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BTC 
ETH Key points
Bitmine has expanded its Ethereum treasury to 5.82 million ETH, accounting for 4.8% of circulation supply, one step closer to the accumulation target of 5%.
More than 5 million ETH units are pledged through MAVAN and partners, and Bitmine expects to earn approximately US$250 million per year in pledge revenue from its positions.
Tom Lee pointed out that as tokenization and autonomous AI applications become potential drivers of growth in Ethereum network demand, the ETH/BTC ratio has broken through.
Bitmine's Ethereum position is close to 5% supply target
Bitmine Immersive Technologies has expanded its Ethereum treasury to 5,815,164 ETH units, worth approximately US$11 billion, accounting for 4.8% of Ethereum's circulating supply.
According to a press release issued by Bitmine, the company has increased its holdings of 9,926 ETH units in the past week, reaching 96% of its "5% alchemical target" while consolidating its position as the world's largest enterprise-class Ethereum holder.
Strategy remains the largest corporate cryptocurrency treasury holder overall, holding approximately US$58 billion in Bitcoin, far exceeding the value of Bitmine's Ethereum position. Bitmine has used most of its Ethereum treasury for pledge, deploying more than 5 million ETH worth approximately US$9.6 billion through MAVAN and pledge partners.
Bitmine pledged 87% of its Ethereum position
Pledged Ethereum accounts for approximately 87% of Bitmine's 5.82 million ETH positions. The company expects to earn approximately US$250 million in pledge income every year. In addition to Taifang, Bitmine also holds 210 BTC and maintains investments in Beast Industries and Eightco Holdings.
Its stake in Beast Industries is valued at approximately US$180 million, while Eightco Holdings 'position is valued at approximately US$73 million. In addition, Bitmine reported that in addition to cryptocurrency positions and corporate investments, it also holds US$78 million in cash and marketable securities.
The company also expanded its share repurchase activities under a previously authorized $4 billion repurchase program. Chairman Tom Lee reported that Bitmine bought back 1.7 million shares of common stock in the past week, bringing the total repurchase volume since July 1 to 20.8 million shares.
Tom Lee highlights breakthrough in ETH/BTC ratio
Lee also pointed out that Ethereum's performance relative to Bitcoin is improving while discussing the broader logic behind Bitmine's Ethereum strategy. The ETH/BTC ratio is currently 0.02994, which has exceeded the downward trend line that has lasted for several years.
According to Lee, the growing interest in blockchain-based tokenization and autonomous AI applications may enhance the use of Ethereum in financial markets. He pointed out that in previous cryptocurrency cycles, different catalysts had driven the growth of Ethereum's activity relative to Bitcoin.
Initial coin offerings (ICOs) in 2017 and 2018 drove activity, while NFT became the main driver in the 2020 and 2021 cycles. stablecoins will become another important source of blockchain activity in 2025. However, Lee expects different drivers to emerge in the next cycle.
He believes that tokenization and autonomous AI applications on Wall Street may increase demand for blockchain and support Ethereum's position in the cryptocurrency market. In addition, Lee expects the easing of the financial environment to provide broader support for digital assets.
Ethereum traded above $1900 on Monday, but was still down about 61.7% from its all-time high of $4,946.05. Bitmine currently needs about 220,000 ETH to reach 5% of Ethereum's current circulating supply.
