Bitmine added 9,946 ether last week, lifting its treasury to 5,787,414 ETH, or about 4.8% of the circulating supply. Chairman Tom Lee pointed to the ETH/BTC ratio at a three-month high and ether’s roughly 24% monthly gain as signs the crypto market is regaining momentum.
Bitmine (BMNR), the largest Ethereum treasury company, bought 9,946 ETH last week, lifting its holdings to 5,787,414 ETH ($11.2 billion), or about 4.8% of ether’s circulating supply. The company has added to the treasury every week since launching the strategy in June 2025 and now sits within reach of its long-term goal of owning 5%.
That purchase, worth about $19.4 million at current prices, was up from 7,430 ETH the previous week, according to a Monday update. Lee said the company also bought back 6.1 million shares, compared with 5.5 million a week earlier, under its $4 billion buyback authorization.
The pace remains well below the company’s buying earlier this year, when Bitmine routinely acquired tens of thousands of ETH each week, CoinDesk reports. CryptoPotato notes the former BTC miner bought over 52,000 ETH in June.
Lee reads the ETH/BTC ratio as a bullish signal
Optimism at the company stems in part from ether’s recent strength relative to bitcoin, a metric traders often use to gauge risk appetite within crypto markets. According to Lee: “this ratio is now at a three-month high at 0.3000”, a level he ties to future strengthening of ETH prices.
Ether has advanced roughly 24% over the past month, outperforming bitcoin’s 8% gain, CoinDesk data shows. ETH also hit a 10-week high on Monday, Lee said, and named $2,000 and $2,500 as the next technical levels to watch.
Most of the treasury is staked
Bitmine has staked more than 4.9 million tokens through its institutional platform, MAVAN — 85% of its total holdings. A seven-day staking yield of 2.65% annualized projects annual revenue of approximately $254 million, and the firm plans to allocate its entire ETH stash, which would raise that figure to roughly $300 million.
Staked ETH cannot immediately enter the spot market, trimming the liquid supply available to buyers. Bitmine nevertheless remains at a loss on its position, because its average buying price is nearly twice as high.
Ether tests the $2,000 barrier
Ether climbed 5% to around $1,966 on July 27 as 24-hour spot trading volume jumped 118.53% to $9.21 billion. The daily chart places $1,981.50 and $2,000 as the next major resistance zones.
Momentum is stretching, however. The four-hour relative strength index reached 73.36, above the conventional overbought threshold of 70, which raises the chance of consolidation or profit-taking near $2,000. CoinGlass data shows leverage concentrated around $1,980–$2,000, and a move into those levels could force leveraged shorts to close through market purchases, creating another short squeeze.
Analysts see $2,350 to $2,500 as possible targets if ETH establishes support above $2,000. Yet the upcoming Federal Reserve interest-rate decision remains a key risk, because a hawkish policy signal could reduce demand for high-beta assets such as ETH.
Sources: CoinDesk, CryptoPotato, crypto.news
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