Bitmine Increases Ether Holdings to 5.79 Million Amidst Market Optimism
Bitmine has acquired 9,946 ether, raising its total holdings to 5.79 million ETH, valued at approximately $11.2 billion. Chairman Tom Lee attributes the purchase to a favorable ETH/BTC ratio and ether's recent price recovery, according to CoinDesk.
Last week, Bitmine, a prominent Ethereum treasury company, purchased 9,946 ether, bringing its total holdings to 5,787,414 ETH. This equates to a valuation of about $11.2 billion and represents approximately 4.8% of ether's circulating supply. In addition to expanding its cryptocurrency holdings, Bitmine ramped up share buybacks, acquiring 6.1 million shares under a $4 billion buyback program.
Tom Lee, Bitmine's chairman and cofounder of Fundstrat, noted that the purchase is a bet on ether's ability to outperform bitcoin. The recent rise in the ETH/BTC ratio to a three-month high reflects a positive market sentiment regarding Ethereum. "We view the rising ETH/BTC ratio... as a sign crypto prices are strengthening," Lee stated. He highlights ether's 30% increase over the past month, surpassing bitcoin's more modest 8% gain.
Significance of Bitmine's Purchase
Bitmine's strategy aligns with its long-term goal of obtaining 5% of Ethereum's total supply. Lee's remarks underscore that the growing strength of ether with respect to bitcoin may indicate increasing investor confidence in the cryptocurrency sector. Furthermore, despite the purchase pace slowing compared to earlier this year, Bitmine has maintained consistent ether acquisitions since mid-2025.
The latest addition to its treasury comes as ether reaches a ten-week high. The next significant price levels for ether to monitor are $2,000 and $2,500. Lee noted that the improving market conditions, despite potential regulatory hurdles such as the CLARITY Act, prompt a more optimistic outlook for the cryptocurrency ecosystem.
What to Watch
Investors should monitor further changes in the ETH/BTC ratio as a key indicator of market sentiment. Continued performance of ether relative to bitcoin could influence future investment decisions. Additionally, keeping an eye on price fluctuations following recent highs will be crucial as the market evolves.
Summary based on original reporting by Krisztian Sandor at CoinDesk, originally published Jul 27, 2026. SolanaWire does not republish source content.
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