Key Takeaways
- • Strategy sold 32 BTC for $2.5M (at $77,135/coin) between May 26-31, 2026—the company's first Bitcoin sale since December 2022—to fund dividends on preferred shares, triggering a 6% decline in MSTR stock and contributing to Bitcoin dropping below $70,000.
- • BitMine acquired 26,497 ETH for approximately $52M (at $2,003/coin average) during the same period, increasing its total holdings to 5.42 million ETH, representing 4.49% of Ethereum's total supply.
- • BitMine now holds the largest corporate Ethereum treasury globally and the second-largest crypto treasury overall after Strategy, with $10.4 billion in disclosed assets including 5.62 million ETH.
- • Tom Lee, BitMine's leader, stated that ETH's current price does not reflect network fundamentals and that the market is in the "early stages of crypto spring," signaling confidence in continued accumulation toward a 5% supply threshold.
- • The contrasting moves—Strategy exiting Bitcoin while BitMine accelerates Ethereum purchases—contributed to ETH outperforming BTC by 6% over the week, despite both assets experiencing downtrends since August.
Summary
Strategy, the largest corporate Bitcoin holder, executed its first significant Bitcoin sale in nearly four years, liquidating 32 BTC for $2.5 million at an average price of $77,135 per coin between May 26 and May 31, 2026. The proceeds were designated for dividend payments on the company's STRC preferred shares. This transaction marked a departure from Strategy's long-term accumulation strategy; the company's previous sale occurred in December 2022, when it divested 704 BTC for tax purposes before immediately repurchasing 810 BTC. At the time of this latest sale, Strategy maintained a Bitcoin position of 843,706 BTC with an average cost basis of $75,700 per coin, representing approximately $60.8 billion in current value. The market reacted negatively to the news, with Strategy's shares declining more than 6% at market open and Bitcoin updating its local low, trading below $70,000.
Simultaneously, BitMine Immersion Technologies, under Tom Lee's direction, continued its aggressive Ethereum accumulation strategy, acquiring an additional 26,497 ETH worth approximately $52 million at an average price of $2,003 per coin. This purchase expanded BitMine's total Ethereum holdings to 5.42 million ETH, representing 4.49% of Ethereum's total supply. BitMine's latest disclosed assets totaled $10.4 billion, including 5.62 million ETH (4.66% of supply), positioning the company as the world's largest corporate Ethereum holder and the second-largest crypto treasury overall behind only Strategy's Bitcoin reserves.
Tom Lee articulated BitMine's investment thesis publicly, asserting that Ethereum's current price does not reflect the strengthening of network fundamentals and characterizing the broader market as being in the "early stages of crypto spring." Lee indicated that BitMine increased buying activity in response to the price pullback, viewing it as a value opportunity rather than a signal of weakness. BitMine has set an explicit target of reaching 5% ownership of Ethereum's total supply, a milestone expected to be achieved later in 2026 at current acquisition rates.
The divergent portfolio actions—Strategy's Bitcoin exits paired with BitMine's Ethereum accumulation—contributed to measurable relative performance during the week ending July 6, 2026, with Ethereum outperforming Bitcoin by approximately 6 percentage points. This outperformance occurred despite both assets experiencing a near-continuous downtrend since August 2025, underscoring the significance of the large institutional repositioning between the two largest cryptocurrencies by market capitalization.
Simultaneously, BitMine Immersion Technologies, under Tom Lee's direction, continued its aggressive Ethereum accumulation strategy, acquiring an additional 26,497 ETH worth approximately $52 million at an average price of $2,003 per coin. This purchase expanded BitMine's total Ethereum holdings to 5.42 million ETH, representing 4.49% of Ethereum's total supply. BitMine's latest disclosed assets totaled $10.4 billion, including 5.62 million ETH (4.66% of supply), positioning the company as the world's largest corporate Ethereum holder and the second-largest crypto treasury overall behind only Strategy's Bitcoin reserves.
Tom Lee articulated BitMine's investment thesis publicly, asserting that Ethereum's current price does not reflect the strengthening of network fundamentals and characterizing the broader market as being in the "early stages of crypto spring." Lee indicated that BitMine increased buying activity in response to the price pullback, viewing it as a value opportunity rather than a signal of weakness. BitMine has set an explicit target of reaching 5% ownership of Ethereum's total supply, a milestone expected to be achieved later in 2026 at current acquisition rates.
The divergent portfolio actions—Strategy's Bitcoin exits paired with BitMine's Ethereum accumulation—contributed to measurable relative performance during the week ending July 6, 2026, with Ethereum outperforming Bitcoin by approximately 6 percentage points. This outperformance occurred despite both assets experiencing a near-continuous downtrend since August 2025, underscoring the significance of the large institutional repositioning between the two largest cryptocurrencies by market capitalization.
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