TLDR
- BitMine repurchased 6.1 million shares last week, bringing July’s total buyback to 11.6 million shares
- The company scooped 9,946 ETH, pushing its total holdings to 5.787 million ETH — about 4.8% of circulating supply
- BitMine Chairman Thomas Lee said the ETH/BTC ratio hit a 3-month high of 0.300
- ETH is trading around $1,950, near a 10-week high, with key resistance at $2,000 and $2,500
- US spot ETH ETFs saw $103.9 million in net inflows last week, marking three straight weeks of inflows
BitMine Immersion Technologies (BMNR) added nearly 10,000 ETH to its treasury last week while ramping up its share buyback program to record levels.
BitMine Adds 9,946 ETH, Holdings Reach 5.79M ETH
BitMine said it acquired 9,946 ETH over the past week, bringing total holdings to 5,787,414 ETH, or about 4.8% of the circulating supply. The company has staked 4,917,189 ETH, representing roughly 85% of its holdings, and… pic.twitter.com/LampvefINm
— Wu Blockchain (@WuBlockchain) July 27, 2026
The Las Vegas-based company purchased 9,946 ETH, bringing its total holdings to 5.787 million ETH. It also bought back 6.1 million shares of common stock last week, following 5.5 million the week before. Total buybacks in July now stand at 11.6 million shares under a previously authorized $4 billion program.
BitMine Chairman Thomas Lee called it the largest common stock buyback ever executed by any ETH or Bitcoin digital asset treasury company.
Analyst Ted Pillows noted on X that spot bidding for $ETH has been consistent throughout the month, saying “dips are getting bought and support zones are being defended.” He called the price action a positive sign for ETH’s near-term outlook.
Consistent spot bidding for $ETH this entire month.
Dips are getting bought and support zones are being defended.
This is good. pic.twitter.com/3GF5XNLnxv
— Ted (@TedPillows) July 27, 2026
ETH Outperforms Bitcoin
ETH gained about 2.4% over the past seven days while Bitcoin dropped roughly 0.7%, according to CoinGecko data. The ETH/BTC ratio hit a 3-month high of 0.300, a level Lee pointed to as a signal of strengthening momentum.
Lee stated that ETH prices are now at a 10-week high and that key levels to clear are $2,000 and $2,500.
About 4.917 million ETH from BitMine’s holdings — roughly 85% — is staked through its Made in America Validator Network (MAVAN). The company projects annualized staking rewards of around $299 million once all holdings are fully deployed.
BitMine’s total crypto holdings, cash, and marketable securities stood at $11.8 billion as of July 26. The firm also holds a $180 million stake in Beast Industries, $61 million in Eightco Holdings shares, and 208 Bitcoin.
Spot ETH ETFs See Three Weeks of Inflows
US spot Ethereum ETFs attracted $103.9 million in net inflows last week, according to SoSoValue data. Total net assets for these products have now crossed $10 billion, marking a third straight week of net inflows.
On the technical side, ETH bounced off the 20- and 50-day EMAs at $1,862 and $1,842 over the weekend before testing the 100-day EMA at $1,937. The 14-day RSI sits near 63, with the Stochastic Oscillator around 85.
ETH faces resistance around $1,950. A daily close above $2,018 and $2,107 would open the path toward $2,211 and further targets at $2,388 and $2,746. First support sits at $1,909.
The ETH/USDT pair saw $142 million in liquidations over the past 24 hours, driven by $104.2 million in short liquidations, per Coinglass data.
