Bitmine, the largest Ethereum treasury company, purchased 9,946 ether last week, bringing its total holdings to 5.79 million ETH worth $11.2 billion, or approximately 4.8% of ether’s circulating supply. The purchase marks the company’s continued accumulation strategy launched in June 2025, though at a slower pace than earlier in 2026 when Bitmine routinely acquired tens of thousands of ETH weekly.
The ether buy coincided with an acceleration in Bitmine’s share repurchase program. The company repurchased 6.1 million shares in the latest week, compared with 5.5 million shares the previous week, as it pursues a $4 billion total buyback authorization. The 9,946 ETH purchased last week was valued at approximately $19.4 million at current prices.
Bitmine’s long-term goal is to own 5% of ether’s circulating supply, meaning the company remains 0.2 percentage points short of that target based on current holdings. The accumulation strategy reflects the company’s conviction in ether as a strategic asset, with chairman Tom Lee citing ether’s recent market performance as a bullish signal.
ETH Outperformance Signals Strength
Ether advanced roughly 24% over the past month, outperforming bitcoin’s 8% gain. The outperformance has lifted the ETH/BTC ratio to a three-month high of 0.3000, a metric Lee views as indicative of broader crypto market health.
“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,” Lee said. “In fact, this ratio is now at a three-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices.”
Ether hit a 10-week high on Monday, July 27, 2026. Technical analysts monitoring the asset are watching for breaks above $2,000 and $2,500 as potential next resistance levels.
The previous week, Bitmine acquired 7,430 ETH, indicating a slight deceleration in weekly purchase volume. The company’s shift toward more consistent but smaller weekly buys, combined with the acceleration in share repurchases, suggests a rebalancing of capital allocation between treasury accumulation and shareholder returns.
