Bitmine Cash Falls to $78M Amid Continued Ethereum Purchases
Bitmine's cash and marketable securities have fallen to $78 million after five weeks, down from $482 million. This decrease has occurred despite the company continuing its weekly Ethereum purchases and share repurchase program.
The company's total holdings stand at $11.4 billion, with 5.8 million ETH valued at $1,893 per token, representing approximately 4.8% of the total ETH supply. Bitmine acquired 9,926 ETH over the past week, maintaining a strategy that began on June 30, 2025.
The company's chairman, Thomas Lee, stated that the Ethereum/BTC ratio has moved above a multi-year downtrend, which he believes signals markets are beginning to price in tokenization and agentic-AI applications. He also expects easing financial conditions to support crypto, citing previous cycles driven by initial coin offerings, non-fungible tokens, and stablecoins.