Tom Lee’s Bitmine (BMNR) continues to buy ETH while Strategy sold bitcoin

Bitmine Immersion (BMNR), the largest Ethereum treasury company, bought 10,399 ether (ETH) during last week as Chairman Tom Lee pointed to ether’s strongest monthly performance against the Nasdaq in a year as evidence that crypto is recovering.

The purchase, worth roughly $19.1 million at ETH’s current price of $1,840, lifted Bitmine’s holdings to almost 5.8 million ETH, or about 4.8% of Ethereum’s circulating supply, according to the company’s Monday update.

The latest acquisition was broadly in line with the previous week’s 9,946 ETH purchase, extending Bitmine’s streak of weekly ether buys since adopting its Ethereum treasury strategy in June 2025.

The company also bought back 4.5 million shares of its common stock, bringing total recent repurchases to 16 million shares.

The update comes as Strategy (MSTR), the largest corporate bitcoin holder, disclosed another sale of bitcoin. The company trimmed its treasury by 1,638 BTC, worth about $105 million, while repurchasing $81.2 million of its STRC preferred stock. Strategy also raised $290 million through sales of common shares.

Lee tied the company’s outlook to ether’s relative strength against technology stocks.