On Monday, Ethereum (ETH) treasury firm Bitmine announced that it had added another 9,946 ETH to its balance sheet, bringing its total ETH reserves closer to its target quantity of 5 percent of the digital asset’s total circulating supply.
Bitmine increases ETH reserves in latest purchase
According to the announcement, Bitmine Immersion Technologies’ total ETH holdings now stand at roughly 5.78 million, worth approximately $11.3 billion per prevailing market price of $1,928.
In a statement, Bitmine chief Tom Lee said that the firm has bought ETH almost every week since the firm began its first crypto purchase back in June 2025. Bitmine’s latest purchase dwarfs its previous buy which was worth 7,430 ETH.
As of Monday, Bitmine now holds approximately 4.8 percent of ETH’s total supply. It’s worth noting that the firm also repurchased more of its stock this past week. Lee said:
“Bitmine repurchased 6.1 million shares of common stock in the past week, an increase from the 5.5 million purchased the week prior. We increased our equity buyback as 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.”
As far as how much merit is there in Lee’s statement, recent ETH price analysis can provide some clues. According to data from Coingecko, ETH prices have climbed by around 20.6 percent over the past month. As of June 27, ETH was trading at around $1,620.
Meanwhile, following Monday’s development of fresh ETH purchase, Bitmine shares are seeing a sharp surge. Data from Yahoo! Finance shows Bitmine stock trading at $17.4, up about 10.23 percent.
Bitmine playing the long Ethereum game?
Bitmine’s incessant ETH buying all year might appear counter-intuitive, especially considering the cryptocurrency’s prevailing price action, as it remains down 35 percent on a year-to-date basis.
That said, ETH is starting to show signs of a turnaround over the past few weeks. Exchange data on Friday showed that ETH balances on exchanges such as Gemini and Bitfinex have fallen by about $1.24 billion.
Similarly, on Thursday, ETH showed another bullish sign. The digital asset’s MVRV ratio showed early signs of printing a golden cross – suggesting a potential move toward the $2,000 target.
