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

Lee also said he expects “easing financial conditions to be a tailwind for crypto,” adding another potential catalyst to his Ethereum thesis.

• 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.