Bitmine's $11.2B Ether Hoard Closes on 5% Supply Goal

On Monday, Bitmine said it bought 9,946 ether and lifted its holdings to 5,787,414 ETH, pushing the Bitmine ether strategy closer to its stated goal of owning 5% of ether’s circulating supply.

The Ethereum treasury company now holds about 4.8% of ether’s circulating supply, worth $11.2 billion, according to CoinDesk. The update matters because Bitmine paired the ETH purchase with a larger stock buyback, while Chairman Tom Lee argued that ether’s strength against bitcoin is sending a bullish signal for crypto prices.

Monday’s Bitmine ether purchase lifts holdings to 5,787,414 ETH

Bitmine bought 9,946 ETH last week, worth about $19.4 million at current prices, up from 7,430 ETH the previous week. That kept alive a weekly accumulation streak that CoinDesk said began when the company launched the strategy in June 2025.

The latest purchase is smaller than Bitmine’s earlier buying pace this year, when the company routinely acquired tens of thousands of ETH each week. Still, the direction has not changed. Bitmine is continuing to add ether, not pause, even as the size of weekly purchases has cooled.

That puts the company within reach of its long-term target: owning 5% of ether’s circulating supply. It is already at roughly 4.8%.

Bitmine also increased its share repurchases. Lee said the company bought back 6.1 million shares, compared with 5.5 million the week before, under a $4 billion buyback authorization.

The buyback is the second leg of the update. Bitmine is not only expanding its ether treasury. It is also taking action in its own stock under an already authorized repurchase program.

XOOMAR analysis: The combination matters because it tightens the story around Bitmine’s capital allocation. The company is using its balance sheet to accumulate ETH while also retiring stock. That can read as conviction, but it also concentrates investor attention on whether the ether exposure keeps working.

For related treasury-stock context, XOOMAR has tracked how crypto-heavy balance sheets can become a focal point for investors in Bitcoin Treasury Companies Dump BTC as Debt Bites Hard and how asset sales can intersect with debt pressure in Smarter Web Bitcoin Sale Kills $11.7M Debt Threat Early. Those are separate cases, but they show why treasury strategy updates get read as equity events, not just crypto holdings disclosures.

Tom Lee says rising ETH/BTC ratio supports the Bitmine ether thesis

Lee’s bullish case centers on the ETH/BTC ratio, which measures ether’s performance relative to bitcoin. When the ratio rises, ether is gaining ground against bitcoin. Traders often read that as a sign that risk appetite is moving beyond the largest crypto asset.

Lee said the ratio has climbed to a three-month high, though the specific numerical level cited in the quoted remarks should be treated cautiously because it appears inconsistent with the ETH price context in the same report. His broader point was that ether’s relative strength, even as odds of the CLARITY Act passing in 2026 fell, suggested crypto prices were strengthening.

That point does two things. It ties Bitmine’s treasury posture to a market signal, and it frames ether’s outperformance as broader than a one-asset move.

CoinDesk data cited in the report shows ether has advanced roughly 24% over the past month, while bitcoin gained 8%. Ether was also one of the strongest-performing assets in the CoinDesk 20 index over that period.

Lee also pointed to ether’s recent price recovery. He said ETH hit a 10-week high on Monday and identified $2,000 and $2,500 as the next technical levels to watch.

XOOMAR analysis: The ETH/BTC ratio is useful here because Bitmine’s strategy depends on ether retaining institutional relevance, not merely rising in dollar terms for a few sessions. If ETH outperforms BTC while Bitmine keeps adding supply exposure, the company’s treasury narrative strengthens. If the ratio rolls over, investors may separate the company’s accumulation discipline from the market’s willingness to reward it.

There is a hard limit to the signal, though. A rising ETH/BTC ratio does not guarantee a sustained ether rally. It shows relative strength at a point in time. Bitmine is treating that strength as confirmation, but the market still has to validate it.

The next test is whether ETH strength shows up in Bitmine’s equity story

Bitmine’s latest disclosure gives investors three numbers to track: 9,946 ETH added, 6.1 million shares repurchased, and the ETH/BTC ratio at a reported three-month high. Together, they frame the current pressure point for the Bitmine ether trade.

More ETH on the balance sheet can increase upside if ether keeps outperforming. It can also increase sensitivity if crypto prices reverse. That is the tension behind every treasury strategy built around a single digital asset.

The stock buyback adds another layer. The source does not say whether Bitmine is repurchasing shares because management views the stock as undervalued, because it wants to offset market pressure, or for another reason. The only confirmed details are the number of shares repurchased and the $4 billion authorization.

For now, the company is still moving toward its 5% ETH supply goal. The next decision points are practical ones: whether Bitmine keeps adding ETH every week, whether repurchases continue above the prior pace, whether ETH/BTC sustains its reported relative strength, and whether ether can clear the $2,000 and $2,500 levels Lee flagged.

Disclaimer: This XOOMAR analysis is for informational and educational purposes only. It is not financial, investment, legal, tax, or professional advice. It does not provide buy, sell, hold, price-target, portfolio, or personalized recommendations. Verify information independently and consult qualified professionals before making decisions.

The Bottom Line

• Bitmine is nearing its goal of owning 5% of ether’s circulating supply, making it a major force in ETH markets.
• The company’s continued ETH purchases signal confidence despite a slower accumulation pace.
• Tom Lee’s bullish ETH/BTC view may influence broader crypto market sentiment.