BitMine Immersion Technologies acquired $52 million in Ethereum while MicroStrategy’s Strategy arm sold Bitcoin holdings. Here’s what the diverging moves signal for crypto treasury strategies.
BitMine Immersion Technologies spent $52 million buying Ethereum last week, expanding the largest corporate ETH treasury in the world, while Strategy sold Bitcoin for the first time since 2022 to cover preferred stock distributions.
BitMine (NYSE: BMNR) acquired 26,497 ETH at an average price of roughly $1,967 per token during the week ending May 31, 2026. The purchase brought total holdings to 5,416,901 ETH, representing 4.49% of Ethereum’s entire circulating supply of 120.7 million tokens.
BitMine ETH Treasury — May 31, 2026
Weekly ETH Purchase
$52M
26,497 ETH at ~$1,967
Total ETH Holdings
5.42M ETH
4.49% of total ETH supply
Total Treasury Value
$11.6B
Crypto + cash combined
Source: BitMine Immersion Technologies (NYSE: BMNR) via PRNewswire
The company’s combined crypto and cash holdings now stand at $11.6 billion. Beyond ETH, BitMine holds 203 BTC, a $180 million stake in Beast Industries, a $93 million position in Eightco, and $446 million in cash.
BitMine has staked 4,718,677 ETH, worth approximately $9.5 billion, through its MAVAN (Made in America VAlidator Network) platform. The staked position generates a 7-day annualized yield of 2.73%, translating to projected annual staking revenues of $258 million at current levels and $296 million if the full treasury is staked.
That staking income is a structural advantage over Bitcoin treasury strategies, which generate no native yield. For companies weighing corporate crypto allocations, ETH’s built-in staking economics offer a recurring revenue stream that BTC cannot match.
BitMine Chairman Tom Lee, the Fundstrat co-founder, framed the purchase as opportunistic given ETH’s price weakness.
“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.”
Tom Lee, BitMine Chairman
ETH traded at $1,982 at press time, down roughly 60% from its August 2025 all-time high of $4,946. The token fell below $2,000 for the first time since March 29, 2026, giving BitMine a discounted entry point relative to recent months.
Strategy Sells Bitcoin for the First Time Since 2022
While BitMine accumulated ETH, Strategy (formerly MicroStrategy) moved in the opposite direction. The company sold 32 BTC between May 26 and May 31 for approximately $2.5 million at an average price of $77,135 per coin. It was Strategy’s first Bitcoin sale since December 2022.
The sale was not a change in conviction. Strategy sold to fund distributions on its STRC preferred stock, a high-yield instrument designed to maintain $100 par value. The company still holds 843,706 BTC valued at roughly $61 billion, keeping it far ahead as the world’s largest corporate Bitcoin treasury.
Markets reacted sharply regardless. Strategy’s sale triggered $402 million in crypto futures liquidations across 135,585 traders within 24 hours, with $93 million liquidated in a single hour. BTC dropped approximately 3% below $72,000, and MSTR shares fell 5.15% in premarket trading.
The broader market sentiment reflected the unease. The Crypto Fear & Greed Index sat at 29, firmly in “Fear” territory, as BTC traded at $71,443, down 2.74% over 24 hours and more than 43% below its October 2025 all-time high of $126,080.
Two Treasury Strategies, Two Different Bets
BitMine now ranks as the world’s largest Ethereum treasury and the second-largest overall corporate crypto treasury behind Strategy. The two companies represent fundamentally different approaches to holding digital assets on a balance sheet.
Strategy’s STRC preferred stock obligations forced its first BTC sale in nearly four years, illustrating how fixed-income instruments can create selling pressure on a non-yielding asset. BitMine’s ETH staking, by contrast, generates enough revenue to potentially cover corporate obligations without liquidating holdings.
The projected $258 million in annual staking income gives BitMine a cash flow advantage that pure Bitcoin treasury companies lack. Whether that yield justifies holding an asset down 60% from its high is the open question for investors evaluating corporate crypto strategies in 2026.
What to Know:
- BitMine now controls 4.49% of all ETH in circulation, with staking revenues projected at $258 million annually, positioning Ethereum as a yield-bearing treasury asset rather than a speculative hold.
- Strategy’s first BTC sale since 2022 was operationally driven, not a reversal of its Bitcoin thesis, but market reaction, including $402 million in liquidations, shows how sensitive crypto markets remain to any signal from the largest corporate holder.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
