BitMine stacks 42,197 ETH while Strategy trims BTC: the great Q3 treasury tango 💃

BitMine Immersion Technologies added $74 million worth of Ether ($ETH) over the past week, lifting its cumulative holdings to 5,742,237 ETH as of Sunday, an increase of 42,197 ETH from its prior disclosure, the company said Monday. The latest buys were executed when ETH was priced at about $1,759, valuing the acquisition near $74 million; ETH has since traded at $1,792 at the time of publication. BitMine now controls roughly 4.8% of Ethereum's total supply of approximately 121 million ETH. The company also reported staked ETH of 4,879,157, or nearly 85% of its total stack, with projected annualized staking revenue of $235 million. Shares of BitMine (BMNR) rose more than 5% shortly after Monday's market open, trading around $15.14 per share after the firm's recent addition to the Russell 1000 index. Chairman Tom Lee said regulatory momentum around the Digital Asset Market Clarity Act was a key driver of accumulation: "[T]he rise in the ETH/BTC ratio in the past few days make sense as markets start to see greater chances of Clarity Act passage," Lee said, adding that the legislation could allow "smart contract platforms like ethereum to benefit." Lee also noted that prediction markets now show approximately 50% odds for passage of the bill, the highest level in two weeks. Polymarket data put the probability of the bill's passage by year-end at 48% on Monday, up 4% over the past week but down 34% from a February high near 82% for passage before the end of 2026.

The purchases contrasted with Strategy, which on Monday reported selling $216 million worth of Bitcoin ($BTC) to fund dividend payments, trimming its total holdings to 843,775 BTC. Strategy sold 3,588 BTC over the reporting period. Bitcoin traded near $64,000, with Bitcoin miner TeraWulf (WULF) up roughly 14% on the day to $24.05 after announcing a 20-year lease with Anthropic that the company said could generate approximately $19 billion in revenue. BlackRock recorded more than $209 million in net Bitcoin inflows after 11 consecutive days of selling.

The CLARITY Act, under consideration in the U.S. Senate, would expand the Commodity Futures Trading Commission's authority over digital assets. The bill requires 60 votes in the Senate, where Republicans hold a slim majority. Republican lawmakers are pushing for a vote following the chamber's state work period next week, though Democratic support remains uncertain without explicit ethics provisions. Ethereum co-founder Vitalik Buterin separately outlined an updated protocol roadmap dubbed "Lean Ethereum," first sketched in 2025, describing it as the network's most sweeping rebuild since it transitioned away from mining.

On-chain metrics cited from DeFiLlama show Ethereum's total value locked remains under $40 billion, compared with roughly $89-90 billion before the October correction, while stablecoin supply on the network has declined more than $5 billion from about $160 billion at the end of June. Ether has gained more than 10% over the past week to trade around $1,752 but remains 65% below its all-time high of $4,946.