BitMine Doubles Down on Ethereum as Price Rallies

BitMine Immersion Technologies (BMNR) has added to its Ethereum holdings, purchasing 32,447 ETH last week. This move lifted BitMine's total ETH stake to 5.847 million.

The acquisition comes after a 30% gain in ETH's price last week, which marks the biggest weekly increase since May 2025. Chairman Thomas Lee noted that in previous instances where ETH gained over 30%, it signaled a launch point for larger moves. In July 2021, ETH rose by 167%, and after May 2025, it increased by 170%.

Lee also hinted at the potential impact of tokenization and agentic AI on blockchains, which could drive a rally in the ETH/BTC ratio. He mentioned how past trends in 2017 (ICOs), 2021 (NFTs), and 2025 (stablecoins) have influenced Ethereum's price.

Meanwhile, US spot ETH exchange-traded funds (ETFs) recorded their best week since last October, with $697 million in net inflows. BlackRock's iShares Ethereum Trust (ETHA) led the flows, attracting $536.8 million.