Shares of Tom Lee-backed Bitmine Immersion Technologies (BMNR) rallied on Monday morning after the company accelerated its share buyback program and chairman Tom Lee forecast that Ethereum (ETH) will rise further.
Bitmine repurchased 6.1 million shares over the past week under its previously authorized $4 billion share repurchase program, up from 5.5 million shares the week before.
"With over 11 million shares of common stock repurchased, Bitmine has executed the largest ever common stock buyback for any ETH or Bitcoin Digital Asset Treasury.”
– Tom Lee, Chairman, Bitmine Immersion Technologies
rallied as much as 13% in morning trade. On Stocktwits, retail sentiment around the Ethereum treasury trended in ‘bullish’ territory over the past day, and data showed a 140% jump in message volume.
Tom Lee Sees More Upside For Ethereum
Lee stated that the firm increased its equity buyback as it views the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening.
He added that the ETH/BTC ratio has climbed to a three-month high near 0.30, which he believes supports further appreciation in Ethereum prices. According to him, Ethereum has climbed to a 10-week high and identified $2,000 and $2,500 as the next important price levels.
Ethereum Accumulation Continues
Bitmine purchased another 9,946 ETH over the past week, extending a streak of weekly Ethereum purchases that continues since the strategy pivot announcement last year.
The firm now holds 5.78 million ETH valued at approximately $1,948 per token, alongside 208 Bitcoin, a $180 million stake in Beast Industries, a $61 million investment in Eightco Holdings (ORBS), and $268 million in cash and marketable securities.
Despite Monday's rally, retail traders on Stocktwits remained skeptical that the gains would hold.
BMNR’s stock has fallen over 37% this year and nearly 60% over the past 12 months. Meanwhile, Ethereum’s price is down around 35% this year and has fallen around 50% in the last 12 months.