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.
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