Tom Lee's BitMine Buys $52 Million in Ethereum as Strategy Sells Bitcoin

Publicly traded Ethereum treasury steadfast BitMine Immersion Technologies erstwhile much added to its ETH presumption past week, adjacent arsenic its Bitcoin-centric counterpart Strategy sold BTC for the archetypal clip since 2022.

BitMine purchased different 26,497 ETH oregon astir $52 cardinal worthy arsenic Ethereum trades astatine $1,967 connected Monday, dipping beneath $2,000 for the archetypal clip since March 29, according to information from CoinGecko.

“In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but past again, this is not astonishing fixed we are successful the aboriginal stages of crypto spring,” said BitMine Chairman Tom Lee successful a statement. (Disclaimer: Tom Lee is an investor successful Dastan, Decrypt’s genitor company.) 

BitMine’s latest acquisition is simply a large measurement down from last week’s bargain of astir 112,000 ETH, its largest of 2026. Last month, Lee said the steadfast might dilatory its assertive acquisition pace arsenic it didn’t privation to scope its extremity of 5% of the token proviso excessively quickly, saying “there’s different things to beryllium doing successful crypto close now.” 

BitMine present holds 5,416,901 ETH successful total, oregon astir 4.48% of the circulating Ethereum supply. In summation to its $10.6 cardinal ETH treasury, it besides boasts astir $446 cardinal successful currency and 203 BTC valued astatine $14.5 million. 

Shares successful the steadfast (BMNR) person fallen astir 1.3% connected Monday, precocious changing hands astir $19.02. At that mark, shares are present down much than 34% successful the past six months of trading and 88% disconnected their 52-week precocious of $161. 

Meanwhile, Ethereum’s descent beneath $2,000 comes pursuing a astir 15% diminution successful the past period of trading, and a much than 60% autumn from its August all-time precocious of $4,946.

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Predictors connected Myriad, the prediction marketplace from Decrypt’s parent company, increasingly favour a driblet to $1,500 earlier ETH rebounds to $3,000. The market, which asks predictors to forecast Ethereum’s adjacent terms stop, makes likelihood of hitting $1,500 archetypal astir 67%. 

Strategy, the largest wide crypto treasury steadfast with astir $60 cardinal of Bitcoin, said Monday that it sold BTC for the archetypal clip since past 2022, selling disconnected astir $2.5 cardinal worthy of BTC. Bitcoin fell to its lowest terms successful astir 2 months pursuing the announcement, portion Strategy (MSTR) shares dropped to a 45-day low aft the opening doorbell Monday.