BitMine Buys 101,745 ETH; Strategy Skips Weekly Bitcoin Purchase

BitMine Immersion Technologies, the Tom Lee-led firm that has repositioned itself from bitcoin mining into an Ethereum treasury strategy, disclosed another large ETH buy completed over the past week. In a Monday release, BitMine said it purchased 101,745 ETH, largely through direct sales from the Ethereum Foundation. At current prices, the transaction is valued at nearly $240 million. The company said its total Ethereum holdings now exceed 5.180 million tokens. BitMine also reported it holds 200 BTC, a $200 million stake in Beast Industries, an $83 million stake in Eightco Holdings, and $700 million in cash. Following the latest purchase, BitMine said it now controls about 4.29% of Ethereum's roughly 120.7 million token supply. Lee reiterated his view that the "crypto winter" has ended and that ETH could be set up for a broader rally. He argued that "crypto spring" has begun, pointing to subdued investor sentiment despite rising prices, and said that the potential passage—or even failure—of the CLARITY Act would reinforce that view. Lee also cited two key tailwinds for Ethereum: Wall Street's push to tokenize assets on public blockchains and growing demand from agentic AI systems for neutral, public settlement layers. He described Ethereum as the most widely used and reliable network for tokenization and said it is positioned for the rise of "agentic commerce," adding that BitMine expects "ETH will be viewed as both a store of value and a unit of exchange." Separately, Strategy, the largest corporate holder of any cryptocurrency and a frequent Monday buyer of bitcoin, did not announce an additional BTC purchase this week. Co-founder Michael Saylor said the company skipped a week but plans to resume next week as it continues raising funds for further accumulation and prepares to release its Q1 earnings report tomorrow. Strategy's shares ended April sharply higher after snapping a nine-month losing streak.