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

Publicly traded Ethereum treasury firm BitMine Immersion Technologies once more added to its ETH position last week, even as its Bitcoin-centric counterpart Strategy sold BTC for the first time since 2022.

BitMine purchased another 26,497 ETH or around $52 million worth as Ethereum trades at $1,967 on Monday, dipping below $2,000 for the first time since March 29, according to data from CoinGecko.

“In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring,” said BitMine Chairman Tom Lee in a statement. (Disclaimer: Tom Lee is an investor in Dastan, Decrypt’s parent company.) 

BitMine’s latest purchase is a big step down from last week’s buy of nearly 112,000 ETH, its largest of 2026. Last month, Lee said the firm might slow its aggressive acquisition pace as it didn’t want to reach its goal of 5% of the token supply too quickly, saying “there’s other things to be doing in crypto right now.” 

BitMine now holds 5,416,901 ETH in total, or about 4.48% of the circulating Ethereum supply. In addition to its $10.6 billion ETH treasury, it also boasts around $446 million in cash and 203 BTC valued at $14.5 million. 

Shares in the firm (BMNR) have fallen around 1.3% on Monday, recently changing hands around $19.02. At that mark, shares are now down more than 34% in the last six months of trading and 88% off their 52-week high of $161. 

Meanwhile, Ethereum’s slide below $2,000 comes following a nearly 15% decline in the last month of trading, and a more than 60% fall from its August all-time high of $4,946.

Predictors on Myriad, the prediction market from Decrypt’s parent company, increasingly favor a drop to $1,500 before ETH rebounds to $3,000. The market, which asks predictors to forecast Ethereum’s next price stop, makes odds of hitting $1,500 first about 67%. 

Strategy, the largest overall crypto treasury firm with about $60 billion of Bitcoin, said Monday that it sold BTC for the first time since last 2022, selling off about $2.5 million worth of BTC. Bitcoin fell to its lowest price in nearly two months following the announcement, while Strategy (MSTR) shares dropped to a 45-day low after the opening bell Monday.