Publicly traded Ethereum treasury firm BitMine Immersion Technologies purchased another $52 million worth of ETH last week, solidifying its position as a major holder. Meanwhile, the Bitcoin-centric firm Strategy sold approximately $2.5 million in BTC for the first time since 2022 to fund its dividend-paying preferred stock, contributing to market movements for both major cryptocurrencies.
The publicly traded Ethereum treasury firm BitMine Immersion Technologies added to its ETH position last week, while its Bitcoin counterpart Strategy sold BTC for the first time since 2022. BitMine purchased 26,497 ETH, worth approximately $52 million, as Ethereum traded at $1,967, dipping below $2,000 for the first time since March 29.
BitMine Chairman Tom Lee stated, “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.” This latest purchase is smaller than the firm’s largest 2026 buy of nearly 112,000 ETH the prior week.
BitMine now holds 5,416,901 ETH, or about 4.48% of the circulating supply, valued at over $10.6 billion. The firm also holds around $446 million in cash and 203 BTC, valued at $14.5 million.
Shares in BitMine (BMNR) fell around 1.3%, trading near $19.02, which is down more than 34% over six months. Ethereum’s price decline of nearly 15% in the last month follows a more than 60% fall from its August all-time high.
Predictors on a prediction market increasingly favor a drop to $1,500 before ETH rebounds to $3,000. The market assigns roughly 67% odds that Ethereum will hit $1,500 first.
Strategy, the largest overall crypto treasury firm with about $60 billion of Bitcoin, sold approximately $2.5 million worth of BTC. Following the announcement, Bitcoin fell to its lowest price in nearly two months, and Strategy (MSTR) shares dropped to a 45-day low.
