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Strategy sat out the BTC accumulation game last week, neither buying nor selling any of its Bitcoin treasury. While Michael Saylor's firm went quiet, Tom Lee's Bitmine Immersion Technologies kept adding ETH, picking up another 27,801 tokens worth $49.12 million in the seven-day window.
Why it matters
The contrast is the story. Strategy built the playbook of corporate treasury accumulation in BTC, but last week delivered a rare zero week with no buys or sells. Capital that would historically have flowed into BTC is now visibly rotating into ETH through single-purpose vehicles, and Bitmine is the loudest example. The Tom Lee-led firm now holds 5.77 million ETH, equal to 4.8% of total ETH supply of 120.7 million tokens, and says it is 96% of the way to its so-called "Alchemy of 5%" target in just twelve months.
Market impact
Bitmine's combined crypto and cash holdings now sit at $11.3 billion, an aggressive pace that puts ETH institutional accumulation on a similar trajectory to BTC treasuries in 2024. Strategy's pause suggests the BTC treasury trade has matured into maintenance mode while the ETH equivalent is still in its build phase, a rotation worth tracking through weekly flows into BMNR and similar vehicles.
Source: [Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.77 Million Tokens, and Total Crypto and Total Cash Holdings of $11.3 Billion](https://www.prnewswire.com/apac/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-77-million-tokens-and-total-crypto-and-total-cash-holdings-of-11-3-billion-302823543.html)
Frequently asked questions
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How much ETH did Bitmine buy last week?
Bitmine Immersion Technologies bought another 27,801 ETH worth about $49.12 million in the seven-day window, bringing total holdings to 5.77 million tokens.
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How much ETH does Bitmine now hold in total?
Bitmine holds 5.77 million ETH, equal to 4.8% of total ETH supply of 120.7 million tokens. The firm says it is 96% of the way to its "Alchemy of 5%" target in twelve months.
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What did Strategy do with its BTC last week?
Strategy neither bought nor sold any BTC last week, a rare zero week for Michael Saylor's corporate treasury vehicle after years of consistent accumulation.
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What is Bitmine's total crypto and cash position?
Bitmine's combined crypto and cash holdings reached $11.3 billion, making it one of the largest public corporate holders of ETH.
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Why is Bitmine's ETH accumulation significant?
Bitmine is building an ETH treasury at a pace comparable to Strategy's BTC accumulation in 2024. Its 4.8% of total ETH supply signals that institutional capital is rotating into ETH treasuries while BTC treasury growth has moved into maintenance mode.
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