Tom Lee’s BitMine Buys $52M in Ether; Strategy Sells BTC
BitMine purchased 26,497 ETH (~$52M), raising its holdings to 5,416,901 ETH (about 4.48% of supply). Strategy sold about $2.5M of Bitcoin to fund dividend-preferred stock.
BitMine Immersion Technologies bought 26,497 ETH last week, a purchase valued at roughly $52 million when Ether traded near $1,967. The acquisition raised the company’s total Ethereum holdings to 5,416,901 ETH, about 4.48% of the circulating supply. The purchase was announced as Ether slipped below $2,000.
Strategy reported a Monday sale of about $2.5 million worth of Bitcoin, its first BTC disposition since late 2022. The company said the proceeds will be used to fund its dividend-paying preferred stock.
BitMine’s ETH holdings are valued at about $10.6 billion. The company also holds approximately $446 million in cash and 203 BTC, which are worth about $14.5 million. BitMine’s shares (BMNR) fell about 1.3% on Monday to roughly $19.02; the stock has declined more than 34% over the past six months and trades about 88% below its 52-week high of $161.
Following Strategy’s disclosure, Bitcoin fell to its lowest level in nearly two months. Strategy’s shares (MSTR) opened lower and reached about a 45-day low.
Ether has dropped nearly 15% over the last month and is down more than 60% from its August high near $4,946. Some prediction markets put roughly a two-thirds probability that Ether will fall to $1,500 before a later rebound to $3,000.
Chairman Tom Lee wrote that current ETH prices do not reflect what he sees as strengthening Ethereum fundamentals and called the market in the early stages of a crypto recovery. BitMine’s latest buy was smaller than an earlier purchase of nearly 112,000 ETH, which was the company’s largest acquisition of 2026. Lee previously indicated the firm might slow purchases to avoid reaching a 5% holding target too quickly.
Ethereum co-founder Vitalik Buterin wrote that the Ethereum Foundation will become a smaller, more focused organization, narrowing its operational scope after several senior staff departures and concentrating on core protocol work.
The transactions underscore that BitMine expanded its Ethereum treasury while Strategy reduced its Bitcoin holdings to support a corporate financing plan.
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