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BTC 
ETH Core Points
Contents
Core Points
Executive Chairman's Views ETH/BTC Performance
Stock repurchase activity strengthens
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Bitmine purchased 9,946 ETH units in the past week, expanding its total reserves to 5,787,414 ETH units. Valued at approximately US$11.2 billion
The company's Ethereum holdings now account for 4.8% of the asset's circulating supply, close to the target of 5%.
BMNR shares rose more than 5% to approximately US$16 per share.
Share buybacks accelerated to 6.1 million shares, Up from the previous week's 5.5 million shares
Executive Chairman Tom Lee pointed out that the ETH/BTC ratio reached a three-month high of 0.3000 as a positive market signal
Bitmine (BMNR) has expanded its Ethereum reserves in the past week by acquiring 9,946 ETH units, which is worth approximately US$19.4 million at current market prices. This strategic acquisition increased the company's total Ethereum holdings to 5,787,414 ETH units, with a market value of US$11.2 billion.
The latest acquisitions increased from 7,430 ETH units in the previous week. Since launching the Ethereum Reserve Program in June 2025, the company has maintained a weekly continuous buying pace.
After the announcement, BMNR shares rose more than 5% and were trading close to $16.
Bitmine currently controls approximately 4.8% of Ethereum's total circulation supply. Management has set long-term goals and plans to acquire 5% of the network's supply.
Of its total positions, approximately 4,917,189 ETH (approximately 85% of the portfolio) have been actively pledged, valued at nearly US$9.6 billion.
Executive Chairman highlights ETH/BTC performance
Executive Chairman Tom Lee views the strengthening ETH/BTC ratio as a major driver of the company's continued acquisition strategy and enhanced share repurchase activity.
Lee said: "Although the probability of the CLARITY bill being passed in 2026 has declined, we believe the rise in the ETH/BTC ratio is a sign of stronger cryptocurrency prices. "
The ETH/BTC trading pair has climbed to a three-month high of 0.3000. Lee believes that this momentum indicates that Ethereum prices are expected to continue to rise.
Ethereum hit a 10-week high earlier this week. Lee pointed to $2,000 and $2,500 as key technical resistance levels to focus on.
According to CoinDesk market data, Ethereum has risen by about 24% in the past 30 days, far exceeding Bitcoin's 8% gain over the same period.
Stock repurchase activity strengthens
The company has also stepped up share repurchase efforts in the past week, repurchasing 6.1 million shares. This is an increase from 5.5 million shares the previous week.
These repurchases are part of a US$4 billion share repurchase authorization program. As of now, the company has cancelled a total of 11.6 million shares through this plan.
Lee emphasized that the escalation of repurchase activity shows management's confidence in current favorable market conditions.
Tom DeMark, Bitmine technical consultant from DeMark Analytics, predicts Ethereum's near-term price targets of $2,000 and $2,500. He compared ETH's current price trend with the market-adjusted trend of the S & P 500 index in October 1987.
Ethereum is currently trading at more than $1,900, which Lee describes as a psychologically important price level.
