USDBitMine Expands Ethereum Treasury to $13.4B as Strategy’s Bitcoin Premium Narrows Amid New Preferred Share Sales
Both corporate crypto giants advance accumulation strategies while adjusting funding mechanisms
TL;DR
- BitMine now holds 3.3 million ETH worth roughly $13.4 billion, targeting 5% of Ethereum’s total supply.
- Strategy Inc. expands its Bitcoin holdings to over 641,000 BTC using euro-denominated preferred shares.
- Both firms mirror each other’s playbooks while facing differing investor reactions to dilution and valuation risks.
BitMine Immersion Technologies has rapidly evolved from an energy-intensive mining venture into a full-fledged Ethereum treasury powerhouse, with total digital assets and cash reserves now exceeding $13.4 billion. Recent filings revealed the company controls roughly 3.3 million ETH — about 2.7% of Ethereum’s total supply — alongside 192 BTC, $119 million in equity stakes through its Eightco “moonshot” portfolio, and $219 million in unencumbered cash. Chairman Tom Lee confirmed that the firm’s long-term objective remains to capture 5% of the ETH supply through steady accumulation and staking, describing the latest market downturn as “an opportunity to buy the dip” after adding more than 200,000 ETH in a single week. The crypto price index shows the firm’s exposure sits at the core of the current coin market cap landscape, positioning BitMine as the world’s largest publicly traded Ethereum holder.
Market disclosures indicated BitMine purchased 27,316 ETH — valued at $113 million — in its most recent tranche, expanding its share of circulating supply to 2.8%. Trading data reflected elevated investor interest: the company’s stock recorded an average $2.1 billion in daily volume over five consecutive sessions, underscoring heavy market liquidity. Lee stated that BitMine’s strategy was “modelled after Strategy Inc.’s corporate treasury playbook” but focused on Ethereum rather than Bitcoin. The firm’s multi-layered holdings and staking targets have drawn comparisons to MicroStrategy’s early balance-sheet pivot, though Lee’s approach integrates diversification through ancillary technology investments rather than relying solely on crypto price exposure.
Strategy Inc., meanwhile, continues to refine its approach to Bitcoin accumulation through more complex capital structures. The company issued $50 million in new preferred shares—denominated in euros—after an earlier $715 million offering of its STRE series. This financing round was designed to acquire additional Bitcoin without diluting common shareholders, according to a company blog post.
The firm recently purchased 220 BTC for $27.2 million at an average of $123,561 per coin, raising its total holdings to approximately 641,205 BTC valued near $64.6 billion. The average acquisition cost per BTC is $74,000, giving Strategy Inc. one of the largest corporate positions globally and a year-to-date BTC yield of 25.9%. However, analysts note that its long-standing share-price premium—once far above the firm’s net Bitcoin value—has thinned as funding costs and investor skepticism grow.
Shares of Strategy Inc. rose 1.9% to $294 following the latest disclosure but remain roughly 4.8% below last month’s $314 mark, reflecting tempered enthusiasm amid discussions around dilution risk. Market watchers point out that the use of preferred shares, rather than debt or common equity, introduces additional complexity for valuation but limits immediate shareholder dilution. The evolving balance between aggressive accumulation and sustainable financing highlights how the company’s coin market cap position depends as much on investor confidence as on Bitcoin’s volatility. Both Strategy Inc. and BitMine are reshaping how public companies deploy capital into digital assets, marking a turning point for corporate adoption within a maturing crypto price index environment.
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