BitMine Sees Ethereum Outperforming Bitcoin in Coming Cycle

BitMine Immersion Technologies is predicting that tokenization and agentic-AI will drive Ethereum (ETH) to outperform Bitcoin (BTC) in the coming cycle, according to its Chairman Thomas Lee. The company has been buying ETH consistently since June 2025.

BitMine repurchased 1.7 million shares of its common stock, BMNR, last week under its $4 billion share buyback program. It also acquired 9,926 ETH, lifting its total holdings to 5.815 million ETH. The company has staked 87% of its Ethereum holdings, generating an annualized staking revenue of $250 million.

The ETH/BTC ratio has moved above its one-year downtrend due to increasing use of Ethereum relative to Bitcoin, driven by tokenization and agentic-AI, Lee said. This trend is expected to continue in the upcoming crypto cycle.