Corporate Crypto Treasuries Split Strategies as Bitcoin Liquidity Builds and Ethereum Accumulation Accelerates

Year-End Balance Sheet Moves Highlight Diverging Institutional Convictions

TL;DR

• Strategy paused bitcoin purchases in late December, adding $748 million in cash to lift its dividend reserve to $2.19 billion while maintaining 671,268 BTC.
• BitMine continued aggressive Ethereum accumulation, adding $88 million in ETH and bringing total holdings to over 4.06 million ETH, valued near $12 billion.
• The contrast reflects asset-specific treasury strategies amid shifting crypto price dynamics and evolving views on risk, liquidity, and long-term positioning.

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Corporate crypto treasuries closed out December with sharply different playbooks, underscoring how institutional strategies around digital assets have matured beyond a single directional bet on crypto price appreciation. Strategy, the bitcoin-focused treasury firm chaired by Michael Saylor, disclosed that it added $748 million in cash to its U.S. dollar dividend reserve, temporarily halting bitcoin purchases even as the broader crypto price index remained near multi-month highs. The move lifted Strategy’s total cash buffer to $2.19 billion and marked a notable pause after weeks of steady accumulation, though the firm’s long-term posture toward bitcoin remained intact.

Regulatory filings showed that Strategy did not acquire any additional bitcoin during the most recent reporting week, ending a two-week streak of purchases that had reinforced its reputation as the most aggressive corporate buyer of BTC. Total holdings stood unchanged at 671,268 bitcoin, the largest balance the company has ever reported. Management framed the decision as a matter of capital structure and timing rather than a shift in conviction, with the expanded cash reserve designed to support future dividend payments and provide flexibility as market conditions evolve.

The dividend reserve itself was established earlier in December as part of a broader redesign of Strategy’s balance sheet, reflecting a hybrid approach that blends cash management with long-term bitcoin exposure. The timing of the latest cash allocation, coming just before the Christmas period, signaled a defensive tilt toward liquidity during a seasonally thinner trading environment. Analysts noted that the decision coincided with elevated volatility across the coin market cap rankings, suggesting that Strategy opted to preserve optionality rather than chase near-term crypto price moves.

While bitcoin accumulation slowed on one side of the institutional spectrum, Ethereum exposure expanded rapidly on the other. BitMine, the Ethereum treasury company led by Fundstrat co-founder Tom Lee, disclosed another significant purchase that added approximately $88 million worth of ETH to its holdings. The acquisition was routed through major custodial and exchange partners, including BitGo and Kraken, reinforcing BitMine’s preference for institutional-grade execution as it scales one of the largest corporate crypto positions in the market.

On-chain data cited by analysts indicated that roughly 29,462 ETH were transferred in the latest round of purchases, a figure broadly consistent with the company’s official disclosures. BitMine confirmed that it bought 98,852 ETH during the prior week alone, pushing its total Ethereum holdings to 4,066,062 ETH. The firm reported an average acquisition cost of $2,991 per ether, placing the value of its treasury at around $12 billion based on prevailing crypto price levels in late December.

The pace of accumulation positioned BitMine as the largest known corporate holder of Ethereum, a title it has leaned into as part of a strategy focused on long-term network adoption rather than short-term price fluctuations. Company statements characterized the approach as an intentional effort to cement leadership in corporate ETH holdings, even as broader market sentiment oscillated with macroeconomic signals and shifting expectations around digital asset regulation.

Taken together, the contrasting moves by Strategy and BitMine highlighted a growing divergence in how corporations manage crypto exposure. Bitcoin-centric treasuries appeared more focused on liquidity, dividends, and balance-sheet resilience heading into year-end, while Ethereum-centric strategies continued to emphasize scale and accumulation. Market observers pointed out that the split reflects differing assessments of opportunity and risk across assets, particularly as the crypto price index increasingly masks wide variation beneath the surface of the coin market cap.

This article has been refined and enhanced by ChatGPT.