BitMine Immersion Technologies, the company led by former bitcoin miner Tom Lee that has repositioned itself as an Ethereum-focused treasury firm, continued its Monday habit of announcing large ETH purchases completed over the previous week.
Meanwhile, the world’s largest corporate holder of any cryptocurrency, Michael Saylor’s MicroStrategy, skipped its usual weekly update as it raises funds for additional bitcoin acquisitions.
BitMine Continues Accumulating ETH
In a recent press release, the company said it bought 101,745 ETH during the past week, primarily through direct sales from the Ethereum Foundation. At current prices, that purchase is valued at nearly $240 million and increased BitMine’s ETH holdings to more than 5.18 million tokens. In addition to its Ethereum position, BitMine holds 200 BTC, a $200 million stake in Beast Industries, an $83 million stake in Eightco Holdings, and approximately $700 million in cash.
With the latest acquisition, BitMine now controls roughly 4.29% of Ethereum’s circulating supply, which totals about 120.7 million tokens. Tom Lee and his team have repeatedly expressed optimism that the crypto winter is over and that ETH could be entering a new, stronger rally.
“Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen. We believe the potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring. As for the upcoming drivers of crypto gains, Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” Lee said.
Lee emphasized that the second-largest blockchain remains “the most widely used and reliable” platform for tokenization and is well positioned for the anticipated growth of agentic commerce. BitMine’s leadership maintains that ETH will be regarded both as a store of value and as a unit of exchange.
MicroStrategy Pauses Weekly Update
MicroStrategy, another prominent corporate crypto buyer known for its regular Monday announcements, did not publish an update this week. Company co-founder and bitcoin advocate Michael Saylor confirmed the pause and explained that MicroStrategy is temporarily focused on raising capital for further BTC purchases and preparing its Q1 earnings report, with plans to resume its typical cadence next week.
Notably, MicroStrategy’s stock (MSTR) finished April with a significant rally after ending a nine-month losing streak, reflecting renewed investor interest and positive momentum going into the company’s next round of crypto accumulation.