BitMine Buys 25,000 ETH for $50.6M as MicroStrategy Reverses 411.5 BTC Deposit
BMNR•MicroStrategy withdrew 411.5 BTC ($30.2 million) from Coinbase Prime hours after depositing, quelling speculation of a first corporate Bitcoin sale in nearly two years. Tom Lee's BitMine Immersion Technologies purchased 25,000 ETH for $50.6 million, raising its ETH holdings to 5.39 million and yielding about $276 million annually.
1. MicroStrategy Withdraws 411.5 BTC
On the same day it deposited two batches of roughly 205 BTC each into Coinbase Prime, MicroStrategy pulled back 411.5 BTC valued at about $30.2 million. This rapid reversal defused market bets on the firm executing its first Bitcoin sale in almost two years and eased Polymarket odds of a 2026 sale below 90%.
2. BitMine Adds 25,000 ETH Holdings
Tom Lee’s BitMine Immersion Technologies acquired 25,000 Ethereum for $50.6 million, lifting its corporate ETH treasury to approximately 5.39 million coins, or about 4.47% of total supply. The staked holdings via its Made in America Validator network are generating around $276 million in annualized yield.
3. Implications for BitMine Valuation
The latest ETH accumulation further narrows the gap between BitMine’s market price and its net asset value, as the firm trades below NAV despite unrealized paper losses. Continued aggressive acquisition during price dips underscores management’s confidence in tokenization growth and AI compute demand driving Ether usage.
