Strategy Holds 762,099 BTC After $76.6M Buy as BitMine Expands to 4,660,903 ETH and Targets 5% Supply

Corporate crypto treasuries diverge as Bitcoin funding ramps and Ethereum accumulation accelerates with staking yield focus

TL;DR

• Strategy bought 1,031 BTC for $76.6M, total holdings reach 762,099 BTC with $44B funding plan
• BitMine added 65,341 ETH, bringing holdings to 4,660,903 ETH worth ~$10B
• ETH seen outperforming during conflict, with 18% rise and 2,450bp equity outperformance

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Strategy disclosed on March 23 that it acquired 1,031 BTC for approximately $77 million at an average price of $74,326, bringing its total holdings to 762,099 BTC accumulated for roughly $57.69 billion at an average cost of $75,694. The purchase marked the company’s smallest addition in about a month, ending a streak of larger weekly buys as Bitcoin traded in the $70,000 range based on COIN360 crypto price data tied to the broader crypto price index and global coin market cap metrics.

Strategy paired the reduced pace of Bitcoin accumulation with a major capital expansion plan, announcing a $44 billion funding structure composed of $21 billion in common stock through MSTR, $21 billion in preferred equity through STRC, and $2.1 billion in convertible preferred shares through STRK. The company said STRC had generated more than $1.5 billion after increasing its monthly dividend to 11.5%, but the preferred shares traded below their $100 par value for seven consecutive sessions, prompting a shift toward alternative issuance channels.

The company expanded its capital distribution network by adding Moelis, Alliance, and StoneX as sales agents while activating new at-the-market programs allowing up to $21 billion each in additional issuance capacity for MSTR and STRC. Strategy’s Bitcoin position was valued at roughly $54 billion at the time of disclosure, with an unrealized loss of about $3.3 billion relative to its acquisition cost, while first-quarter accumulation reached approximately 90,649 BTC.

BitMine Immersion Technologies reported on March 23 that it acquired 65,341 ETH over the previous week, bringing total holdings to 4,660,903 ETH valued at approximately $10 billion at current crypto price levels, with the latest purchase estimated at about $140 million. The company’s total crypto, equity, and cash holdings stood at $11 billion, including 196 BTC valued at $13.9 million, a $200 million stake in Beast Industries, a $95 million position in WLD treasury firm Eightco, and $1.1 billion in cash.

BitMine said its Ethereum holdings represent approximately 3.86% of the circulating supply of about 120.7 million ETH, while maintaining its position as the largest Ethereum treasury holder. The company has increased its buying pace over three consecutive weeks, with the latest purchase exceeding a prior weekly average of 45,000 to 50,000 ETH, and continues targeting 5% of total supply, equivalent to around 6.04 million ETH.

Tom Lee said, “As many have noticed, crypto and particularly ETH have outperformed the broader market since the Iran war commenced, with ETH rising 18% and outperforming equities by 2,450bp. Crypto is demonstrating itself to be a good 'war time' store of value,” while also stating, “Bitmine has maintained the increased pace of ETH buys in each of the past three weeks, as our base case is ETH is in the final stages of the 'mini-crypto winter.'”

BitMine reported 3,142,643 ETH currently staked, with staking operations structured through partners including MAVAN, and said that at full deployment, annual staking rewards are expected to reach $272 million based on a 2.83% seven-day yield metric. The company stated it holds more staked Ethereum than any other entity, with treasury operations structured to generate yield alongside accumulation.

Data showed BitMine remains ahead of other Ethereum treasury entities including SharpLink with 863,021 ETH and The Ether Machine with 496,712 ETH, while also ranking as the second-largest public crypto treasury company behind Strategy, whose Bitcoin holdings represent more than 3.5% of the total 21 million BTC supply. Institutional backing for BitMine includes Ark Invest, Founders Fund, Bill Miller III, Pantera, Kraken, Digital Currency Group, and Galaxy Digital.

This article has been refined and enhanced by ChatGPT.