BitMine Boosts Ethereum Holdings Amidst Bitcoin Sell-Off
Publicly traded Ethereum treasury firm BitMine Immersion Technologies significantly expanded its Ether holdings last week, adding approximately $73 million worth of ETH. This move comes as its Bitcoin counterpart, Strategy, divested $216 million in BTC to meet dividend obligations.
BitMine’s treasury now boasts 5,742,237 ETH, representing over 4.7% of Ethereum’s circulating supply. Valued at nearly $10 billion, this substantial acquisition was made as ETH traded around $1,752.
The latest purchase marks an increase from the previous week’s $43 million acquisition. BitMine Chairman Tom Lee, an investor in Dastan, the parent company of Decrypt, remains bullish on the crypto market, anticipating a period of prosperity. He cited the increasing likelihood of the Clarity Act’s passage as further evidence supporting his optimistic outlook.
“Over the past few days, investors have become more optimistic about the passage of the Clarity Act, with prediction markets now indicating approximately a 50% probability, the highest odds in two weeks,” Lee stated. He added, “We believe regulatory clarity is an important milestone, enabling crypto, particularly smart contract platforms like Ethereum, to benefit, as crypto becomes part of our everyday life.”
As of Monday morning, the odds of the bill’s passage this year stood at around 48% on Polymarket, a 4% increase over the past week. However, this figure is down 34% from a February high of approximately 82% in support of passage before the end of 2026.
Investor optimism surrounding BitMine was reflected in its stock performance on Monday, with shares jumping more than 5% shortly after market open to trade around $15.14. Lee noted that the stock’s recent inclusion in the Russell 1000 index is expected to substantially increase institutional ownership of the firm’s shares. “Being added to the Russell 1000 is expected to add hundreds and possibly thousands of additional institutional investors as equity owners of BitMine,” he said.
In addition to its ETH purchase, BitMine has increased its staked ETH to 4,879,157, or nearly 85% of its total holdings. This move projects an annualized staking revenue of $235 million.
Ether has seen a gain of over 10% in the last week, trading around $1,752. Despite this recent surge, it remains 65% below its all-time high of $4,946.
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