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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/07/2026

BitMine Adds $73M in ETH, Nears 5% of Supply as Strategy Dumps Bitcoin

What happened: BitMine Immersion Technologies acquired 42,197 ETH (valued at roughly $73–74 million) last week, bringing its total ETH holdings to 5.

BitMine Adds $73M in ETH, Nears 5% of Supply as Strategy Dumps Bitcoin

What happened: BitMine Immersion Technologies acquired 42,197 ETH (valued at roughly $73–74 million) last week, bringing its total ETH holdings to 5.74 million—about 4.7–4.8% of Ethereum's circulating supply. The company has staked 4.88 million ETH via the MAVAN platform, generating projected annual staking revenue of $235 million. On the same day, Strategy sold 3,588 BTC for $216 million to fund preferred dividends.

Why it matters: BitMine's aggressive ETH accumulation, attributed by chairman Tom Lee to rising odds of the Clarity Act's passage, positions the firm as a dominant player in Ethereum-based staking and treasury management. The move underscores a strategic shift among institutional investors toward ETH and staking yields, while Strategy's Bitcoin sale highlights diverging treasury management philosophies. BitMine's holdings now represent a significant portion of the network, raising questions about centralization and governance influence.

Source: Decrypt