Bitmine Immersion Technologies accelerated its Ethereum accumulation dramatically, purchasing 71,179 ETH worth over $140 million in a single week. In stark contrast, Strategy Inc. reported no Bitcoin purchases during the same period according to an SEC filing. The divergence reveals sharply different approaches by two major corporate crypto holders, each controlling a similar share of their respective networks.
Bitmine acquired 71,179 ETH in the week ending March 29, a significant increase from its prior weekly average. The purchase represented more than $140 million in fresh capital deployment at prevailing prices.
The company now holds approximately 4.7 million ETH, valued at over $9.5 billion and representing close to 3.9% of the total supply. A significant portion of these holdings is staked for yield through its in-house infrastructure.
Meanwhile, Strategy disclosed it did not purchase any Bitcoin between March 23 and March 29. The company continues to hold approximately 762,099 BTC, which it acquired at an average price of about $75,694 per coin.
Despite the pause, Strategy remains the largest corporate Bitcoin holder globally, controlling roughly 3.6% of the total supply. Both firms operate at a comparable scale in terms of network share.
Their strategies and market valuations, however, are diverging. Bitmine currently trades at an estimated 0.88x its net asset value, compared to Strategy’s roughly 0.95x.
The contrast highlights evolving institutional crypto strategies beyond simple accumulation. It points to more varied approaches to capital deployment and asset utilization in corporate treasuries.
