Bitmine Immersion Technologies (NYSE:BMNR) bought 9,946 Ethereum (CRYPTO: ETH) last week as Chairman Tom Lee said the ETH/BTC ratio hitting a three-month high signals crypto prices are strengthening.
What Did Bitmine Buy And Why Does The ETH/BTC Ratio Matter?
According to a Monday company update, Bitmine purchased 9,946 ETH worth roughly $19.4 million, lifting total holdings to 5,787,414 ETH worth $11.2 billion, or 4.8% of Ethereum’s entire circulating supply.
The company also accelerated its share buyback, repurchasing 6.1 million shares compared to 5.5 million the week prior. Lee said the 11.6 million total shares repurchased since July 1 mark the largest common stock buyback ever executed by any ETH or Bitcoin (CRYPTO: BTC) digital asset treasury.
“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,” he said.
“This ratio is now at a three-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices,” he added.
ETH hit a 10-week high Monday, with Lee pointing to $2,000 and $2,500 as the next key levels.
His advisor Tom DeMark of DeMark Analytics sees those as near-term targets if ETH continues tracking the S&P 500’s (NYSE:SPY) post-October 1987 recovery pattern.
Who Else Is Betting Big On ETH Right Now?
ARK Invest’s Cathie Wood bought 5,264 more BMNR shares on Friday, according to ARK Invest tracker data, adding to her existing position in Bitmine alongside Lee’s own stake.
Moreover, crypto analyst Doctor Profit also flipped his portfolio to 60% ETH and 40% Bitcoin this week, calling it the largest Ethereum bet of his career and projecting a move toward $4,000 by early 2027.
Meanwhile, Bitmine has staked 4,917,189 ETH through its MAVAN validator platform at a 7-day annualized yield of 2.65%, projecting $254 million in annualized staking revenues and $299 million at full deployment.
Can BMNR Break $18?
BMNR jumps 11% Monday, outpacing Strategy Inc.’s (NASDAQ:MSTR) 5%.
The stock sits 0.1% above its 50-day SMA at $16.66 and 9% above its 20-day SMA at $15.29, pointing to early base-building after a 55.03% decline over the past 12 months.
RSI sits at 48.26, neutral and prone to chop rather than a clean trend break.
The $18 resistance level aligns with the 100-day SMA at $18.97, making it the key level to watch on any follow-through after the open.
Key levels for BMNR:
- $18 — resistance near the 100-day SMA where rebounds have stalled
- $15.50 — support just above the 20-day SMA where buyers have defended pullbacks
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