- Ethereum’s price has risen 24% in the past month, outpacing Bitcoin’s 8% rise.
- BitMine increased its holdings by purchasing 9,946 ETH.
- Inflows from spot ETFs continue to support demand for ETH.
Ethereum extended its recent rally, outperforming Bitcoin Over the past month as institutional demand continues to strengthen.
The latest boost came after BitMine Immersion Technologies announced another large purchase of Ethereum, adding more ETH to its treasury bringing its total holdings to 5,787,414 ETH.
Ethereum is gaining strength against Bitcoin
Ethereum has continued to outperform Bitcoin over the past month, highlighting renewed investor interest in the second-largest cryptocurrency.
The ETH/BTC ratio recently rose to 0.03, hitting its highest level in about three months.
The rise reflects the stronger performance of Ethereum compared to Bitcoin rather than a decline in the price of Bitcoin.
Over the past 30 days, Ethereum has gained nearly 24%, compared to Bitcoin’s increase of about 8% over the same period.
Ethereum has also maintained positive momentum across shorter time frames.
It rose about 4% over the past 24 hours and more than 5% over the past seven days, while extending its 14-day gain to roughly 10.5%.
Despite the recent rally, Ethereum remains well below its all-time high of $4,946.05, leaving it well below its previous peak even after the recent advance.
BitMine is expanding its Ethereum vault
BitMine Immersion Technologies has enhanced its Ethereum strategy with Purchased another 9,946 ETH over the past week.
Following the acquisition, the company now owns 5,787,414 Ethereum worth approximately $11.2 billion based on current market prices.
The latest purchase reinforces BitMine’s position as the largest publicly known holder of Ethereum.
The company has repeatedly stated that it intends to build one of the largest long-term Ethereum treasuries, and the latest deal brings it closer to that goal.
A key part of BitMine’s strategy is to store its Ethereum holdings rather than leaving them idle.
There are currently about 4.92 million ETH in circulation, which represents about 85% of its total holdings.
This allows the company to receive staking rewards while maintaining its long-term investment in Ethereum.
Stock buybacks increase investor confidence
BitMine’s recent purchase of Ethereum was accompanied by ongoing share buybacks.
The company repurchased 6.1 million shares during the latest week after repurchasing 5.5 million shares the previous week. Both deals form part of a $4 billion authorized stock repurchase program.
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“Bitmine repurchased 6.1 million shares of common stock last week, up from 5.5 million shares purchased the previous week. We have increased our stock repurchases as we view the rising ETH/BTC ratio, despite lower odds of passage of the Clarity Act in 2026, as a signal… pic.twitter.com/LVOB46sIgL— Bitmain (NYSE-BMNR) $ETH (@BitMNR) July 27, 2026
Following the buyback update, BitMine stock, which trades under the ticker BMNR, rose more than 5% following the announcement, reflecting a favorable market response to both the company’s expanding Ethereum holdings and capital management strategy.
Tom Lee points to improving Ethereum momentum
Tom Lee, CEO of BitMine, highlighted several indicators that continue to support Ethereum’s recent performance.
According to me, the ETH/BTC ratio reaching a three-month high indicates improving strength of Ethereum compared to Bitcoin.
He also identified the $2,000 and $2,500 price levels as key resistance areas for traders to watch as the rally continues.
Lee also noted that Ethereum has significantly outperformed Bitcoin over the past month, which reinforced the company’s decision to focus its treasury strategy on Ethereum rather than other digital assets.
Institutional demand has also remained a major theme in Ethereum’s recent price movement.
Continued inflows into Ethereum ETFs have provided additional buying pressure, while large treasury purchases from companies like Bitmain have boosted demand from institutional investors.
