Corporate Crypto Treasury Strategies Split as Firms Buy, Hold and Exit

Strategy shifts cash toward STRC repurchases

Strategy repurchased 1.42 million STRC preferred shares for approximately $139.3 million between September 8 and September 13, according to an 8-K filing with the U.S. Securities and Exchange Commission. Strategy said it funded the repurchases through its USD Cash reserve. As of September 14, the company reported a USD Reserve balance of $5.1 billion and a separate USD Cash balance of $1.3 billion.

Strategy neither bought nor sold Bitcoin during the week, leaving its treasury unchanged for a second consecutive week. The company's Bitcoin position, acquisition costs and related metrics were:

Strategy co-founder and Executive Chairman Michael Saylor had also refrained in recent weeks from posting his usual Sunday Bitcoin tracker updates, which historically preceded acquisition announcements. Those posts had become less frequent as Strategy varied its capital allocation and held its Bitcoin position steady.

Under Strategy's Digital Credit Capital Framework, the company restricted its USD Reserve to preferred-stock dividends and interest payments and authorized a $1 billion repurchase program for its digital-credit securities, initially prioritizing STRC. That authorization was later increased to $2 billion. Strategy also approved a separate $1 billion common-stock repurchase program and expanded its BTC Monetization Program to permit up to $5 billion in Bitcoin sales to fund reserves, dividends, interest payments and securities repurchases.

A total of 197 public companies had adopted some form of Bitcoin acquisition model. The other companies listed behind Strategy among the five largest publicly traded Bitcoin holders were Twenty One with 43,514 BTC, Metaplanet with 43,000 BTC, MARA with 35,577 BTC and Bitcoin Standard Treasury Company with 30,021 BTC.

Shares across the Bitcoin-treasury cohort remained well below their 2025 peaks as market-cap-to-net-asset-value ratios compressed. Strategy's common stock was about 71% below its prior peak, while its enterprise mNAV stood at 1.1. Strategy shares fell 4.7% during the week and closed Friday at $130.97.

Strive reaches 25,000 BTC through SATA financing

Strive added 469 BTC during the week, bringing its treasury to exactly 25,000 BTC, worth approximately $1.95 billion at the cited market level. The company spent $36.6 million on the purchase at an average price just under $78,000 per BTC, according to a Form 8-K released September 14.

CEO Matt Cole said all capital raised during the week came from sales of SATA, Strive's perpetual preferred stock, which had recently crossed $1 billion in notional value outstanding. Strive also raised its "amplification ratio" to 53.5%, which the company defines as "the ratio of notional preferred equity outstanding and debt to BTC NAV." That equates to about $53.50 of preferred-stock obligations and debt for every $100 of Bitcoin net asset value.

The latest purchase marked a slowdown from the previous week, when Strive acquired 1,375 BTC for approximately $109 million. Strive ranked as the fifth-largest publicly traded Bitcoin holder, behind Strategy, Twenty One, Metaplanet and MARA.

Cole has said Strive could potentially climb to second place by year-end, though he said that outcome was not his "base case" expectation. Strive would need another 18,515 BTC to move ahead of Twenty One if Twenty One's holdings remained unchanged. With 15 full weeks remaining in 2026, Strive would need to average approximately 1,234 BTC in purchases per week to close that gap.

Strive common shares, trading under ASST, gained more than 4% during the first hours of September 14 trading and reached a year-to-date high just below $29. The move came after a volatile prior Friday for the Bitcoin price, when BTC moved from approximately $76,000 to nearly $80,000 before retreating toward $77,000 within seven hours. Weekend trading was more subdued.

Bitmine expands Ethereum treasury and staking operation

Bitmine Immersion Technologies said September 14 that it acquired another 27,180 ETH during the preceding week, bringing its Ethereum treasury to 5,956,378 ETH.

At the company's stated Ethereum price of $2,513, the holdings were worth approximately $15 billion as of September 13. Bitmine said the position represented 4.9% of Ethereum's approximately 122 million-token supply.

Bitmine reported that 5,067,309 ETH were staked as of September 7, representing roughly 85% of its current Ethereum holdings and approximately $12.7 billion at the company's stated valuation. Its staking operation generated a seven-day annualized yield of 2.62%, while projected annualized staking revenue stood at $334 million.

Bitmine's other reported assets were:

Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said he expected ether to make a "sharp upward move in the coming weeks." DeMark pointed to August trading, when ETH moved sideways without breaking lower, and said the expiration of a 12-day metric indicated a possible resumption of the preceding move.

"We believe this further supports the continuation of the prior uptrend. We expect late August's sharp one-day rally was a likely preview of the pending advance," DeMark said.

Chairman Tom Lee said the ETH/BTC ratio had reached its highest level since January 30 and characterized the move as a new uptrend. Lee also said ETH had outperformed the S&P 500 by 5,866 basis points during the third quarter through the prior Friday.

The Ethereum price traded above $2,500 on September 14, rising approximately 1.4% over 24 hours, while its market capitalization stood at approximately $306.3 billion. Bitmine shares had closed the prior Friday at $25.03, up 3.43% during the session.

DeFi Development Corp. expands SOL holdings and launches CHAD ATM

DeFi Development Corp. said September 14 that its Solana holdings had increased by 55,491 SOL to approximately 2.39 million SOL and SOL equivalents, an increase of roughly 2% since August 27. The company continued accumulating SOL while generating organic yield from the treasury.

DeFi Development Corp. also established a $300 million at-the-market offering for CHAD, its Variable Rate Series C perpetual preferred stock. CHAD carries an initial annual dividend rate of 13%, and the company said shares sold through the ATM would be issued at or above their $10 par value. Proceeds are intended primarily for additional SOL purchases.

DeFi Development Corp. said the new financing capacity would expand its "capital flywheel" of raising capital, accumulating SOL, generating yield and increasing SOL per share.

"We are growing our SOL treasury...with DFDV returning twice as much as SOL quarter-to-date," CEO Joseph Onorati said. "With a $300 million ATM now in place, we have the structure to scale CHAD into a meaningful new engine of growth—and we intend to issue at or above $10.00 par. The flywheel is spinning, and we now have more capacity to put it to work."

DeFi Development Corp. had recently resumed regular SOL purchases and held the second-largest corporate Solana treasury behind Forward Industries. During August 2026, the company also launched a public real-time data and research platform covering Solana market, staking, validator, yield and ecosystem metrics.

The leading Solana ETF cited alongside the treasury expansion had reached $1 billion in assets under management, while the SOL price had risen over the preceding month.