Crypto Treasury Firms Split as Strategy Buys Bitcoin, MARA Sells and Bitmine Expands ETH

Strategy and Strive Continue Bitcoin Purchases as Financing Costs Draw Attention

Strategy, the Bitcoin treasury company led by co-founder and Executive Chairman Michael Saylor, purchased another 1,036 BTC for approximately $81.9 million at an average acquisition price of $79,012 per Bitcoin between November 2 and November 8, according to a Monday filing with the Securities and Exchange Commission.

The transaction lifted Strategy's holdings to 850,364 BTC, representing more than 4% of Bitcoin's capped supply. Strategy has spent approximately $64.2 billion acquiring its total reserves, including fees and expenses, at an average cost of $75,456 per Bitcoin.

Strategy financed its latest purchases using proceeds from its at-the-market Class A common stock program. The company sold 2,051,348 MSTR shares for approximately $283.8 million during the week, leaving about $18.34 billion in shares available for issuance under the program.

Strategy also used its USD Reserve to repurchase 1,887,464 STRC preferred shares for approximately $188.3 million over the same period. Another $2.1 million from the reserve funded preferred-stock dividends. As of November 8, the company's USD Reserve stood at $4.77 billion, alongside $146.2 million in USD Cash.

Saylor had signaled another potential acquisition announcement on Sunday by posting Strategy's Bitcoin acquisition tracker with the message, "Connecting the dots."

Strategy remains the largest publicly traded corporate Bitcoin holder among nearly 200 companies pursuing the treasury model. Bitcoin Treasuries data cited alongside the company's announcement placed several other major holders in the following order:

The cited figures reflect the Bitcoin Treasuries snapshot rather than all subsequent company transactions. Strategy's MSTR shares declined 2.1% over the week, closing Friday at $128.93, while Bitcoin fell 3.2% during the same period.

Strive Adds Bitcoin After Large Preferred-Stock Offering

Strive also expanded its treasury, although its latest acquisition was smaller than its earlier purchases. CEO Matt Cole announced the transaction on X on November 9, referencing the company's latest regulatory filing and its publicly traded ASST, SATA and SATS securities.

"Strive acquired 29 BTC for $2.2M at an average cost of $75,721 per Bitcoin, bringing total holdings to 43,153 [BTC]," Cole wrote.

The purchase followed another acquisition on November 2, when Strive spent approximately $10 million to purchase 124 BTC at an average price of $80,526. That earlier transaction was funded primarily with existing cash and proceeds from the company's SATS at-the-market offering program.

Strive had accelerated its Bitcoin accumulation in October after expanding a preferred-stock offering. The company sold 7 million SATS shares at $90 apiece, raising approximately $630 million in gross proceeds and $609 million after expenses.

SATS carries a 15% fixed dividend based on a $100 stated amount, equivalent to an effective annual yield of approximately 16.7% at the offering price. Strive's older SATA preferred stock carries variable-rate dividends, recently near 13%. Both securities provide alternatives to conventional borrowing but also create continuing dividend obligations.

Strive's third-quarter results, released November 6, showed $509 million in GAAP net income, largely reflecting Bitcoin valuation gains. The company also reported a 63.2% year-to-date Bitcoin yield through September, measuring changes in Bitcoin holdings relative to its adjusted share count.

Strive's common shares had retreated from their October highs, closing near $21.45 on November 6. The slowdown in purchases follows the company's substantial capital raising, with preferred dividends and potential shareholder dilution remaining central considerations for its treasury financing structure.

Bitmine Approaches Ethereum Supply Target as Staking Portfolio Expands

Bitmine Immersion Technologies, the Ethereum treasury company chaired by Tom Lee, reported another weekly Ether acquisition, bringing its total holdings to 6,070,092 ETH, valued at more than $12.9 billion at the prices cited in its announcement.

The company purchased 9,587 ETH during the preceding week, worth approximately $20.3 million at prevailing prices. Bitmine did not disclose its average purchase cost. Its combined cryptocurrency holdings, cash, marketable securities and other investments reached approximately $14.3 billion, according to Monday's update.

Bitmine's Ethereum holdings represented approximately 4.97% of the network's circulating supply of roughly 122.2 million ETH. The company said it had reached 99% of its "Alchemy of 5%" accumulation target since launching its Ethereum treasury strategy in June 2025.

As of November 8, Bitmine's other assets included 216 BTC valued at $16.1 million, a $75 million investment in Eightco Holdings, a $180 million investment in Beast Industries, and $475 million in combined cash and marketable securities.

Bitmine has also been expanding its staking operations. As of November 9, the company had staked 5,227,037 ETH, valued at approximately $11.1 billion and representing more than 86% of its Ethereum holdings.

Lee said those staking positions were generating an estimated $309 million in annualized rewards. Bitmine projects that annualized staking rewards could reach $359 million once its entire ether treasury is staked.

Lee linked the company's accumulation strategy to his expectations for tokenization and artificial intelligence, citing remarks made by Ethereum co-founder Vitalik Buterin.

"Vitalik Buterin, founder of Ethereum, declared at Devcon 8 in Mumbai, 'I've finally made up my mind, ETH is a store of value, ETH is money,'" Lee said in the statement. "This declaration by the founder of Ethereum, in my view, is a seismic shift, clarifying how ETH will capture value in this coming supercycle of tokenization and AI."

Lee also described Ethereum's role in institutional blockchain adoption, emphasizing its potential use as collateral rather than a token valued primarily through cash flow.

"In my opinion, ETH was not a 'cash flow' token model, like HYPE or LIT, but rather pristine and trusted collateral, and reflective of how Ethereum is the Layer 1 chosen by the vast majority of financial institutions moving assets onto the blockchain," Lee added.

Bitmine remains the largest corporate Ethereum treasury holder and the second-largest publicly traded cryptocurrency treasury company overall, behind Strategy.

MARA Sells Bitcoin to Repay Debt as Sharplink Reports Major Ether Gains

MARA Holdings and Sharplink both reported substantial third-quarter earnings driven by cryptocurrency holdings, although their operating strategies differed.

Their financial results showed large increases in net income despite substantially different revenue profiles.

MARA Reduces Bitcoin-Backed Debt and Expands AI Infrastructure Plans

MARA's quarterly profit was driven largely by Bitcoin appreciation, including nearly $885 million in fair-value gains on digital assets and Bitcoin receivables. Its mining revenue declined as block reward income fell 37%, while total revenue was also below the $174.9 million recorded in the previous quarter.

After the quarter ended, MARA sold 13,597 BTC for approximately $1.1 billion and used $750 million of the proceeds to fully repay its Bitcoin-collateralized loans.

MARA has been shifting from its traditional Bitcoin mining business toward artificial intelligence infrastructure and high-performance computing. The company is expanding its focus from building infrastructure to securing customer leases and generating free cash flow using its mining facilities, energy assets and partnerships.

CEO Fred Thiel described the strategy in the company's quarterly shareholder letter.

"When we think about MARA’s future, the opportunity is bigger than monetizing the megawatt," Thiel wrote. "It is about increasing the value we can capture from that megawatt as we move from power to infrastructure to compute, and ultimately to fully integrated cloud solutions."

Since the beginning of the year, MARA has reduced its total debt by 37% to $1.4 billion. Thiel emphasized the company's focus on delivering returns from its existing assets.

"Our responsibility now is to execute with discipline and to show you the returns these assets can produce," he concluded.

MARA shares were little changed in after-hours trading after advancing more than 4.5% during the regular session.