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Bitmine Immersion Technologies has accelerated its Ethereum accumulation, adding 71,179 $ETH in the past week alone. However, Strategy Inc. reported no Bitcoin purchases over the same period.
The contrast was revealed through a company press release and a recent SEC filing. It points to diverging approaches among public crypto treasury firms, even as both entities control a similar share of their respective networks.
Bitmine adds over $140M in $ETH as buying pace accelerates
Bitmine said it acquired 71,179 $ETH in the week ending March 29, up sharply from its prior weekly average of 45,000–50,000 $ETH. At roughly $2,005 per token, the latest purchases represent more than $140 million in fresh capital deployment.
The company now holds approximately 4.7 million $ETH, valued at over $9.5 billion, representing close to 3.9% of the total Ethereum supply.
A significant portion of these holdings—over 3.1 million $ETH—is staked, generating annualized yield through its in-house validator infrastructure.
The accelerated buying suggests a more active accumulation strategy, with the firm continuing to increase exposure during a period it describes as late-stage market consolidation.
Strategy reports no Bitcoin purchases during the same period
In contrast, Strategy disclosed in a March 30 Form 8-K filing that it did not purchase any Bitcoin between March 23 and March 29, nor did it issue shares under its at-the-market program during that time.
The company continues to hold approximately 762,099 $BTC, acquired at an aggregate cost of $57.69 billion, with an average purchase price of about $75,694 per coin.
Despite the pause in accumulation, Strategy remains the largest corporate Bitcoin holder globally, controlling roughly 3.6% of the total $BTC supply.
Similar scale, different approaches to crypto treasury management
Despite operating at comparable scale—each controlling around 3.6% to 3.9% of supply—Bitmine and Strategy are taking markedly different approaches to crypto treasury management.
Bitmine is actively expanding its Ethereum position while generating yield through staking. In contrast, Strategy has adopted a more passive holding approach, with no recent additions to its Bitcoin reserves.
Valuation metrics also reflect this divergence. Bitmine currently trades at an estimated 0.88x its net asset value [mNAV], compared to Strategy’s roughly 0.95x, suggesting different market perceptions of Ethereum- and Bitcoin-based treasury models.
The contrast highlights a broader shift, as institutional crypto strategies evolve beyond simple accumulation toward more varied approaches to capital deployment and asset utilization.
Final Summary
- Bitmine accelerated $ETH accumulation with a $140M weekly purchase, while Strategy paused Bitcoin buying during the same period.
- Both firms control a similar share of supply, but their strategies and valuation profiles are beginning to diverge.