BTC Buys Stall as Bitmine, SharpLink Add 66,280 ETH

Strategy did not add to its Bitcoin holdings last week, while corporate ETH buyers Bitmine and SharpLink accumulated a combined 66,280 ETH worth roughly $104.9 million, according to Lookonchain's weekly on-chain recap covering June 22 to June 28, 2026.

Tom Lee's Bitmine bought 27,084 ETH (about $42.52M) and SharpLink added 39,196 ETH (around $62.4M), keeping institutional flow pointed at Ether even as Michael Saylor's Strategy paused its usual weekly accumulation. Only two companies bought a combined 282 BTC (roughly $16.65M) over the same period, a sharp drop in the cadence of corporate BTC adds that has defined prior weeks.

Why it matters

The split in treasury behavior is the story. Strategy's pause breaks the rhythm investors have come to anchor on, while ETH-focused treasuries continue to compound positions. Stablecoin market cap fell $2.33B on the week, a modest contraction in dry powder that, combined with the ETH accumulation, suggests treasuries are deploying rather than waiting for fresh stablecoin inflows.

Market impact

The headline reads as a rotation: BTC corporate demand is thinned to just 282 BTC added across two buyers, while ETH continues to attract coordinated institutional accumulation. Watch whether Strategy resumes its cadence this week, and whether Bitmine and SharpLink's combined $104.9M ETH add marks a sustained floor or a one-week spike.