Corporate Crypto Treasuries Split Between Sales, Staking and Mining

Strategy shifts capital toward liquidity and preferred securities

Strategy also sold 3,011,361 shares of MSTR common stock during the same period, raising approximately $290.6 million. The company directed $250 million to its U.S. dollar reserve, used $28.9 million to repurchase STRC shares and added the remaining $11.7 million to its general cash balance.

The reserve contribution increased Strategy’s U.S. dollar holdings to $4 billion. As of August 2, approximately $22.7 billion of MSTR shares remained authorized and available for issuance and sale under its at-the-market program.

Strategy’s updated Digital Credit Capital Framework limited the use of its U.S. dollar reserve to preferred-stock dividends and interest payments. The company also authorized a $1 billion repurchase program for its digital-credit securities, with STRC designated as the initial priority.

Management adopted a flexible monthly dividend policy for STRC and said the payout would not automatically rise when the security traded below its $100 par value. Strategy maintained STRC’s variable annualized dividend rate at 12% on July 31.

Strategy separately approved another $1 billion program for common-stock repurchases. Its expanded Bitcoin Monetization Program permits the sale of as much as $5 billion in bitcoin, with proceeds available to reinforce cash reserves, pay dividends and interest, or repurchase company securities.

Before the latest transaction, Strategy had paused bitcoin purchases for five weeks through the week ending July 26. Its balance remained at 843,775 BTC during that period, while the company increased its cash reserve by $525 million to $3.75 billion.

Lookonchain had flagged a transfer from a wallet linked to Strategy one day before the filing. The wallet moved 299.8 BTC worth approximately $18.9 million, and Lookonchain said the activity resembled wallet movements seen before the company disclosed an earlier sale covering the first week of July.

Saylor posted another bitcoin tracker chart on X with the caption, “Bitcoin Drive engaged.” His recurring Sunday tracker posts had previously been interpreted as signals that Strategy was preparing to announce additional bitcoin purchases, though the company’s recent sales made that pattern less straightforward.

Strategy reported an $8.2 billion net loss for the second quarter on July 30, reversing approximately $10 billion in net income during the comparable period a year earlier. The company attributed nearly all of the loss to unrealized accounting declines on its bitcoin holdings.

The company increased its bitcoin balance by 11% during the quarter, taking the position to a peak of roughly 846,000 BTC before sales began. Bitcoin ended the period more than 40% below its level at the close of the comparable quarter in 2025.

MSTR shares fell 0.1% during the week ending July 31 and closed at $93.28, leaving the stock approximately 80% below its 2025 peak. Bitcoin declined 4.1% over the same period. Following the new filing, bitcoin traded near $62,400, while MSTR was down 1.7% before the market opened.

TD Cowen and Benchmark maintained Buy ratings after Strategy’s quarterly call. Both firms said returning STRC to par had become management’s primary near-term objective, though they assigned materially different values to the common stock.

Benchmark lowered its price target to $435 from $570 after applying a sum-of-the-parts valuation and reducing its year-end bitcoin assumption to $100,000 from $125,000. TD Cowen retained a $260 target established in late June after previously cutting it from $400 earlier in the quarter.

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Bitmine increases ether treasury and staking exposure

Bitmine said its ether holdings had reached 5,797,813 ETH, equal to approximately 4.8% of the circulating supply. At an ETH price of $1,880, the position was valued at about $10.9 billion.

The company called itself the world’s largest corporate ether holder and the second-largest corporate crypto treasury overall. Its comparison placed Strategy’s bitcoin position at approximately $57 billion, a valuation different from the contemporaneous figure attached to Strategy’s own disclosure because the calculations used different reference prices or times.

Bitmine said it had completed 96% of its “alchemy of 5%” target, which calls for controlling 5% of ether’s 120.7 million-token supply. That target corresponds to roughly 6.035 million ETH, leaving the company approximately 237,000 ETH short based on the balances provided.

Tom Lee, Bitmine Chairman, said ether outperformed the Nasdaq 100 by 2,500 basis points in July, equal to 25 percentage points. Lee said it was ether’s largest monthly outperformance against the technology-heavy index since July 2025.

Bitmine repurchased 4.5 million common shares during the preceding week because it considered the stock attractively valued. Total repurchases since July 1 reached 16.1 million shares under a previously authorized $4 billion program.

The company’s strategy paired continuing ETH accumulation with staking and equity buybacks. Ether remained above $1,800 on the release date but had declined 5.23% over the previous 24 hours.