Bitmine Chairman Says MicroStrategy’s 32 Bitcoin Disposal and Institutional Exodus Are Typical, Not Structural Threats
Tom Lee, Chairman of Bitmine Immersion Technologies, said Michael Saylor’s sale of 32 bitcoin and a record 11-day institutional exodus from U.S. spot bitcoin ETFs are routine market-bottom dynamics rather than signals of structural weakness.
MicroStrategy sold the 32 bitcoin for approximately $2.5 million at an average price of $77,135 per coin. The transaction was the corporate giant’s first bitcoin sale in nearly four years and was conducted to help fund preferred stock dividend payments. The sale represented just 0.004% of MicroStrategy’s total 843,700 bitcoin holdings.
“Michael said he was planning to sell bitcoin, so he’s following through on what he was going to do,” Lee said in an interview on June 2. “At the end of the day, he’s still got 99.99% of his bitcoin, and he only makes money if bitcoin goes up.”
Lee framed the outflows alongside Saylor’s move as expected behavior during market troughs. “This is what you expected at the bottom. People sell at the bottom, right?” he said.
The 11-day ETF outflow streak totaled $3.4 billion and marks the longest consecutive outflow period since U.S. spot bitcoin ETFs launched in January 2024. Wall Street analysts largely view MicroStrategy’s transaction as economically immaterial, underscoring Lee’s point that the sale reflects tactical rebalancing rather than a loss of conviction.
While institutional flows weakened, major bitcoin holders continued accumulating. Strive acquired 2,500 bitcoin for approximately $185.2 million at an average price of $74,092 per coin, bringing its total holdings to 19,000 BTC. Bitmine Immersion ramped up ether purchases last week, acquiring 111,942 ETH valued at $237 million at current prices. The firm now holds 5.4 million ETH, representing 4.47% of ether’s circulating supply. This accumulation follows Bitmine’s previous significant ether purchase in December 2025.
Lee indicated that Bitmine’s macroeconomic playbook remains unchanged despite short-term market pressure, and the firm’s ether accumulation strategy remains on track. The broader pattern, according to Lee’s framing, reflects institutional participants repositioning during volatility rather than abandoning the asset class.
