Bitmine Buys 42,197 ETH as Strategy Sells Bitcoin

Bitmine is growing its Ethereum treasury to nearly 5% of circulating ETH, while Strategy is selling bitcoin to free up cash. The opposite moves highlight the pressure on publicly traded crypto balance sheets.

Key Takeaways

• Bitmine Immersion bought 42,197 ether last week and increased its total holdings to 5.74 million ETH.
• Strategy sold about $216 million worth of bitcoin to raise cash, according to the update, as financing pressure and dividend obligations weighed on the company.
• The two moves show how differently major publicly traded crypto companies are handling their balance sheets in a weak market.

Bitmine Immersion (BMNR) added 42,197 ether last week, putting it back at the top of the list of Ethereum treasury company holders. At the same time, Strategy sold roughly $216 million (€189 million) worth of bitcoin, a rare move for the largest corporate BTC holder. Together, the two updates underline how differently major public crypto companies are managing their balance sheets in a soft market.

Bitmine Speeds Up ETH Buying

Bitmine said its latest purchase was worth about $74 million (€64.6 million), based on an ether price near $1,750 (€1,530). That brought its total stash to 5.74 million ETH, or about $10 billion (€8.7 billion). The company said that amount equals 4.8% of Ethereum's circulating supply, leaving it just shy of its target of owning 5% of the supply.

Chairman Thomas Lee linked the buy to improving odds for U.S. crypto legislation. Bitmine also bought more than it did the week before, when it added 27,084 ETH, although the pace is still well below the six-figure weekly purchases it was making earlier this year.

Strategy's Approach Is About Cash

Strategy, meanwhile, sold part of its bitcoin holdings to bring in cash. The company raised about $216 million (€189 million), a notable turn for a firm that is usually associated with holding BTC on its balance sheet. According to the update, the sale reflects financing pressure from a weak crypto market and higher dividend obligations.

Beyond ETH, Bitmine also holds 206 bitcoin, $527 million (€460 million) in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. Altogether, its crypto, cash, and investment holdings add up to $11.1 billion (€9.7 billion).

Why This Matters

For European crypto watchers, the main point is that large treasury companies are not responding to the market in the same way. Bitmine is still adding to its ETH position and, based on earlier market data, was already one of the most aggressive buyers during the recent drawdown, which shows how much institutional demand still matters for Ethereum. The move also matters in the context of U.S. regulation, since expectations around policy are clearly shaping how big companies structure their crypto exposure.