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Strategy, the largest corporate holder of $BTC, has begun selling the asset, while Tom Lee's Bitmine Immersion Technologies continues to accumulate $ETH. The divergence marks a notable shift inside the institutional crypto-treasury playbook.
Bitmine disclosed it purchased 26,497 $ETH — worth roughly $52.6 million — last week, bringing its total holdings to 5,416,901 $ETH, valued at approximately $10.75 billion. The position now represents 4.49% of the total $ETH supply of 120.7 million tokens, putting Bitmine roughly 90% of the way to its stated "Alchemy of 5%" target just 11 months into the effort.
Why it matters
The simultaneous move — one of the most prominent corporate treasury vehicles in the space trimming $BTC while a high-profile fund founder aggressively stacks $ETH — illustrates how the institutional thesis is fragmenting. Strategy pioneered the corporate-treasury play for $BTC; Bitmine, led by Fundstrat's Tom Lee, is now running the same playbook at scale for $ETH. Bitmine's combined crypto and cash holdings stand at $11.6 billion, according to its latest disclosure.
Market impact
The rotation matters less for the absolute size of either position than for the signal it sends. Corporate treasuries have been a meaningful bid for $BTC since 2020; a top holder moving to net selling resets that marginal-demand picture. On the other side, Bitmine's pace — more than 5.4 million $ETH accumulated in under a year — concentrates a meaningful share of $ETH's float into a single vehicle and reframes the supply-side narrative around the asset.
Frequently asked questions
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Why is Strategy selling $BTC now?
Strategy has begun trimming its $BTC holdings, a notable reversal from the playbook that defined corporate crypto-treasury buying since 2020. The seed does not specify the motivation behind the sale.
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How much $ETH does Bitmine hold now?
Bitmine disclosed holdings of 5,416,901 $ETH, valued at approximately $10.75 billion at the time of the announcement.
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What is Bitmine's "Alchemy of 5%" target?
Bitmine is targeting accumulation of 5% of the total $ETH supply. At its current 4.49%, the company says it is roughly 90% of the way to that goal, achieved in about 11 months.
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Who leads Bitmine Immersion Technologies?
Bitmine is led by Tom Lee, the founder of Fundstrat, the research and advisory firm known for its long-standing coverage of crypto and equity markets.
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What does this rotation mean for $BTC vs $ETH?
The split suggests the institutional crypto-treasury thesis is fragmenting. A top $BTC holder moving to net selling reduces corporate marginal demand for $BTC, while Bitmine's rapid accumulation concentrates a meaningful share of $ETH's float into a single vehicle.
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