CoinDesk
Bitmine Immersion Technologies chairman Tom Lee dismissed market anxiety over Strategy's first bitcoin sale in nearly four years, calling the 32 BTC disposal — worth roughly $2.5 million at an average price of $77,135 — economically immaterial. The transaction represented just 0.004% of Strategy's 843,700 BTC reserves and was framed by Lee as routine execution of Michael Saylor's previously stated plans to fund preferred stock dividend payments.
Why it matters
The reaction is the story, not the sale. Strategy's treasury conviction thesis has not changed, and Saylor still controls 99.99% of his bitcoin — a position whose payoff requires $BTC to appreciate. The 11 consecutive days of outflows from U.S. spot bitcoin ETFs, totalling $3.4 billion, is the longer-running signal Lee is reading. In his framing, capital exiting at the lows is a classic trailing indicator of a cycle resetting rather than a structural break in institutional demand.
Market impact
Lee's read is internally consistent: capitulation flows cluster near bottoms, and the largest corporate accumulator is not de-risking. His own firm is still executing the opposite trade — Bitmine bought 111,942 $ETH last week for roughly $237 million, lifting holdings to almost 5.4 million ether, about 4.47% of circulating supply. With one of the most outspoken bull-case voices publicly framing the pain as bottom behaviour, the near-term read is that conviction buyers are not stepping aside even as spot ETF flows print their longest negative streak since launch.
Frequently asked questions
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How much bitcoin did Strategy actually sell?
Strategy sold 32 BTC at an average price of $77,135, generating roughly $2.5 million to fund preferred stock dividend payments. The disposal represented 0.004% of its 843,700 BTC reserves.
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Why does Tom Lee see the sale as bottom behavior?
Lee argues the 32 BTC sale is economically immaterial and that Saylor still holds 99.99% of his bitcoin. He frames the 11-day, $3.4 billion spot ETF outflow streak as a classic trailing indicator of a cycle resetting rather than a structural break.
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How long is the current spot bitcoin ETF outflow streak?
U.S. spot bitcoin ETFs have seen 11 consecutive days of net outflows totalling $3.4 billion — the longest such streak since the products debuted in January 2024.
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What is Bitmine doing with ether right now?
Bitmine bought 111,942 ETH last week for roughly $237 million, its most significant ether purchase since December. Holdings now stand at almost 5.4 million ETH, about 4.47% of circulating supply.
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Did Michael Saylor signal the sale in advance?
Lee said Saylor had previously stated he was planning to sell bitcoin and was simply following through. The transaction was Strategy's first bitcoin sale in nearly four years.
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