BitMine Buys $52M Ethereum as Strategy Sells Bitcoin
In brief
- BitMine acquired 26,497 ETH valued at $52 million as Ethereum traded at $1,967
- Purchase follows BitMine's 112,000 ETH acquisition the prior week
- Ethereum declined 15% monthly and 60% from August all-time high
- BitMine now holds 5.4 million ETH (4.48% of circulating supply) worth $10.6 billion
- Strategy sold $2.5 million in Bitcoin, first sale since 2022
Aggressive Ethereum Accumulation Continues
BitMine's latest purchase is a step down from the prior week's buy of nearly 112,000 ETH, which was its largest of 2026. The firm now holds 5,416,901 ETH in total, representing approximately 4.48% of the circulating Ethereum supply. BitMine's ETH treasury is valued at $10.6 billion, with the firm also holding around $446 million in cash and 203 BTC valued at $14.5 million.
BitMine Chairman Tom Lee flagged a disconnect between market price and network fundamentals. "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," Lee said in a statement.
Last month, Lee noted that BitMine might slow its aggressive acquisition pace as it didn't want to reach its goal of 5% of the token supply too quickly. The firm's current holdings sit just shy of that threshold.
Market Pressure and Share Decline
Ethereum declined nearly 15% over the last month and more than 60% from its August all-time high of $4,946. BitMine shares (BMNR) fell approximately 1.3% on Monday, trading around $19.02, extending losses that have seen the stock down more than 34% over the last six months and 88% off its 52-week high of $161.
The accumulation strategy comes as the broader crypto treasury space shifts. Strategy, the largest overall crypto treasury firm with approximately $60 billion of Bitcoin, sold BTC for the first time since 2022, offloading about $2.5 million worth. Strategy shares (MSTR) dropped to a 45-day low after the announcement Monday.
