Summary
- BitMine Immersion Technologies has increased its Ethereum holdings by $52 million.
- In contrast, Strategy has sold $2.5 million in Bitcoin to finance its preferred stock dividends.
- The firm's Ethereum holdings now account for approximately 4.48% of the total circulating supply, valued at over $10.6 billion.
BitMine Immersion Technologies, a publicly traded firm focused on Ethereum, has made a significant purchase of ETH, while its Bitcoin-oriented counterpart, Strategy, has divested some of its Bitcoin for the first time since 2022.
Last week, BitMine acquired 26,497 ETH, equating to roughly $52 million, as Ethereum's price fell to $1,967 on Monday, dipping below the $2,000 threshold for the first time since March 29, according to CoinGecko data.
Tom Lee, the Chairman of BitMine, commented, “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.” (Note: Tom Lee is an investor in Dastan, the parent company of Decrypt.)
This recent acquisition marks a decrease from BitMine's previous week's purchase of nearly 112,000 ETH, its largest buy for 2026. Last month, Lee indicated that the firm might temper its aggressive buying strategy to avoid reaching its 5% token supply goal too swiftly, mentioning that “there’s other things to be doing in crypto right now.”
With this latest transaction, BitMine's total Ethereum holdings stand at 5,416,901 ETH, representing about 4.48% of the circulating supply. Besides its substantial $10.6 billion ETH treasury, the firm also holds approximately $446 million in cash and 203 BTC worth around $14.5 million.
On Monday, BitMine's shares (BMNR) experienced a decline of about 1.3%, trading around $19.02. This price reflects a drop of over 34% over the past six months and an 88% plunge from their 52-week peak of $161.
Ethereum's recent fall below $2,000 follows a nearly 15% drop in the past month and a significant over 60% decrease from its all-time high of $4,946 reached in August.
Market predictors on Myriad, a platform from Decrypt's parent company, are increasingly leaning towards a potential drop to $1,500 for Ethereum before it may rebound to $3,000. The odds of hitting $1,500 first are estimated to be about 67%.
Meanwhile, Strategy, which holds around $60 billion in Bitcoin, announced on Monday that it had sold about $2.5 million in BTC for the first time since late 2022. Following this news, Bitcoin's price fell to its lowest level in nearly two months, while shares of Strategy (MSTR) dropped to a 45-day low after the market opened on Monday.