Publicly traded Ethereum treasury firm BitMine Immersion Technologies added another 26,497 ETH, worth about $52 million, to its holdings last week. The purchase comes as ETH trades at $1,967, dipping below $2,000 for the first time since March 29.
BitMine Chairman Tom Lee said ETH prices are not reflecting the strengthening of Ethereum fundamentals, attributing the disconnect to being in the early stages of a crypto spring.
This latest buy is a significant step down from last week’s purchase of nearly 112,000 ETH, which was BitMine's largest of 2026. Lee had previously indicated the firm might slow its aggressive acquisition pace, noting it did not want to reach its goal of 5% of the token supply too quickly.
BitMine now holds 5,416,901 ETH total, or about 4.48% of the circulating supply. The company’s ETH treasury is valued at over $10.6 billion, alongside $446 million in cash and 203 BTC, worth $14.5 million.
Meanwhile, Strategy, the largest corporate holder of Bitcoin, sold BTC for the first time since 2022, offloading $2.5 million worth. Bitcoin fell to its lowest price in nearly two months following the announcement.
Ethereum has declined nearly 15% in the last month and is down over 60% from its August all-time high of $4,946.