Finance Bitmine Expands Ether Holdings as Tom Lee Highlights Positive Market Trends
Bitmine has acquired nearly 10,000 ETH while increasing its stock buyback program, interpreting the ether's superior performance against bitcoin as a bullish indicator.
By Krisztian Sandor|Edited by Oliver Knight Jul 27, 2026, 12:55 p.m. 2 min readMake preferred on
- Bitmine purchased 9,946 ether last week, bringing its total holdings to 5.79 million ETH (valued at $11.2 billion), which constitutes about 4.8% of the total circulating supply of ether, as part of its aim to reach a 5% ownership.
- The firm also escalated its share buyback, repurchasing 6.1 million shares under its $4 billion buyback program, an increase from 5.5 million shares the prior week.
- Tom Lee, the chairman, pointed out ether's outperformance relative to bitcoin and noted the ETH/BTC ratio reaching a three-month peak, alongside a 24% monthly increase in ETH and its recent price rebound, as indicators of a strengthening sentiment in the crypto market.
Bitmine (BMNR), recognized as the largest Ethereum treasury company, continued to acquire ether (ETH) last week, with Chairman Tom Lee asserting that ether's (ETH) stronger performance compared to bitcoin BTC$65,027.16 suggests that the crypto market is gaining momentum.
The company added 9,946 ETH, approximately worth $19.4 million at current market rates, which is an increase from 7,430 ETH acquired the previous week, according to a Monday update. This latest acquisition raised Bitmine's total holdings to 5,787,414 ETH ($11.2 billion), representing around 4.8% of the circulating supply of ether.
Lee also mentioned that Bitmine has ramped up its share buybacks, acquiring 6.1 million shares compared to 5.5 million the week before, all under its $4 billion buyback authorization.
While the recent purchase is significantly lower than the company's earlier pace this year—when it frequently bought tens of thousands of ETH weekly—the firm has consistently added to its treasury since launching this strategy in June 2025, now nearing its long-term goal of 5% of Ethereum's total supply.
Strength of Ether
The positive outlook from the company is partly influenced by the recent strength of ETH in comparison to BTC, a metric traders often utilize to assess risk appetite in the crypto sector.
"We interpret the rising ETH/BTC ratio, despite the dwindling chances of the CLARITY Act's passage in 2026, as an indication that crypto prices are on the rise," Lee stated. "Currently, this ratio is at a three-month high of 0.3000, which we believe suggests a favorable outlook for ETH prices in the future."
Lee also highlighted the recent recovery in ether's price as another sign that market sentiment may be improving. He noted that ETH reached a 10-week high on Monday, indicating that the next key price levels to monitor are $2,000 and $2,500.
Over the past month, ether has emerged as one of the top performers in the CoinDesk 20 index, increasing approximately 24%, which is significantly better than bitcoin's 8% rise, according to CoinDesk data.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets have shifted since June, but Binance has maintained its share (~55% of user funds, ~24% of spot) and attracted net inflows in early July while the overall market experienced outflows.
By CoinDesk ResearchJul 22, 2026Markets have shifted since June, but Binance has maintained its share (~55% of user funds, ~24% of spot) and attracted net inflows in early July while the overall market experienced outflows.
Why it matters:
Markets have shifted since June, but Binance has maintained its share (~55% of user funds, ~24% of spot) and attracted net inflows in early July while the overall market experienced outflows.
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