Tom Lee's Bitmine Immersion Technologies bought another 9,926 Ethereum (ETH) tokens last week, lifting its treasury to 5.82 million coins, or 4.8% of the network's supply.
Key Points:
- Bitmine now holds 5,815,164 ETH worth roughly $11 billion, plus $78 million in cash and marketable securities.
- Chairman Tom Lee tied the purchase to a rising ETH/BTC ratio that he reads as early evidence of tokenization and AI-agent demand.
- The company repurchased 1.7 million of its own shares last week, bringing cumulative buybacks to 20.8 million shares since July 1.
Bitmine Extends Its Ethereum Buying Streak
The Norwalk, Connecticut, company announced the purchase Monday and valued its stack at $1,893 per token, or about $11 billion in Ether alone. Crypto holdings, cash and strategic stakes together reached $11.4 billion. That leaves it 96% of the way to a target of 5% that management has promoted for more than a year.
Bitmine has added Ether every week since launching the strategy on Jun. 30, 2025, a run that now stretches across 14 months. It acquired 7,391 tokens the week before, a smaller purchase than most of its recent weekly totals.
The balance sheet also carries 210 Bitcoin (BTC), a $180 million stake in Beast Industries and a $73 million position in Eightco Holdings. Those holdings make Bitmine the second largest corporate crypto treasury behind Strategy, which the company says owns 840,447 Bitcoin worth about $58 billion. Bitmine joined the Russell 1000 index in late June.
Also Read: Bitcoin Faces Greater Selloff Risk After 90 Days Of Weak U.S. Demand
Tom Lee Reads The ETH/BTC Ratio
Lee pointed to the ETH/BTC ratio at 0.02994, a level he says has climbed above the downtrend that governed the pair for years. "We expect easing financial conditions to be a tailwind for crypto," Lee said.
He framed the move as the start of a cycle driven by Wall Street tokenization and by AI agents settling transactions on public blockchains, following earlier runs he attributes to initial coin offerings, NFTs and stablecoins. About 5.07 million of the company's tokens sit in staking contracts, or 87% of the total, and management projects $250 million in annualized revenue from them. The buyback runs under a $4 billion authorization.
Ether traded roughly 1.6% higher over 24 hours on Monday while shares of BMNR added more than 2%.
Ether Price Slide Frames The Bet
That accumulation has run into a falling market rather than a rising one.
Ether has declined nearly 60% over the past 12 months, and Lee began urging investors to buy the token in late 2024, when it sat near $3,400. It changed hands around $1,900 last week, well below the level where he first made his case, and Ethereum's market value of roughly $226 billion remains a fraction of Bitcoin's.
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