Bitmine (BMNR), the largest Ethereum treasury company, continued its purchases of ether (ETH) last week as President Tom Lee highlighted that ether (ETH) was outperforming bitcoin. as proof, the crypto market is gaining momentum.
The company purchased 9,946 ETH, worth approximately $19.4 million at current prices, up from 7,430 ETH the previous week, according to an update on Monday. The purchase brought Bitmine’s holdings to 5,787,414 ETH ($11.2 billion), or approximately 4.8% of the circulating ether supply.
Lee said Bitmine also increased its share buybacks, buying back 6.1 million shares, up from 5.5 million a week earlier, as part of its $4 billion buyback authorization.
The latest purchase remains well below the company’s purchasing pace earlier this year, when Bitmine was routinely acquiring tens of thousands of ETH each week. Despite this, the company has continued to increase its treasury every week since the strategy launched in June 2025 and now holds approximately 4.8% of Ethereum’s total supply, putting it within reach of its long-term goal of accumulating 5%.
Relative strength of ether
The company’s optimistic outlook comes in part from ETH’s recent strength relative to BTC, a metric that traders often use to gauge risk appetite in crypto markets.
