What to Know
Table Of Content
- BitMine Immersion Technologies added another 26,497 ETH (around $52 million) to its treasury last week, even as rival firm Strategy sold Bitcoin for the first time since 2022.
- Strategy offloaded roughly $2.5 million worth to help fund its dividend-paying preferred stock.
- BitMine now holds 5,416,901 ETH (about 4.48% of the circulating supply, valued at nearly $10.6 billion), placing it close to Tom Lee’s 5% supply target.
- Both firms are sitting on heavy unrealised losses, with ETH trading below $2,000 (down ~60% from its August high) and BitMine shares (BMNR) around $19, some 88% off their 52-week high of $161.
Two of the most closely watched corporate crypto treasuries moved in opposite directions last week. BitMine Immersion Technologies, the publicly traded Ethereum treasury firm, added to its ETH position once more, even as its Bitcoin-centric counterpart Strategy sold BTC for the first time since 2022.
It’s a small but telling contrast: one company buying the dip on Ethereum, the other trimming Bitcoin after years of relentless accumulation. The bigger story isn’t one coin beating the other, but how public companies are increasingly splitting into distinct camps based on what they think crypto is actually for.
What Happened
BitMine purchased another 26,497 ETH, worth around $52 million, as Ethereum traded at $1,967 on Monday, dipping below $2,000 for the first time since March 29, according to CoinGecko. Chairman Tom Lee framed the buy as a bet against the market’s view of Ethereum, saying that, in his view, ETH prices don’t reflect the strengthening of Ethereum’s fundamentals. However, he added that this isn’t surprising in the early stages of what he called “crypto spring.”
The purchase is a notable slowdown. It’s a big step down from the prior week’s buy of nearly 112,000 ETH, BitMine’s largest of 2026. That deceleration is deliberate. Last month, Lee said the firm might slow its aggressive pace because it didn’t want to hit its goal of 5% of the token supply too quickly, noting “there’s other things to be doing in crypto right now.”
BitMine Vs Strategy’s Holdings
After the latest buy, BitMine holds 5,416,901 ETH in total, about 4.48% of the circulating Ethereum supply. Alongside its $10.6 billion ETH treasury, it also holds roughly $446 million in cash and 203 BTC valued at $14.5 million.
On the other side, Strategy, the largest crypto treasury firm overall with about $60 billion in Bitcoin, said Monday it sold BTC for the first time since 2022, offloading roughly $2.5 million worth. The amount is tiny relative to its holdings, but for a company famous for never selling, any sale draws attention. The sale was reportedly made to help fund its dividend-paying preferred stock, which points to portfolio management rather than a change of heart on Bitcoin.
Why BitMine Keeps Buying Ethereum
BitMine’s thesis rests on what Ethereum does rather than what it stores. Lee has positioned the firm as a way for public-market investors to get exposure to Ethereum as infrastructure, the network underpinning stablecoins, tokenisation, and on-chain finance. Unlike Bitcoin, ETH can also be staked to generate yield, and BitMine stakes a large share of its holdings through its validator network.
The firm is closing in on its target. Its current stake puts it about 90% of the way toward its “Alchemy of 5%” goal of owning 5% of Ethereum’s supply, which Lee expects to reach sometime in 2026.
Why Strategy’s Move Is Worth Discussing
Strategy, formerly MicroStrategy, built its reputation as the most aggressive corporate Bitcoin holder under Michael Saylor, and its multi-year streak of never selling became part of its identity. That’s why even a modest sale registers as news. The market reaction was swift: Bitcoin fell to its lowest price in nearly two months after the announcement, while Strategy (MSTR) shares dropped to a 45-day low.
The most reasonable read is operational, not strategic. A $2.5 million sale to support a dividend obligation is a long way from abandoning a $60 billion Bitcoin position.
Two Treasuries, Two Theories of Crypto
The contrast between the two firms maps neatly onto a wider debate. Bitcoin treasuries treat BTC as digital gold, a scarce reserve asset to hold indefinitely. Ethereum treasuries like BitMine treat ETH as productive infrastructure, an asset that generates staking income and gains value from network usage.
For years, “corporate crypto treasury” was effectively shorthand for Bitcoin because of Strategy’s dominance. BitMine is helping define a second category, raising the question of whether ETH treasury firms could eventually become as influential for Ethereum as Strategy has been for Bitcoin.
The Bigger Picture: Bitmine vs Strategy vs The Market
Neither company is having an easy time. Both BitMine and Strategy are sitting on large unrealised losses as their assets trade well below previous highs. BitMine’s own shares (BMNR) recently changed hands around $19.02, down more than 34% over six months and 88% off their 52-week high of $161. The pressure reflects the broader market: Ethereum’s slide below $2,000 follows a nearly 15% decline over the past month and a more than 60% fall from its August all-time high of $4,946.
That market backdrop is worth keeping in mind. BitMine’s continued buying doesn’t guarantee ETH appreciation, and Strategy’s small sale doesn’t signal a Bitcoin retreat. What the week really shows is a maturing market where public companies are placing different, and very visible, bets on the future of digital assets, even while both sit deep in the red for now.
