Bitmine announced a significant purchase of Ethereum worth $74 million, while its peer Strategy reduced Bitcoin holdings to fund dividends. The move comes as there are greater chances for the CLARITY
On July 6, 2026, Bitmine disclosed that it had purchased an additional $74 million worth of Ethereum (ETH), marking a substantial increase from its previous holdings. This acquisition contrasts with MicroStrategy’s decision to sell Bitcoin (BTC) worth $216 million in order to fund dividend payments.
According to Bitmine's report, the company now holds 5,742,237 ETH, representing approximately 4.8% of Ethereum's total supply. At the time of its latest purchase, each Ether was valued at around $1,792, making these new acquisitions worth about $74 million.
The decision to buy more ETH comes amid growing optimism that the Digital Asset Market Clarity (CLARITY) Act will pass in the U.S., as reflected by a 48% chance of passage according to prediction market traders. Bitmine's chairman, Tom Lee, expressed his belief that this legislation could benefit smart contract platforms like Ethereum and cited the rising ETH/BTC ratio as evidence of increased investor confidence.
The CLARITY Act is currently under consideration in the U.S. Senate and aims to grant more regulatory authority over digital assets to the Commodity Futures Trading Commission (CFTC). With Republicans pushing for a vote on the bill, it remains uncertain whether enough Democrats will support its passage, which requires 60 votes.
This move by Bitmine highlights the strategic importance of treasury strategies in the crypto space. By maintaining and increasing their holdings, companies like Bitmine are positioning themselves to benefit from regulatory clarity that could significantly impact the industry's future landscape.
Traders should keep an eye on both the CLARITY Act’s progress and Ethereum's market performance as these factors will likely influence investor sentiment and trading decisions in the coming weeks.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.