Bitmine BMNR$24,77·Mercado cerrado, the largest Ethereum-focused digital asset treasury firm, said Monday it bought another 27,180 ether $ETH$2513,76 last week, putting the firm closer to its goal of cornering 5% of the cryptocurrency’s supply.
The haul was worth roughly $68 million at Monday’s ether price of just above $2,500 and brought the company’s stash to 5,956,378 $ETH. With ether’s supply at about 122 million tokens, Bitmine needs roughly another 144,000 $ETH to hit the 6.1 million mark, putting its target within sight if it keeps the acquisition pace.
Bitmine’s buying held at about the same pace as the week before. The company has now added ether every week since kicking off its Ethereum treasury strategy in June 2025.
The steady buying comes as Tom Lee, chairman of Bitmine and founder of Fundstrat, pointed to several reasons for $ETH to gain ground heading into the final months of the year.
One is ether’s relative strength against bitcoin. Lee said the $ETH–$BTC ratio climbed to its highest level since Jan. 30 and broke above a downtrend that had been in place since 2022.
“The price ratio of $ETH to $BTC moved to the highest level since Jan 30th of this year and established a new uptrend,” Lee said. “In our view, this reflects Ethereum’s strengthened position as the settlement rails for Wall Street tokenization and the increased realization that Ethereum may play a critical central role in managing agentic-AI.”
Lee also pointed to a Senate vote on U.S. crypto market-structure legislation, best-known as the Clarity Act, currently expected on Tuesday, and renewed crypto buying from Korean investors.
