On the ETH/BTC ratio, Bitmine's Tom Lee said its rise above a long-term downtrend signals growing market recognition of Ethereum’s role in tokenization and agentic AI applications.
Bitmine Immersion Technologies reported buying another 9,926 ETH over the past week, taking its total Ethereum holdings to about 5.8 million ETH. The company now controls 4.8% of ETH’s total supply and is nearing its goal of owning 5%.
Bitmine’s crypto and related holdings total $11.4 billion, including 210 BTC, $78 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.
Commenting on Ethereum’s outlook, Thomas “Tom” Lee, Chairman of Bitmine, pointed to the rising ETH/BTC ratio as a sign that tokenization and agentic AI could drive greater use of the network in the next crypto cycle.
“We expect easing financial conditions to be a tailwind for crypto,” Lee noted.
“This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to Bitcoin,” he explained. “These prior cycles were fueled by ICOs (2017-2018), NFTs (2020-2021), and stablecoins (2025). In this upcoming crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains.”
The company has staked over 5 million ETH worth about $9.6 billion through MAVAN and other staking partners. Bitmine said its own staking operations produced a 2.61% seven-day yield, putting projected annualized staking revenue at $250 million.
Separately, the leading Ethereum treasury repurchased 1.7 million common shares in the past week and more than 20.8 million shares since July under its $4 billion buyback authorization.
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