42,197 ETH Acquired as Bitmine Builds $11.1B Crypto Treasury While Strategy Sells

Strategy Breaks With Its Bitcoin Accumulation Playbook

Earlier in the day, Strategy announced it sold 3,588 BTC for approximately $216 million, marking its largest bitcoin sale since resuming limited dispositions in recent years. According to co-founder Michael Saylor, the proceeds funded quarterly dividends tied to the company’s STRF, STRE, STRK, and STRD preferred shares, along with the June monthly dividend for STRC.

Following the transaction, Strategy’s bitcoin treasury declined to 843,775 BTC while the company reported approximately $2.55 billion in cash reserves. The sale represented a notable departure from the accumulation-first approach that has defined Strategy’s corporate identity for years.

Although Strategy remains the world’s largest corporate bitcoin holder, the transaction demonstrated that preferred stock obligations now play a meaningful role in the company’s capital management decisions. A great deal of crypto supporters and detractors commented on the news. Bitcoin and Strategy critic Peter Schiff took to X and wrote:

“MSTR now has a completely different business model. Instead of selling common and preferred stock and issuing debt to buy bitcoin, the new strategy is to sell bitcoin to pay interest and dividends, pay off debt, buy back shares it sold, and hope that bitcoin’s price goes way up.”

Bitmine Accelerates Ethereum Accumulation

While Strategy reduced its bitcoin holdings, Bitmine disclosed that it continued expanding its ethereum treasury, reporting total crypto, cash, marketable securities, and other investments valued at approximately $11.1 billion.

The company said it now holds 5,742,237 ETH, representing roughly 4.8% of ethereum’s estimated circulating supply of 120.7 million ether. Bitmine also reported holding 206 BTC, approximately $527 million in cash and marketable securities, plus equity investments that include stakes in Beast Industries and Eightco.

Chairman Tom Lee said Bitmine acquired an additional 42,197 ETH during the past week, maintaining what he described as a steady pace of accumulation throughout 2026.

“We continue to maintain a steady pace of accumulation throughout 2026,” Lee remarked. The Bitmine executive added:

“We believe we are in the early stages of crypto spring. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026.”

Staking Strategy Extends Beyond Treasury Growth

Bitmine’s strategy extends beyond simply holding ether.

The company reported that 4,879,157 ETH, valued at approximately $8.8 billion using an ETH price of $1,800, is already staked through its Made in America Validator Network, or MAVAN, and other staking partners. Lee explained that the figure represents roughly 85% of Bitmine’s total ethereum holdings.

According to the company, annualized staking rewards at current rates could reach approximately $277 million when its ether treasury becomes fully deployed through MAVAN and affiliated validators. Bitmine currently projects annualized staking revenue of approximately $235 million based on its existing deployment.

The company also highlighted its recent inclusion in the Russell 1000 Index and said its Series A Preferred Stock, trading under the ticker BMNP, pays weekly dividends.

Two Treasury Strategies Come Into Focus

The announcements illustrate two distinctly different institutional approaches to digital asset treasury management.

Strategy used part of its bitcoin reserve to satisfy obligations created by its preferred stock offerings while continuing to maintain one of the largest corporate bitcoin positions in the world. The bitcoin treasury firm is still light years ahead of any private and public company, and exchange-traded fund (ETF), in terms of BTC held.

Bitmine, meanwhile, continued directing capital toward ethereum accumulation while simultaneously expanding its staking operations, positioning staking income as an increasingly important component of its treasury model.

Lee also pointed to improving odds surrounding the proposed Clarity Act, arguing that greater regulatory certainty could support broader adoption of smart contract platforms. He cited Ethereum’s role in payment infrastructure and layer-two networks as examples of practical blockchain usage that could benefit from additional regulatory clarity.

What This Means for Crypto Investors

Monday’s disclosures may draw attention because they reflect how institutional treasury strategies are beginning to diverge as companies mature.

Strategy showed that maintaining preferred stock dividends can require selective bitcoin sales, even for one of the market’s most committed long-term holders. Bitmine, by contrast, continues measuring progress through ethereum accumulation and staking expansion, with management targeting ownership of approximately 5% of ethereum’s total supply.

Rather than signaling a broad institutional shift away from bitcoin, the announcements highlight that publicly traded crypto treasury companies are increasingly pursuing different objectives, funding structures, and income models as digital asset markets continue to evolve.