Bitmine, Strategy Step Up Accumulation as ETH, BTC Prices Fall

Bitmine, the largest listed Ether ($ETH) treasury holder, according to the company, bought another 76,881 $ETH towards its target of capturing 5% of the total ether supply. Top corporate Bitcoin ($BTC) buyer Strategy also added to its position.

Buying through the dip

NYSE-listed Bitmine said in a 15 Jun statement that it was maintaining an “elevated pace of buying” as it believed the $ETH price decline did not reflect improving fundamentals. Founded in 2021 as an immersion-cooled Bitcoin mining and hosting company, Bitmine pivoted under Chairman Tom Lee to a crypto-treasury model that runs institutional staking via its Made in America Validator Network (MAVAN).

Lee said the industry was in “the early stages of crypto spring,” and that Bitmine expected to close in on what he called the “alchemy of 5%” sometime in 2026, the point at which reaching that threshold of total ether supply would transform the company from a mining business into a high-yield, recurring revenue treasury engine.

The firm said that as of 14 Jun it held 5,620,754 $ETH, valued at about $1,718 per $ETH. Its $ETH holdings represented 4.7% of the total $ETH supply of 120.7mn, leaving Bitmine about 93% of the way to its 5% target. Ether is the second-largest cryptocurrency by market capitalization, at $200.9bn.

Strategy adds to holdings

Strategy, listed on Nasdaq and formerly known as MicroStrategy, disclosed in a filing with the US Securities and Exchange Commission (SEC) that, for the week from 8 Jun–14 Jun, it added 1,587 bitcoin at an average purchase price of $63,024 and held an aggregate 843,706 $BTC as of 14 Jun.

The firm, whose co-founder Michael Saylor is one of Bitcoin’s most prominent corporate advocates, said the balance of its US dollar reserve stood at $1.1bn as of 14 Jun. The reserve was established in December 2025 to fund dividend payments on Strategy’s preferred stock. Strategy transformed in 2020 from its business software roots into a Bitcoin holding company.

The weekly buy followed a brief sale in late May. Strategy disclosed in a 1 Jun SEC filing that it had sold 32 bitcoin between 26 May–31 May for $2.5mn, at an average of $77,135 per coin. This was its first bitcoin sale since December 2022.

Bitmine’s staking projections

As of 14 Jun, Bitmine also held 204 bitcoin, a $180mn stake in Beast Industries, an $88mn stake in Eightco Holdings and $502mn in cash and marketable securities, the company said.

Lee said staking revenues were projected to reach $226mn a year, with Bitmine’s own operations generating a 7-day yield of 2.8% annualized. On the same date, Bitmine’s total staked $ETH stood at 4,718,677.

Off the day’s highs

Ether rose as high as $1,846.10 before pulling back to $1,769.53, up 2.9% on the day. Bitcoin reached an intraday high of $67,217.47 before retreating to $65,709.89, up 0.1%.

Both tokens remained well below their 2025 peaks. Ether was down 64% from its August 2025 all-time high, while Bitcoin traded 48% below the $126,080 record it set in October 2025.

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