Key facts
- Bitmine acquired 9,946 ETH last week, bringing its total holdings to 5.79 million ETH.
- The company's ether holdings now represent approximately 4.8% of the circulating supply.
- Bitmine also increased its share repurchases to 6.1 million shares under a $4 billion authorization.
- Chairman Tom Lee highlighted the ETH/BTC ratio reaching a three-month high as a positive signal for crypto markets.
- Ether has gained approximately 24% over the past month, outperforming Bitcoin's 8% gain.
Ethereum treasury firm Bitmine continued its strategy of accumulating ether, purchasing 9,946 ETH last week to bring its total holdings to 5.79 million ETH, valued at approximately $11.2 billion. This represents 4.8% of the total Ethereum supply, moving closer to the company's long-term goal of holding 5%.
Alongside its crypto acquisitions, Bitmine increased its share repurchases to 6.1 million shares under its $4 billion authorization. Chairman Tom Lee highlighted the rising ETH/BTC ratio, which has reached a three-month high of 0.3000, as a key indicator of strengthening crypto prices. Lee noted that Ether has outperformed Bitcoin over the past month, with ETH gaining 24% compared to Bitcoin's 8% rise. Ether has recently reached a 10-week high, with Lee identifying $2,000 and $2,500 as potential near-term price targets.