Bitmine Immersion Technologies (NYSE:BMNR) picked up 32,447 Ethereum (CRYPTO: ETH) last week for roughly $81 million, its largest single-week purchase since early July.

What the Latest Purchase Shows

According to a Bitmine press release Monday, the company now holds 5,847,611 ETH worth approximately $14.6 billion, putting it at 4.8% of Ethereum’s total supply of 120.7 million tokens. 

Bitmine has added ETH every week for 60 consecutive weeks since launching its treasury strategy in June 2025, with roughly 187,000 tokens still needed to hit its 5% target.

On the staking side, Bitmine has put 5.07 million ETH to work through its MAVAN institutional staking platform, generating a 7-day annualized yield of 2.67% and projecting $330 million in annualized staking revenue at current prices.

Why Lee Thinks ETH’s 30% Week Could Signal More

Bitmine Chairman Tom Lee noted in the release that ETH’s 30% weekly gain is the largest since May 2025, and the prior instance before that was July 2021. 

Both times, the move proved to be a launch point rather than a peak, with ETH gaining 167% after July 2021 and 170% after May 2025.

Lee pointed to several factors converging at once behind the move: easing financial conditions, White House support for crypto, Treasury bond buybacks, Wall Street tokenization, and agentic AI beginning to settle transactions on blockchains.

He also expects the ETH/BTC ratio to keep rising this cycle, driven by tokenization and AI rather than the ICOs, NFTs, and stablecoins that powered prior ETH outperformance cycles.

Why the ETH/BTC Ratio Matters

Prior ETH outperformance cycles were driven by ICOs in 2017 to 2018, NFTs in 2020 to 2021, and stablecoins in 2025. 

Lee argued the next driver is tokenization and agentic AI, both of which he called far larger and more structurally significant than any prior catalyst. 

The ETH/BTC ratio has already climbed from 0.018 to around 0.030 this cycle and entered what Fundstrat calls a confirmed uptrend.

Where BMNR Stands Technically

BMNR surges 4% Monday, extending the breakout above its 200-day EMA at $22.06 confirmed earlier this week and hitting fresh multi-month highs at $24.02. 

MACD at 1.38 shows the widest histogram reading of the entire recovery, with momentum accelerating rather than fading.

Key levels for BMNR:

  • $22 — 200-day EMA, breakout retest support
  • $19.22 — 100-day EMA, deeper support below

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