Bitmine buys 9,946 ETH as Tom Lee says rising ETH/BTC ratio points to strength

Bitmine added 9,946 ETH to its treasury, lifting holdings to 5.79 million tokens worth $11.2 billion, as Chairman Tom Lee cited a rising ETH/BTC ratio as bullish.

"The rising ETH/BTC ratio, despite falling odds of the CLARITY Act passing in 2026, is a sign crypto prices are strengthening," Tom Lee, Chairman of Bitmine, said. "This ratio is now at a three-month high of 0.3000, which bodes well for future ETH price strength."

The company also stepped up share repurchases, buying back 6.1 million shares under its $4 billion buyback authorization, up from 5.5 million the prior week. Bitmine now owns roughly 4.8 percent of Ethereum's circulating supply, putting it within reach of its long-term goal of accumulating 5 percent. ETH has advanced about 24 percent over the past month, outperforming bitcoin's 8 percent gain, CoinDesk data show.

Lee said the next technical levels to watch are $2,000 and $2,500 after ETH hit a 10-week high on Monday. His longer-term outlook sees ETH reaching $7,000 to $9,000 in the near term and as high as $22,000 if bitcoin climbs to $250,000, based on historical ETH-to-BTC ratios.

ETH Strengthens as 'AI Downstream' Asset

Lee has also highlighted Ethereum's growing role as an "AI downstream" asset, arguing the network could benefit from the next stage of AI adoption beyond the initial spending boom on chips and data centers. Fundstrat's performance chart showed Ethereum rising approximately 24 percent over the comparison period while the Roundhill Memory ETF declined by around 38 percent — a 62-percentage-point divergence. A separate ETH-to-DRAM measure tracked by Fundstrat strengthened by 72 points over the past month, indicating Ethereum is outperforming a basket of memory-related companies.

CLARITY Act Odds Underestimated, Lee Says

Lee has argued that prediction markets may be underestimating the likelihood of the CLARITY Act becoming law. Polymarket gave the legislation a 47 percent chance of passing as of Monday, with more than $2.1 million traded on the market. Lee endorsed analysis from Fundstrat Head of Digital Asset Strategy Sean Farrell, who said private conversations with policymakers painted a more optimistic picture than the quoted probabilities. "Polymarket and Kalshi markets likely underestimate odds of passage," Lee said. "This is bullish."

The combination of corporate accumulation, a rising ETH/BTC ratio, and potential regulatory tailwinds from the CLARITY Act creates a multi-factor bullish case for Ethereum. Whether ETH can reclaim $2,000 and sustain momentum toward Lee's $7,000 to $9,000 target will depend on continued institutional flows and progress on the legislative front in Washington.

This article is for informational purposes only and does not constitute investment advice.