Strategy Sells BTC, BitMine Buys ETH as Stablecoin Divergence Flashes Again

Strategy, one of the largest corporate crypto treasuries, is selling off its Bitcoin holdings at an alarming rate. In contrast, BitMine, another large treasury holder, is steadily accumulating Ethereum.

The discrepancy in their strategies can be attributed to cash flow issues. Strategy has been disposing of 1,638 BTC and issuing shares to fund STRC buybacks and a $4B dividend buffer. On the other hand, BitMine is collecting staking revenue from its ETH holdings, which amounts to $247M annually.

Whales are also accumulating assets at an accelerated rate, with Bitcoin whale wallets growing by 6% since December 2025, while Ethereum whale cohorts have reached a record high. Meanwhile, the stablecoin divergence, which has flashed twice before this year, is flashing again, indicating that real capital is leaving the market.