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Strategy Adds 250 BTC as Bitmine Lifts Ether Treasury Above 6 Million
Michael Saylor’s firm buys more Bitcoin while Bitmine stakes most of its Ether
TL;DR
- Strategy bought another 250 BTC for about $21.5 million, taking its holdings to 848,250 BTC.
- Bitmine added 12,532 ETH, lifting its treasury to 6,028,946 ETH, or 6.03 million tokens.
- Tom Lee said digital asset treasuries could help set up what he called the “largest ever crypto bull market.”
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Strategy and Bitmine Immersion Technologies expanded their crypto treasuries this week, with Strategy adding Bitcoin and Bitmine adding Ether. Strategy acquired 250 BTC between Oct. 5 and Oct. 11 for approximately $21.5 million at an average price of $86,194 per Bitcoin, while Bitmine bought 12,532 ETH over the past week and lifted its holdings to 6,028,946 ETH.
Strategy’s Bitcoin position is now valued at $70.6 billion. Michael Saylor, the company’s co-founder and executive chairman, said the holdings were acquired at an average price of $75,444 for a total cost of around $64 billion, including fees and expenses. The position equals more than 4% of Bitcoin’s 21 million supply cap and implies roughly $6.6 billion in paper gains at current prices.
Strategy funds purchase with stock sales and cash
Strategy funded the latest Bitcoin acquisition through at-the-market sales of its Class A common stock, MSTR, and its USD Cash reserve. Its financing and balance-sheet activity included:
Saylor posted a Strategy Bitcoin acquisition tracker chart to X on Sunday with the caption, “There’s always room for more orange.” Bitcoin Treasuries data showed 198 public companies had adopted some form of Bitcoin acquisition model.
TD Cowen on Thursday raised its Bitcoin forecasts but kept its $260 price target on Strategy unchanged, arguing that dilution and the company’s financial obligations would likely limit shareholder upside. The target implied roughly 70% upside for MSTR. TD Cowen forecast the Bitcoin price near $109,000 by year-end and $280,000 by 2029.
Strategy shares fell 7% last week and closed Friday at $154.34. MSTR was flat year to date after recovering from an earlier selloff, but remained 53% lower over the past year. COIN360 data showed the Bitcoin price fell 4.5% over the same week.
Bitmine stakes 84% of its Ether treasury
Using an Ethereum price of $2,544, Bitmine’s Ether holdings were worth approximately $15.3 billion and represented 4.9% of Ethereum’s 122.1 million-token supply. Of that balance, 5,067,309 ETH valued at $12.9 billion was staked through Bitmine’s MAVAN platform and staking partners, representing 84% of its holdings.
Bitmine projected annualized staking revenue of $336 million based on a seven-day annualized yield of 2.61%, with revenue expected to reach $400 million once its ETH holdings are fully staked. Its other reported assets were:
Chairman Tom Lee said Ether outperformed the S&P 500 by 6,832 basis points in the third quarter despite macroeconomic tightening, high bond yields and Federal Reserve policy. He also pointed to tokenization, wealth transfers, digital asset treasuries absorbing crypto supply and crypto’s links to artificial intelligence as possible drivers of the next market cycle.
“We see the potential for this to be the largest ever crypto bull market,” Lee said. “DATS represent essentially permanent supply removed from the crypto market and this dynamic is favorable ahead of the upcoming crypto bull cycle, particularly compared to the prior 2019-2021 period, when DATS were not a factor.”
COIN360 data showed the Ethereum price at $2,529.15 on Monday, up 1.03% over 24 hours. Bitmine shares last closed Friday at $24.03.
This article has been refined and enhanced by ChatGPT.
