin's 8% gain, and hit a 10-week high on Monday with $2,000 and $2,500 flagged as next technical levels.
- Bitmine has added to its ETH treasury every week since launching the strategy in June 2025.
Why it matters: At 4.8% of circulating ETH, Bitmine sits within reach of its 5% accumulation target, and its weekly buys — even at a slower pace — keep absorbing supply while the $4B share buyback returns capital to holders. Lee's bullish framing matters because he explicitly cites the rising ETH/BTC ratio despite weakening CLARITY Act odds, making this a technical-rotation thesis rather than a regulatory-tailwind one.
