Bitmine Immersion Technologies has accelerated Ethereum’s accumulation, adding 71,179 ETH in the past week alone. Strategy Inc. however, reported no Bitcoin purchases during the same period.
The contrast was revealed via a company press release and a recent SEC filing. It highlights divergent approaches among public crypto treasury companies, even though both entities control a similar portion of their respective networks.
Bitmine adds over $140 million worth of ETH as buying pace accelerates
Bitmine said it had been acquired 71,179 ETH in the week ending March 29increased sharply from the previous weekly average of 45,000–50,000 ETH. At around $2,005 per token, the latest purchases represent over $2,005 per token $140 million in new capital deployment.
The company now owns approx 4.7 million ETH, valued at over $9.5 billion, representing almost 3.9% of the total Ethereum supply.
A significant portion of these holdings (over 3.1 million ETH) are invested and generate annual returns through the internal validator infrastructure.
The accelerated buying signals a more active accumulation strategy, with the company continuing to increase its exposure during a period it describes as advanced market consolidation.
Strategy reports that there were no Bitcoin purchases during the same period
Strategy described in a March 30 Form 8-K filing that it has not purchased Bitcoin in between March 23 and March 29nor has it issued any shares under its at-the-market program during that time.
The company still holds approx 762,099 BTCacquired at a total cost of $57.69 billionimmediately average purchase price of approximately $75,694 per coin.
Despite the pause in accumulation, Strategy remains the largest company Bitcoin holder worldwide, controlling approximately 3.6% of the total BTC supply.
Similar scale, different approaches to crypto treasury management
Despite operating on a similar scale – each with approximately 3.6% to 3.9% of the supply – Bitmine and Strategy take distinctly different approaches to crypto treasury management.
Bitmine is actively expanding its Ethereum position while generating returns through staking. Strategy, on the other hand, has taken a more passive approach, with no recent additions to Bitcoin reserves.
Valuation metrics also reflect this difference. Bitmine currently trades at an estimated 0.88x its intrinsic value [mNAV]compared to Strategy’s approximately 0.95xindicating different market perceptions of Ethereum and Bitcoin-based treasury models.
The contrast highlights a broader shift, as institutional crypto strategies evolve from simple accumulation to more varied approaches to capital deployment and asset use.
Final summary
- Bitmine accelerated the accumulation of ETH with a weekly purchase of $140 million, while Strategy halted the purchase of Bitcoin during the same period.
- Both companies have a similar share of the supply, but their strategies and valuation profiles are starting to diverge.