Bitmine Immersion, the largest Ethereum treasury company, acquired 10,399 ether last week, valued at approximately $19.1 million at current prices, bringing its total holdings to nearly 5.8 million ETH. Chairman Tom Lee stated that ether's outperformance against the Nasdaq 100 by 2,500 basis points in July, the strongest since July 2025, signals strengthening crypto fundamentals. The company also bought back 4.5 million shares of its common stock, adding to its recent repurchases. This update contrasts with Strategy (MSTR), which recently sold 1,638 Bitcoin (~$105 million).