Bitmine Bought $74M in ETH as Strategy Sold $216M in BTC: What Is Happening?

Bitmine Immersion Technologies (NYSE: BMNR ) bought 42,197 Ethereum (CRYPTO: ETH) last week for roughly $74 million, stepping up its buying pace as Strategy Inc. (NASDAQ: MSTR ) moved in the opposite direction.

Bitmine Is Now 95% Of The Way To Its 5% ETH Supply Goal The purchase lifted Bitmine’s total holdings to 5.74 million ETH, worth roughly $10 billion, representing 4.8% of Ethereum’s circulating supply.

Total crypto, cash, and investment holdings including stakes in Beast Industries and Eightco Holdings (NASDAQ: ORBS ) now stand at $11.1 billion.

The buying pace increased from 27,084 ETH the prior week, though it remains below the six-figure weekly pace Bitmine maintained earlier in 2026.

Chairman Thomas Lee said the company expects to hit its 5% goal sometime this year.

Lee Ties ETH’s Outperformance To CLARITY Act Optimism ETH outperformed Bitcoin by 6% last week, a move Lee attributed directly to rising odds for the CLARITY Act rather than any single macro catalyst.

Prediction markets now assign roughly 50% probability to the bill passing, the highest level in two weeks. “We believe regulatory clarity is an important milestone, enabling crypto, particularly smart contract platforms like Ethereum, to benefit as crypto becomes part of our everyday life,” Lee said.

He pointed to Ethereum Layer-2 networks processing USDC transactions for Shopify and Visa as evidence the technology is already running inside mainstream payments infrastructure.

Staking Revenue Hits $235 Million Annualized Bitmine now stakes 4,879,157 ETH through its MAVAN platform, worth roughly $8.8 billion at current prices and representing 85% of its total holdings.

The 7-day staking yield runs at 2.68% annualized, generating projected annual staking revenue of $235 million, rising to $277 million at full scale once all holdings move onto MAVAN.

The company’s preferred stock BMNP pays weekly dividends at a 9.5% rate, funded by that staking income rather than asset sales, a direct contrast to Strategy’s position of selling Bitcoin to meet its own dividend obligations.

BMNR Chart Shows Momentum Improving But Structure Still Broken BMNR trades 49.3% below its 200-day moving average with the January death cross still intact, sitting well off its $161 52-week high after printing a 52-week low near $12.80 in June.

Reclaiming the 20-day SMA at $15.23 is the first level bulls need to clear for any meaningful recovery attempt.

Losing the June low at $12.80 reopens the downside with no major support below that level.

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