- BitMine Immersion Technologies purchased 26,497 ETH (~$52 million), capitalizing on Ethereum’s dip below $2,000.
- The firm now controls 4.48% of the circulating Ethereum supply.
- In contrast, Bitcoin-focused giant Strategy executed its first BTC sale since 2022.
The corporate race for digital asset dominance has taken an intriguing turn. While Bitcoin-centric giants are adjusting their exposure, Ethereum-focused treasuries are aggressively buying the dip. Publicly traded firm BitMine Immersion Technologies (BMNR) has once again expanded its balance sheet, acquiring an additional 26,497 ETH for approximately $52 million.
BitMine’s Multi-Billion Dollar Ethereum Treasury Strategy
This latest purchase occurred as the Ethereum price slipped below the $2,000 threshold for the first time since late March. Despite the short-term bearish price action, BitMine’s leadership remains highly optimistic about the long-term value proposition of the second-largest cryptocurrency by market capitalization.
“In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring.”
— Tom Lee, Chairman of BitMine
This acquisition represents a measured slowdown compared to the firm’s massive purchase of nearly 112,000 ETH in the prior week. Chairman Tom Lee previously indicated that the company might pace its acquisitions to avoid reaching its ultimate goal of owning 5% of the total circulating ETH supply too rapidly, noting that other opportunities in the broader web3 ecosystem deserve attention.
BitMine’s Current Treasury Holdings
- Total Ethereum: 5,416,901 ETH (worth ~$10.6 billion)
- Percentage of Circulating ETH: 4.48%
- Cash Reserves: $446 million
- Bitcoin Holdings: 203 BTC (~$14.5 million)
Market Divergence: Strategy Sells Bitcoin
The aggressive accumulation by BitMine stands in stark contrast to the actions of Strategy (MSTR), the world’s largest corporate holder of digital assets. Strategy recently disclosed a sale of approximately $2.5 million worth of Bitcoin, marking its first divestment of BTC since late 2022. Following the announcement, Bitcoin experienced a brief pullback, and Strategy’s stock felt immediate pressure on Wall Street.
Meanwhile, Ethereum’s market dynamics remain highly volatile. After falling over 15% in a month, prediction markets on Myriad suggest that traders are bracing for potential further downside before a macro trend reversal. Currently, market participants place a 67% probability on ETH hitting $1,500 before it makes a run back toward the $3,000 level.
FAQ
Why is BitMine aggressively buying Ethereum?
BitMine believes that current market prices do not reflect Ethereum’s strong underlying network fundamentals, viewing the current market phase as the early stages of a “crypto spring.”
How much of the Ethereum supply does BitMine own?
With its latest purchase, BitMine holds over 5.4 million ETH, representing approximately 4.48% of the total circulating supply.
Did Strategy liquidate all of its Bitcoin?
No. Strategy sold a minor portion of its holdings—approximately $2.5 million worth of BTC—representing a tiny fraction of its massive $60 billion Bitcoin treasury.
