Strategy Sells Bitcoin While Bitmine Doubles Down on ETH

In a striking divergence of corporate treasury strategies, Strategy—the largest publicly traded holder of digital assets—has sold a portion of its Bitcoin holdings for the first time since 2022, while rival Bitmine continues to aggressively accumulate Ethereum. The contrasting moves come as both the S&P 500 and Nasdaq trade near record highs, yet crypto markets remain subdued.

Strategy's Surprise Sale

Strategy, which holds over $60 billion in Bitcoin, recently sold approximately $2.5 million worth of BTC. The sale, though small relative to its total holdings, marks a notable shift for a firm that has been a relentless buyer of Bitcoin since 2020. The company did not disclose the reason for the sale, but analysts speculate it could be for liquidity management or to fund other corporate initiatives. The last time Strategy sold Bitcoin was in 2022 during the crypto downturn.

Bitmine's Ethereum Accumulation Continues

Meanwhile, Ethereum treasury firm Bitmine has purchased another 26,497 ETH, worth about $52 million, bringing its total holdings to 5,416,901 ETH—approximately 4.49% of the total ETH supply. Chairman Tom Lee stated that the firm expects to reach its 5% target sometime in 2026, adding that current prices do not reflect what he calls “improving Ethereum fundamentals.” He described the current environment as the “early stage of a crypto spring.”

Bitmine's most recent purchase is a sharp slowdown from last week's buy of nearly 112,000 ETH—its largest weekly purchase of 2026. Earlier weekly buys ranged from 45,000 to 76,000 ETH. Lee indicated the firm would slow its buying to avoid hitting the 5% threshold too quickly.

Ethereum Price Action

ETH recently traded below $2,000 for the first time since March 29, according to CoinMarketCap. The token is down about 30% year-to-date and sits 60% below its all-time high of $4,946. The decline occurred even as traditional equities markets hit record highs, highlighting a divergence between crypto and stocks.

Bitmine's Staking Revenue

Bitmine has staked roughly 4.7 million ETH, generating annualized revenue of $258 million. The firm relies on partners such as Coinbase and its own Made in America Validator Network (MAVAN). Lee expects staking income to rise to $296 million once all of Bitmine's ETH is staked. The company's ETH treasury is now worth about $10.6 billion, second only to Strategy among digital asset treasuries. Bitmine also holds 203 BTC, a $180 million stake in Beast Industries, a $93 million stake in Eightco Holdings, and $446 million in cash.

Market Implications

The contrasting strategies highlight differing outlooks on digital assets. Strategy's sale, however minor, could signal caution at the top of the Bitcoin market, while Bitmine's continued buying suggests confidence in Ethereum's long-term value. The moves also underscore the growing sophistication of corporate crypto treasuries, which now generate income through staking and other yield-generating activities.

Key Takeaways

1. Strategy sold Bitcoin for the first time since 2022, a small but symbolic shift.
2. Bitmine continues to buy Ethereum, now holding 4.49% of total supply.
3. Ethereum is down 30% YTD, trading below $2,000 despite record stock markets.
4. Bitmine's staking revenue reaches $258 million annually, with potential to grow.
5. The divergence highlights contrasting institutional strategies in crypto.

Sources: CoinMarketCap Academy