Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC 
ETH Tom Lee's Bitmine Immersion Technologies purchased another 9,926 Ethereum (ETH) tokens last week, bringing its treasury holdings to 5.82 million, accounting for 4.8% of the total network supply.
Key Points
Bitmine currently holds 5,815,164 ETH units worth approximately US$11 billion, and an additional US$78 million in cash and marketable securities.
Chairman Tom Lee linked the purchase to the rising ETH/BTC ratio, which he believes is the earliest evidence of tokenization and the need for AI agents.
The company repurchased 1.7 million shares of its own shares last week, bringing the cumulative number of shares repurchased since July 1 to 20.8 million shares.
Bitmine continues buying momentum for Ethereum
The Norwalk, Conn. -based company announced the purchase on Monday and valued its position at $1,893 per token, with Ethereum alone worth approximately $11 billion. Crypto asset holdings, cash and strategic investments totaled US$11.4 billion. This allows the company to achieve 96% of the 5% target that management has promoted for more than a year.
Bitmine has increased its holdings in Ethereum every week since the strategy was launched on June 30, 2025, a record that now lasts for 14 months. The previous week it purchased 7,391 tokens, which is smaller than the total purchases in most recent weeks.
The balance sheet also holds 210 bitcoins (BTC), as well as $180 million worth of Beast Industries shares and $73 million in Eightco Holdings positions. These holdings make Bitmine the second-largest corporate crypto treasury after Strategy, which the company claims holds 840,447 bitcoins worth approximately US$58 billion. Bitmine was included in the Russell 1000 Index at the end of June.
Tom Lee interprets the ETH/BTC ratio
Lee points out that the ETH/BTC ratio is 0.02994, a level he said has exceeded the downward trend that has dominated the trading pair for years. "We expect the loose financial environment to be a tailwind for cryptocurrencies," Lee said.
He described the action as the beginning of a cycle driven by Wall Street tokenization and AI agents settling transactions on public blockchains, while previously he believed the cycle was driven by initial token offerings, NFTs and stablecoins. The company has approximately 5.07 million tokens (87% of the total) stored in pledge contracts, from which management expects to generate annualized revenue of US$250 million per year. The repurchase plan is carried out under an authorized limit of US$4 billion.
On Monday, 24-hour Ethereum prices rose roughly 1.6%, while BMNR shares rose more than 2%.
The decline in Ethereum price constitutes a background for betting
This accumulation process occurs in falling markets rather than rising markets. Ethereum has fallen nearly 60% in the past 12 months, and Lee began urging investors to buy the token in late 2024, when its price was around $3,400. Last week, Ethereum traded at about $1,900, well below the level when he first made his point, and Ethereum's market value of about $226 billion is still a fraction of Bitcoin's.
