Strategy Pauses Bitcoin Buying as BitMine Expands Ethereum Holdings

Strategy Skips Weekly Bitcoin Purchase Before Earnings

Strategy did not announce a Bitcoin purchase during the latest weekly cycle despite Bitcoin’s return above $80,000. The company holds about $65 billion worth of Bitcoin and typically discloses purchases every Monday morning.

The pause aligned with Strategy’s pattern of halting purchases in the week leading up to its quarterly earnings report, which was scheduled for Thursday. Strategy co-founder and Executive Chairman Michael Saylor confirmed the move on X, writing: “No buys this week. Back to work next week.”

BitMine Extends Ethereum Accumulation Streak

BitMine Immersion Technologies disclosed its third consecutive weekly Ethereum purchase above 100,000 ETH, continuing a sustained accumulation strategy as Ethereum prices rose.

The company bought 101,745 ETH in the latest week, following earlier purchases of 101,901 ETH and 101,627 ETH. The 101,901 ETH acquisition stands as BitMine’s largest weekly purchase so far in 2026. The latest purchase was valued at more than $240 million based on Ethereum’s recent trading price of $2,365.

BitMine has accumulated more than 5.18 million ETH, with its holdings valued at $12.2 billion, making it the largest holder of the asset. The company also holds 200 Bitcoin valued at around $16 million and reports $700 million in cash on hand.

Part of the latest accumulation included 10,000 ETH purchased directly from the Ethereum Foundation in an over-the-counter sale announced Friday at an average price of $2,292 per coin. This marked the second consecutive week in which BitMine acquired 10,000 ETH from the Foundation, with proceeds supporting operations, community grants, and related efforts.

BitMine reported staking more than 4.36 million ETH, generating annual staking revenue of about $297 million. The company also launched its Made in America Validator Network, referred to as MAVAN.

BitMine shares, trading under BMNR, were up more than 4% on the day at a recent price of $22.91. The stock has gained nearly 18% over the past month but remains down more than 15% since the start of the year.

“Crypto Spring” Outlook and Remaining Losses

BitMine Chairman Tom Lee said: “Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen.”

Lee added: “The potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring,” and said Ethereum’s next drivers are “the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains.”

Despite the recent rebound, BitMine still holds an estimated unrealized loss of about $6 billion on its Ethereum position. The company began accumulating when Ethereum reached an all-time high of $4,946 in August, and the asset remains down 52% from that peak.

Users on Myriad, a prediction market operated by Dastan, assign a 60% probability that Ethereum’s next major move will be to $3,000 rather than $1,500. That probability increased by more than 7 percentage points over the previous week.