Corporate crypto treasury strategies continued to diverge last week. Strategy, the world’s largest corporate Bitcoin holder, made no new purchases. Meanwhile, Strive and BitMine acquired approximately $105 million worth of cryptocurrencies.
Strategy said it neither purchased nor sold Bitcoin between September 7 and September 13.
As a result, Strategy’s holdings remained unchanged at 845,050 BTC. The company acquired these assets for a total of $63.73 billion. Its average purchase price stands at $75,412 per Bitcoin, including fees and expenses.
Strategy’s dollar-denominated assets declined by approximately $140 million last week. Its US dollar reserve and available cash fell to a combined $6.4 billion.
Strategy repurchased its own shares instead of Bitcoin
Although Strategy made no new Bitcoin purchases, it allocated funds to capital management. The company repurchased more than 1.4 million of its own shares for approximately $139.3 million.
This expenditure accounts for most of the weekly decline in Strategy’s dollar assets. The company currently holds a $5.1 billion US dollar reserve. It also has approximately $1.3 billion in cash available for broader purposes.
The reserve aims to cover preferred stock dividends and interest payments on outstanding debt. The company can use its other cash resources for broader purposes, including Bitcoin purchases and share buybacks.
Strategy completed its latest Bitcoin purchase at the end of August. The company paid $369.7 million for 4,603 BTC. The transaction carried an average price of $80,318 per Bitcoin.
Strive added 469 BTC to its reserve
While Strategy paused its purchases, Strive expanded its Bitcoin reserve. The company acquired 469 BTC for $36.6 million.
Strive paid an average price of $77,954 per Bitcoin, including fees and expenses. This figure was close to Bitcoin’s recent market price.
The company therefore continued its strategy of building a corporate Bitcoin treasury. Strive previously used several financing transactions to expand its holdings.
The latest purchase came during a week when Strategy remained on the sidelines. The development highlights the two Bitcoin treasury companies’ different short-term capital allocation decisions.
BitMine purchased 27,180 ETH
BitMine completed one of the week’s largest corporate cryptocurrency purchases. The company announced that it had added another 27,180 ETH to its reserve.
Based on the disclosed price of $2,513, the acquired Ether was worth approximately $68.3 million. The purchase increased BitMine’s total Ethereum holdings to 5,956,378 ETH.
The company’s Ethereum reserve is currently worth approximately $15 billion. Its combined cryptocurrency, cash, marketable securities and other investments have reached $15.8 billion.
BitMine continues to pursue its goal of controlling approximately 5% of Ethereum’s supply. The latest purchase brought the company another step closer to that target.
Strive and BitMine purchased approximately $105 million worth of cryptocurrencies during the week. Strategy instead allocated capital to repurchasing its own shares. The companies therefore followed different treasury management strategies amid the prevailing market conditions.
