Bitmine Buys 10,000 More ETH, Pushing Its Treasury to 5.79 Million Tokens
Bitmine Immersion Technologies filed an 8-K with the SEC on July 27, disclosing a purchase of nearly 10,000 ETH tokens.
That brings its treasury to 5.79 million tokens — and $11.8 billion in combined cryptocurrency and cash holdings.
It’s now one of the largest corporate ETH positions anywhere in the world.
The timing wasn’t incidental. The purchase landed as the ETH/BTC ratio broke above its 200-day moving average.
Board member Tom Lee called that technical signal a bullish indicator for broader cryptocurrency prices.
Bitmine ETH Purchase Keeps Growing Faster Than Any Rival
The SEC filing shows the company simultaneously expanded its stock buyback program alongside the treasury acquisition. Bitmine did not disclose the exact purchase price, but (ETH) traded near $1,970 on July 27, putting the cost of the fresh tranche at roughly $197 million.
That single transaction clears Fathom’s $100 million institutional-move threshold by nearly double.
Bitmine operates as what the industry calls an “Ethereum treasury company,” a publicly traded vehicle whose primary asset is ETH rather than an operating business generating revenue from products or services. The model mirrors the playbook that MicroStrategy (MSTR) pioneered for Bitcoin (BTC), treating the token as a long-duration reserve asset and using equity markets to fund ongoing accumulation.
Rather than deploying capital into hardware, headcount, or traditional operations, Bitmine acts as a listed proxy for ETH price exposure — allowing shareholders to gain cryptocurrency upside through ordinary brokerage accounts without self-custodying tokens.
Also Read: Can Bitcoin ETFs Reclaim The Flow Crown? Ethereum Has Won Three Weeks Running
Tom Lee’s ETH/BTC Signal And What It Actually Measures
The ETH/BTC ratio is simply the price of one ETH divided by the price of one BTC.
When the ratio rises, ETH is outperforming Bitcoin on a relative basis. The 200-day moving average of that ratio is a long-run trend line traders watch to determine whether ETH’s relative strength is structural or merely temporary noise.
Lee’s argument, cited in the disclosure, is that ETH outperforming BTC has historically preceded broader risk appetite in crypto markets, pulling capital into altcoins.
Breaking the 200-day moving average on that ratio is therefore read as a momentum confirmation — evidence that a directional shift is gaining traction rather than representing a single-day wiggle in an otherwise flat trend.
ETH has gained 24% since June 29, reaching a two-month high of $1,970. Spot Ethereum ETFs attracted $103.9 million in inflows on July 25, against only $33.79 million for Bitcoin ETFs on the same day.
That divergence in institutional flow reinforces the relative-strength thesis Lee articulated: money is actively rotating toward ETH at the margin.
From MicroStrategy Playbook To Ethereum Treasury Race
The strategy tracks a pattern that emerged after MicroStrategy began buying Bitcoin in August 2020. That template demonstrated that a public company could convert its balance sheet into a leveraged cryptocurrency position, attracting retail and institutional investors who wanted exposure without holding the token directly.
Crucially, it also showed that the premium or discount of a company’s stock to its underlying crypto holdings could itself become a source of capital — issuing equity above net asset value to buy more tokens creates accretion for existing shareholders.
Bitmine’s 5.79 million ETH represents roughly 4.8% of all ETH currently staked, based on the 41 million ETH reported staked as of July 27. A position that large gives Bitmine outsized exposure to Ethereum’s monetary policy, including the deflationary burn mechanism introduced at the 2021 London upgrade, which permanently destroys a portion of every transaction fee paid on the network.
As on-chain activity rises, the burn accelerates, reducing net issuance and exerting upward pressure on the token’s scarcity profile.
The company’s PR release framed the $11.8 billion total holdings figure as validation of Bitmine’s treasury-first strategy. The next threshold to watch is whether the firm crosses 6 million ETH, which would make it the single largest non-exchange corporate holder on record.
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