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Ahmed Barakat
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Strategy Bitcoin buying spree is back after a brutal week. Michael Saylor added 1,550 BTC for $101 million between June 1 and 7 at an average of $65,332 per coin, lifting its total to 845,256 BTC while boosting USD reserves to $1 billion. The move came just days after a tiny 32 BTC sale triggered chaos, proving these Bitcoin accumulators refuse to blink in the dip.
Last week, Strategy sold just 32 BTC at $77,135 each to cover preferred stock dividends, its first Bitcoin sale since 2022. The last time Strategy sold in 2022 was marked as the Bitcoin bottom. But the move, a mere 0.0038 percent of holdings, was followed by liquidation cascades that hammered Bitcoin from $77,000 below $60,000.
The community screamed that the “never sell” mantra is broken, and Saylor stayed silent until the dust settled. Was Saylor a genius? He sold high enough to fund obligations, watched the cascade he arguably ignited, then scooped 1,550 BTC at an $12,000 lower average. It gave the company an additional 1,518 BTC and $100 million in cash.
Strategy Bitcoin per share keeps rising while the market panics. It’s a classic playbook. However, both Strategy and Bitmine still sit deep underwater. Strategy’s average cost basis sits at $75,680 per BTC. At current levels near $65,000, unrealized losses top $9 billion. In early 2026, it peaked above $80,000 delivered billions in paper profits before the slide.
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The Other Bull: Tom Lee’s ETH
Tom Lee’s BitMine Immersion Technologies mirrored the aggression as the firm bought 126,971 ETH for $213 million during the same dip, with ETH around $1,670. Bitmine’s total holdings now hit 5.54 million ETH, or 4.59% of supply, with over 85 percent staked on its MAVAN platform. The staked ETH itself is projected to print $270 million in annual rewards.
Just before the bloodbath, Tom Lee said that we are in a “crypto spring.” Then he labeled Strategy’s 32 BTC sale a bottom signal and kept buying aggressively. BitMine’s average cost sits way higher at $3,460 per ETH. At $1,681 today, unrealized losses approach $9.9 billion. Yet staking yields provide a buffer Strategy lacks with its Bitcoin.
Both companies’ mechanisms diverge sharply. Strategy Bitcoin relies on equity offerings, convertible notes, and cash flow to fund pure BTC holdings. It has no staking, no yield, just diamond hands and “Bitcoin per share” growth. BitMine blends treasury buys with massive staking operations for steady ETH rewards.
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Which Company is Walking in Tight Rope? Strategy with Its Bitcoin? Or Lee’s Ethereum Bag?
If crypto falls further, Strategy looks more dangerous. Its model ties funding to stock performance and debt service. A prolonged drawdown could force dilution or tighter liquidity squeezes, as the 32 BTC sale already showed. BitMine’s staking income offers a downside cushion even if prices tank.
What happened last week crystallized the difference. One tiny sale from the BTC kingpin rippled across markets. ETH treasury players like BitMine absorbed the volatility and kept stacking. Both proved institutional conviction remains intact despite the bloody chart.
These back-to-back mega buys in the bloodbath aftermath show smart money sees value. Liquidation cascades cleared weak lettuce hands. Fresh capital from equity raises flowed straight into digital assets. Expect volatility but upward bias.
Strategy and BitMine are rewriting corporate balance sheets as crypto-native vehicles. Their scale and discipline set the floor during fear.
The path forward looks clear. With Saylor and Lee refusing to fold, retail and institutions will follow the leaders. Crypto spring is thawing into full bloom.
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