Ethereumjul 27, 2026

Bitmine’s ETH Stash Hits 5.79M Tokens ($11.2B) as Weekly Buys Slow to 9,946

Bitmine added 9,946 ETH last week, pushing holdings to 4.8% of supply, even as its buying pace falls far below June's 52,000-token weeks.

Elena Vasquez

DeFi & Protocols. Elena tracks total value locked,

2 min read

Bitmine’s ETH Stash Hits 5.79M Tokens ($11.2B) as Weekly Buys Slow to 9,946

Bitmine Immersion Technologies (BMNR) bought 9,946 ETH last week, lifting its total ether holdings to 5,787,414 tokens — roughly $11.2 billion at current prices and about 4.8% of ether’s entire circulating supply. The purchase was slightly larger than the 7,430 ETH acquired the week before, but it sits far below the pace the company kept earlier this year, when it routinely added tens of thousands of ETH weekly, including more than 52,000 ETH in June alone.

The disclosure, made in a Monday update, confirms Bitmine has now added to its treasury every single week since launching its Ethereum Treasury Strategy on June 30, 2025. Chairman Tom Lee, also cofounder of Fundstrat, said the firm remains focused on its long-term target of controlling 5% of ETH’s total supply — a threshold Bitmine is now within roughly 0.2 percentage points of reaching.

Buyback expands alongside token purchases

Bitmine also stepped up its own stock repurchases, buying back 6.1 million shares last week under its $4 billion buyback authorization, up from 5.5 million shares the week prior. The dual move — accumulating ETH while retiring its own equity — signals management’s confidence even as the pace of new ether purchases has cooled considerably from the aggressive accumulation seen in the spring.

Bitmine’s average acquisition price for its ETH stash remains well above current market levels, meaning the position has traded underwater for stretches this year despite the company’s insistence that it is playing a multi-year accumulation game rather than reacting to short-term price swings.

Lee points to ETH/BTC ratio at three-month high

Lee framed the slower buying as consistent with a broader bullish thesis: ether’s outperformance against bitcoin. He cited the ETH/BTC ratio climbing to a three-month high, alongside ether’s roughly 24% monthly gain, as evidence that risk appetite is returning to crypto markets more broadly. The metric is widely used by traders to gauge whether capital is rotating into higher-beta assets like ether relative to bitcoin.

Ether has also posted daily gains near 5% in recent sessions, touching a roughly two-month high close to $2,000. Lee has pointed to $2,000 and $2,500 as the next technical levels ether needs to clear on the way to a fuller recovery, though that view remains a forecast rather than a confirmed price move.

Why it matters for ETH holders

Bitmine’s continued weekly buying — even at a reduced pace — keeps steady demand pressure on ether’s circulating supply, with the company now holding nearly one in every 20 tokens in existence. Combined with a shrinking pool of validators looking to unstake, the concentration of ETH in long-term corporate hands like Bitmine’s could tighten available float if buying resumes at its earlier, faster pace.