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Bitmine Adds More ETH as Strategy Sells Bitcoin Again

Bitmine is expanding its Ethereum position to nearly 5.8 million ETH, while Strategy sold 1,638 bitcoin. The two treasury strategies are putting ETH and BTC back in the spotlight for very different reasons.

By Mike Hesp
• 2 min read
Bitmine Adds More ETH as Strategy Sells Bitcoin Again

Key Takeaways

  • Bitmine bought 10,399 ether last week for about $19.1 million and increased its total ETH holdings to nearly 5.8 million.
  • Chairman Tom Lee linked the ETH strategy to ether's strong relative performance and said 4.9 million ETH has been staked.
  • Strategy sold 1,638 bitcoin worth about $105 million, once again underscoring the gap between the two companies' treasury approaches.

Bitmine Immersion Technologies added more ether to its treasury last week, building on its Ethereum position while Strategy was selling more bitcoin at the same time. The two moves highlight just how different the treasury playbook looks among major public crypto companies right now, with ETH and BTC serving very different purposes.

New ETH Purchase

Bitmine bought 10,399 ether, worth about $19.1 million (€16.6 million) at the then-current price of $1,840 (€1,600) per ETH. That lifted its total holdings to nearly 5.8 million ETH, equal to about 4.8% of Ethereum's circulating supply. The latest buy extends a run of weekly purchases that began after the company shifted to an Ethereum treasury strategy in June 2025.

The new purchase was slightly larger than the 9,946 ETH it added a week earlier. Bitmine also repurchased 4.5 million of its own shares, bringing its total recent buybacks to 16 million shares.

Tom Lee Sees Strength in ETH

Chairman Tom Lee said the strategy reflects ether's relative strength compared with tech stocks. He noted that ETH beat the Nasdaq 100 by 2,500 basis points in July, which he described as the strongest monthly outperformance since July 2025. In his view, that kind of move points to stronger fundamentals in crypto.

For investors who follow Bitmine as one of Ethereum's most vocal institutional backers, that comparison matters. The company says it has staked 4.9 million ETH, or about 85% of its holdings, and expects annualized staking revenue of roughly $247 million (€215 million) through its MAVAN platform. Bitmine has also previously said it wants to hold 5% of total ETH supply, giving it a meaningful footprint in the Ethereum market.

Contrast With Strategy

At the same time, Strategy, the largest corporate bitcoin holder, said it sold 1,638 BTC worth about $105 million (€91.4 million). The company also bought back $81.2 million (€70.7 million) of STRC preferred stock and raised another $290 million (€253 million) by selling common shares. The contrast makes one thing clear: even among crypto-heavy treasury companies, not everyone is following the same path.

Bitmine also said that its crypto, cash, and marketable securities were worth $11.3 billion (€9.8 billion) combined on August 2. In addition to ETH, the company holds 209 bitcoin, $173 million (€151 million) in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. Bitmine shares were down 2.1% in premarket trading, while ether slipped to $1,842 (€1,600) over the weekend.

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