Bitmine has acquired nearly 10,000 ETH, raising its total holdings to 5.79 million, as positive market trends for ether emerge.
Bitmine has expanded its Ethereum (ETH) holdings significantly, acquiring nearly 10,000 ETH recently as the company anticipates a bullish trend in the cryptocurrency market.
Recent Acquisitions and Share Buyback Program
Last week, Bitmine purchased 9,946 ETH, elevating its total holdings to approximately 5.79 million ETH, valued at $11.2 billion. This acquisition represents about 4.8% of the total circulating supply of ether, with the company aiming for a 5% ownership stake.
Alongside this, Bitmine has ramped up its stock buyback program, repurchasing 6.1 million shares under its $4 billion initiative, a rise from 5.5 million shares the previous week. Despite a slower pace of ether purchases compared to earlier this year, the company has consistently increased its treasury since launching this strategy in June 2025.
Market Trends and Outlook
Tom Lee, Bitmine's chairman, has pointed to ether’s recent performance relative to Bitcoin (BTC) as a positive sign for the market. He noted that the ETH/BTC ratio has reached a three-month high, alongside ether's 24% rise over the past month, contrasting with Bitcoin's 8% increase.
Lee stated, "The rising ETH/BTC ratio indicates that crypto prices are on the rise," suggesting that the market sentiment is improving. He also highlighted ether's recent price recovery, with ETH hitting a 10-week high, and identified key price levels to watch at $2,000 and $2,500.
This bullish outlook is supported by the overall strengthening of ether, which has emerged as a top performer in the CoinDesk 20 index, increasing investor interest and signaling a potential upward trend in the crypto market.
