Ethereum has gained 24% over the past month, more than tripling Bitcoin's 8% rise, and the largest corporate holder of the token is doubling down. BitMine purchased 9,946 ETH in the past week, bringing its total stash to 5,787,414 ETH — worth roughly $11.2 billion at current prices. The company also staked about 85% of its holdings, or 4.92 million ETH, to earn rewards.
BitMine's growing ETH stash
BitMine is now the biggest publicly known corporate Ethereum holder by a wide margin. The latest buy adds to a position that already dwarfed other institutional wallets. On top of the ETH accumulation, BitMine repurchased 6.1 million of its own shares in the latest week as part of a $4 billion buyback program. That dual strategy — buying both the token and its own stock — signals confidence in Ethereum's long-term value, even as the broader market remains choppy.
The staking ratio is notable. With 85% of its ETH locked up, BitMine is effectively taking most of its position off the market, collecting yield instead of trading. That reduces the float available to other buyers and could add upward pressure on price if demand holds.
ETH/BTC ratio hits three-month high
The ETH/BTC ratio climbed to 0.03 this week, its highest level in three months. That means Ethereum is outperforming Bitcoin in relative terms, a shift that often attracts traders looking for momentum. But the token still sits well below its all-time high of $4,946.05.
Tom Lee, BitMine's executive chairman, identified $2,000 and $2,500 as key resistance levels for Ethereum. The price has been hovering in that range, and a break above $2,500 could open the door to a retest of higher levels. Lee's comments carry weight given BitMine's massive exposure to the asset.
ETF inflows add fuel
Spot Ethereum ETF inflows continue to support demand, according to the facts. The combination of institutional buying through ETFs and BitMine's direct accumulation is creating a supply squeeze narrative. Whether that's enough to push Ethereum past the $2,500 resistance — and eventually toward its old highs — is the open question for the weeks ahead.
