Key Takeaways:
BitMine Immersion Technologies acquired 9,946 ether worth $19.4 million over the past week, expanding its total holdings to 5.79 million tokens valued at $11.2 billion.
"We view the rising ETH/BTC ratio, despite the falling odds of passage of the CLARITY Act in 2026, as a sign crypto prices are strengthening," Tom Lee, executive chairman at BitMine, said.
The latest purchase, up from 7,430 ETH the prior week, brings BitMine's position to 4.8% of ether's circulating supply, approaching its 5% target. Approximately 85% of the portfolio, or 4.92 million ETH, is actively staked, commanding a valuation near $9.6 billion. The company also repurchased 6.1 million shares, accelerating from 5.5 million the previous week, under a $4 billion buyback authorization.
Ether has advanced 24% over the past 30 days, more than triple bitcoin's 8% gain, with the ETH/BTC ratio reaching a three-month peak of 0.3000. Tom DeMark, BitMine's technical advisor at DeMark Analytics, projects near-term price targets of $2,000 and $2,500 for ether, which reclaimed the psychologically significant $1,900 level on Monday.
BitMine's consistent weekly purchasing cadence, initiated in June 2025, has made it the largest corporate holder of ether. The company has retired a cumulative 11.6 million shares through its buyback program since announcing the authorization.
Ethereum reached a 10-week peak earlier this week, with Lee identifying $2,000 and $2,500 as critical technical resistance levels. The CLARITY Act, which would clarify crypto regulatory frameworks in the US, faces diminished odds of passage in 2026, according to Lee.
BMNR shares traded near $16 following the announcement, with the 11% gain marking one of its strongest single-day performances this year.
This article is for informational purposes only and does not constitute investment advice.
