Activity in corporate crypto treasuries picked up again. Strive bought $109 million worth of Bitcoin last week, while Bitmine added more than 28,000 ETH. Strategy, meanwhile, paused Bitcoin purchases during the same period.
Strive’s latest purchase lifted its Bitcoin holdings to 24,531 BTC. Bitmine increased its Ethereum treasury to 5.93 million ETH, equivalent to roughly 4.9% of the circulating supply.
Strategy, the largest corporate Bitcoin holder, took a different path. The company made no Bitcoin purchases last week and instead repurchased STRC preferred shares.
Strive buys $109 million worth of Bitcoin
Strive purchased a total of 1,375 Bitcoin between Aug. 31 and Sept. 4. The company spent approximately $109 million on the new BTC.
According to an 8-K filing submitted to the SEC, the purchases were made at an average price of $79,281 per Bitcoin. Strive’s total holdings therefore increased from 23,156 BTC to 24,531 BTC.
The company also strengthened its cash position during the week. Cash and cash equivalents rose from $183.5 million to $202.6 million.
Strive’s position in STRC shares issued by Strategy remained unchanged. The company continues to hold 505,000 STRC shares.
CEO Matt Cole previously said Strive could become the world’s second-largest publicly traded Bitcoin treasury by the end of 2026. The latest purchases show that the company continues to accumulate Bitcoin toward that goal.
Bitmine buys another 28,000 ETH
One of the largest Ethereum purchases of the week came from Bitmine Immersion Technologies. The company acquired another 28,086 ETH.
Bitmine’s total Ethereum holdings reached 5,929,198 ETH as of Sept. 7. Based on an ETH price of $2,495, the company valued the position at around $14.8 billion.
That amount represents around 4.9% of Ethereum’s roughly 122 million token supply. Bitmine is therefore approaching its previously announced target of accumulating 5% of the Ethereum supply.
The company is also putting most of its ETH to work through staking. A total of 5,067,309 ETH is currently deployed through staking systems.
The staked amount represents roughly 85% of Bitmine’s total ETH holdings. The company estimates that its current staking position could generate around $330 million in annual revenue.
Bitmine said annual staking revenue could rise to approximately $386 million if all of its ETH holdings were staked. The estimate is based on a seven-day annualized yield of 2.61%.
The company’s balance sheet also includes 211 BTC. Bitmine reported $593 million in cash and marketable securities.
Strategy made no Bitcoin purchases last week
Strategy, the largest corporate holder of Bitcoin, ended the week without adding to its position. The company said it neither bought nor sold Bitcoin between Aug. 31 and Sept. 7.
Strategy’s total Bitcoin holdings therefore remained unchanged at 845,050 BTC. The company acquired those coins for a total cost of $63.73 billion.
Strategy’s average Bitcoin purchase price stands at around $75,412. Its holdings represent more than 4% of Bitcoin’s maximum supply of 21 million coins.
Instead of buying Bitcoin, Strategy directed capital toward its own financial products last week. The company repurchased 1.81 million STRC preferred shares for approximately $176.3 million.
It also doubled the size of its Digital Credit Securities Repurchase Program from $1 billion to $2 billion. Strategy funded the repurchases through its U.S. dollar reserves.
Corporate crypto treasuries pursue different strategies
The latest disclosures highlight the growing differences between corporate crypto treasury strategies. Strive continues to expand its Bitcoin holdings, while Bitmine is aggressively accumulating Ethereum.
Strategy is taking a more cautious approach for now. The company is maintaining its massive Bitcoin position while placing greater emphasis on balance sheet management.
Bitmine’s model also puts staking income at the center of its strategy. The company aims to generate additional cash flow from the Ethereum held on its balance sheet.
Strive, meanwhile, is focused on climbing the rankings of public Bitcoin treasury companies. The latest moves from all three firms show that the corporate crypto treasury race is increasingly shaped by more than just the amount of BTC or ETH held.
