- Bitmine deployed $145 million into ETH in a single move.
- Bitmine’s buyoutpaced Strategy’s latest $76.5 million BTC buy.
- Short-term flows favor ETH, while long-term firepower still sits with Bitcoin.
Bitmine Immersion Technologies has added another 67,111 ETH worth roughly $145 million on March 24, extending an aggressive three-week accumulation streak. The buy was executed via Kraken-linked flows across two wallets.
The move comes days after Strategy disclosed a $76.5 million purchase of 1,031 BTC, putting Ethereum treasury flows ahead of Bitcoin on a short-term basis.
ETH Treasury Expansion Accelerates
Bitmine now holds 4.66 million ETH, valued at roughly $10 billion. This equals 3.86% of Ethereum’s circulating supply. The firm added 65,341 ETH between March 16 and March 22, then followed with another 67,111 ETH purchase immediately after.
The pace has increased for three straight weeks. Tom Lee sees Ethereum near the end of a “mini crypto winter” and is buying into weakness. ETH is trading near $2,154, down more than 55% from its $4,900 peak in August 2025.
Bitmine is targeting 5% of the total ETH supply through accumulation and staking. At current levels, it is already close to that threshold. Despite the scale, the firm is sitting on an unrealized loss of roughly $7 billion.
Bitcoin Treasury Still Larger, But Slower
Strategy remains the largest corporate holder of Bitcoin with 762,099 BTC. The position is valued at nearly $57.7 billion, with an average entry price of $75,694.
The latest purchase added 1,031 BTC for $76.5 million as Bitcoin trades between $60,000 and $72,000, failing to hold above the $76,000 resistance in recent weeks.
At the same time, Strategy is preparing a much larger move. The firm has also launched a $42 billion capital raise split across equity and preferred stock. If deployed fully near current prices, this could fund the purchase of roughly 595,000 BTC.
That would push total holdings above 1.35 million BTC, or more than 6% of total supply.
Capital Strategy Divergence
The difference between the two firms is timing. Bitmine is buying now, directly into weakness, with spot accumulation increasing week over week. The firm is already deploying capital and absorbing supply.
Strategy is building capacity first, and the $42 billion program expands its ability to buy, but most of that capital is not yet deployed.
Ethereum treasury demand is now concentrated. Bitmine alone controls nearly 4% of supply, with other treasury players holding significantly smaller positions. On the Bitcoin side, accumulation is more distributed but led heavily by Strategy.
Related:Bitmine Boosts ETH Holdings to 4.66 Million, Eyes 5% Supply
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