Bitmine buys more ether as Tom Lee says rising ETH/BTC ratio points to stronger crypto prices

Finance Bitmine buys more ether as Tom Lee says rising ETH/BTC ratio points to stronger crypto prices The Ethereum treasury company added nearly 10,000 ETH while expanding its stock buyback, citing ether outperforming bitcoin is sending a bullish signal. By Krisztian Sandor | Edited by Oliver Knight Jul 27, 2026, 12:55 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Tom Lee, chairman of Bitmine and cofounder of Fundstrat, speaking at Consensus 2026 in Miami (CoinDesk) Summary Show Bitmine bought 9,946 ether last week, lifting its holdings to 5.79 million ETH ($11.2 billion), or about 4.8% of ether’s circulating supply, as it pursues a long-term goal of owning 5%. The company also stepped up share repurchases, buying back 6.1 million shares under its $4 billion buyback authorization, up from 5.5 million the previous week. Chairman Tom Lee cited ether’s outperformance of bitcoin and a three-month high in the ETH/BTC ratio, along with ETH’s 24% monthly gain and recent price recovery, as signs of strengthening crypto market sentiment. Bitmine (BMNR), the largest Ethereum treasury company, continued its ether (ETH) purchases last week as Chairman Tom Lee pointed to ether (ETH) outperforming bitcoin BTC $ 65,027.16 as evidence the crypto market is regaining momentum. The company bought 9,946 ETH, worth about $19.4 million at current prices, up from 7,430 ETH the previous week, according to a Monday update. The purchase lifted Bitmine's holdings to 5,787,414 ETH ($11.2 billion), or about 4.8% of ether’s circulating supply. Lee said Bitmine also increased its share repurchases, buying back 6.1 million shares, compared with 5.5 million a week earlier, under its $4 billion buyback authorization. The latest purchase remains well below the company's buying pace earlier this year, when Bitmine routinely acquired tens of thousands of ETH each week. Even so, the company has continued adding to its treasury every week since launching the strategy in June 2025 and now owns roughly 4.8% of Ethereum's total supply, putting it within reach of its long-term goal of accumulating 5%. Ether relative strength The company's optimistic outlook stems in part from the recent strength of ETH relative to BTC, a metric traders often use to gauge risk appetite within crypto markets. "We view the rising ETH/BTC ratio, despite the falling odds of passage of the CLARITY Act in 2026, as a sign crypto prices are strengthening," Lee said. "In fact, this ratio is now at a three-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices." Lee also pointed to thereum's recent price recovery as another sign that sentiment may be improving. ETH hit a 10-week high on Monday, he said, adding that the next technical levels to watch are $2,000 and $2,500. Ether has been one of the strongest-performing asset in the CoinDesk 20 index over the past month, advancing roughly 24%, outperforming bitcoin’s 8% gain, CoinDesk data shows. 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