BMNR’s Tom Lee Says Tokenization, Agentic AI Are Breaking ETH-BTC Multiyear Downtrend

• Tom Lee said the ETH/BTC ratio has broken above a multiyear downtrend, which he views as a potential signal of stronger Ethereum adoption.
• Bitmine added 9,926 ETH over the past week, extending its weekly Ethereum buying streak that began with its treasury strategy in June 2025.
• The company also repurchased 1.7 million shares over the past week, taking its total buybacks since July 1 above 20.8 million shares.

Shares of Bitmine Immersion Technologies (BMNR) gained in morning trade Monday after Chairman Tom Lee said the Ethereum (ETH)-to-Bitcoin (BTC) ratio has broken above a multiyear downtrend.

"We are encouraged to see the ETH/BTC ratio at 0.02994 and rising,” Lee said. “This ratio has moved above the long-term downtrend in place over the last few years and is a sign, in our view, that markets are beginning to see materialization of tokenization and agentic-AI applications, which should benefit Ethereum." 

Lee also said he expects “easing financial conditions to be a tailwind for crypto.” BMNR stock gained around 3% in morning trade alongside broader strength in crypto equities. Ethereum’s price recovered to over $1,900 on Monday morning, up over 1.3% in the last 24 hours. 

The leading altcoin was among the top trending cryptocurrencies on Stocktwits at the time of writing. Retail sentiment around Ethereum and BMNR remained in ‘bearish’ territory over the past day.

Meanwhile, Bitcoin gained around 1% in the last 24 hours, trading at around $63,500 at the time of writing. Retail sentiment around the apex cryptocurrency on Stocktwits improved to ‘bearish’ from ‘extremely bearish’ over the past day.

Why Does The ETH/BTC Ratio Matter?

The ETH/BTC ratio is basically how much Bitcoin one Ethereum token could buy. Over the past several years, Ethereum has underperformed Bitcoin, which Lee says has now broken to the upside.

"This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to Bitcoin,” Lee said. According to him, different narratives drove past crypto markets, including initial coin offerings (ICO) during the 2017-2018 cycle, non-fungible tokens (NFTs) during the 2020-2021 bull run, and stablecoins in the 2025 cycle.

In the current crypto cycle, Lee flagged two potential catalysts that could drive crypto gains. One is the tokenization of traditional assets on blockchain networks, and the second is the use of blockchain infrastructure by agentic AI systems to transact. 

According to Lee, the recent move in the ETH/BTC ratio above its longer-term downtrend suggests investors may be starting to recognize those use cases. 

Bitmine’s Ethereum Accumulation Run Continues

Bitmine added 9,926 ETH over the past week, with its Ethereum accumulation spree hitting a record 14 months since the company announced its pivot to a digital asset treasury (DAT) in June last year. It currently has around 5.82 million ETH on its balance sheet, accounting for around 4.8% of the leading altcoin’s total circulating supply. 

The firm has also continued to repurchase its own shares. It repurchased 1.7 million shares over the past week, bringing total common-stock buybacks since July 1 to more than 20.8 million shares under its previously authorized $4 billion share repurchase program.

In addition to Ethereum, Bitmine’s holdings also include 210 Bitcoin (BTC), a $180 million stake in Beast Industries, a $73 million stake in Eightco Holdings (ORBS), and cash of $78 million. 

Read also: Michael Saylor’s Strategy Raises $333M Selling MSTR Stock, Leaves Bitcoin Stash Untouched

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