Li mentioned this in BitMine’s weekly reserve administration report. The report signifies that the corporate has sharply decreased its purchases of Ethereum and elevated its share buybacks.
The Significance of the ETH/BTC Ratio for Li
The ratio reveals the extent to which Ethereum’s efficiency is outpacing or lagging behind Bitcoin’s. When the ETH/BTC ratio rises, demand shifts towards Ethereum, and when it falls, Bitcoin seems to be performing higher.
Li famous that in previous bull cycles within the crypto market, this ratio has risen. In 2017–2018, it was pushed upward by preliminary coin choices (ICOs). The following surge was pushed by non-fungible tokens (NFTs) denominated in USDT, and in 2025, stablecoins performed a number one function.
Li is now specializing in Wall Road’s transition to blockchain-based settlements and the proliferation of AI brokers—packages that execute transactions with out human intervention.
“We see that the ETH/BTC ratio has reached 0.02994 and continues to rise. This metric has damaged the downward pattern that has persevered for the previous few years and, in our view, signifies that the market is starting to acknowledge the potential of tokenization and AI-agent purposes. This could help Ethereum,” Li emphasised.
Decline in Ethereum Purchases and Acceleration of Share Buybacks
BitMine holds greater than 5.815 million ETH—roughly 4.8% of the whole provide of 120.7 million. The worth of the holdings is approaching $11 billion, with ETH buying and selling close to $1,902. The corporate’s complete cryptocurrency and fiat reserves have reached $11.4 billion, together with 210 BTC.
Purchases have declined considerably. Final week, the corporate added solely 9,926 ETH to its steadiness, though the typical weekly quantity over the previous 43 weeks of disclosed transactions was 59,998 ETH.
The final 5 weeks mark the one interval since late October when weekly purchases didn’t exceed 11,000 ETH. By comparability, in December, the quantity reached 138,452 ETH. To extend its stake to five%, BitMine would wish to buy roughly 220,000 extra ETH—at December’s tempo, this is able to have taken lower than 4 weeks.
Nevertheless, the corporate has directed its capital towards one other space. Over the previous week, BitMine repurchased 1.7 million shares, and since July 1, its share buyback program has totaled 20.8 million shares. In keeping with Li, that is the biggest such program amongst all publicly traded crypto firms.
