Bitmine continues to increase its Ethereum holdings. The company disclosed that it purchased 9,946 ETH last week, worth approximately $19.4 million at current prices. Following this purchase, the company's total holdings have risen to 5,787,414 ETH, equivalent to approximately $11.2 billion.
Positions are close to the predetermined target
The Ethereum treasury firm stated that its current holdings represent approximately 4.8% of the circulating ETH supply, approaching its long-term target of 5%. Bitmine's buying activity last week further increased compared to the previous week's purchase of 7,430 ETH.
In terms of holdings size, Bitmine remains one of the largest Ethereum treasury companies in the public market. The company update also mentioned that its share buyback program is being expanded simultaneously.
- Purchases last week: 9,946 ETH
- Total holdings: 5,787,414 ETH
- Percentage of circulating supply: Approximately 4.8%
Tom Lee discusses ETH's relative strength.
Bitmine Chairman Tom Lee based his recent assessment on the performance of ETH relative to Bitcoin. He stated that the ETH/BTC ratio rising to a three-month high indicates improving market risk appetite and signs that crypto asset prices as a whole are poised for further strength.
He also mentioned that although the probability of the CLARITY Act passing in 2026 has decreased, the ETH/BTC ratio is still rising, which the company sees as a sign that the market remains resilient. According to him, the ratio has now risen to 0.3000.
ETH outperformed Bitcoin in the past month
Tom Lee also pointed out that ETH hit a 10-week high on Monday, and the recent price correction reflects improved market sentiment. CoinDesk data shows that ETH has risen approximately 24% over the past month, while Bitcoin has risen approximately 8% during the same period.
Against this backdrop, Bitmine continues to increase its ETH holdings, indicating that it is still proceeding with its planned asset allocation strategy. The company did not disclose any new financing arrangements in this update, but judging from the pace of its purchases, its accumulation of shares is ongoing.
Additional information:Bitmine had previously set a long-term goal of holding approximately 5% of the circulating ETH supply, and this latest increase brings it close to that level.
