Strategy and BitMine Expand Bitcoin and Ethereum Treasuries as Corporate Accumulation Widens

Fresh filings reveal aggressive BTC and ETH purchases, multi-billion-dollar capital plans, and shifting market assumptions

TL;DR

• Strategy bought 10,624 BTC for $962.7 million, lifting holdings to 660,624 BTC—over 3% of total supply.
• BitMine raised its pace of ETH accumulation, reaching 3.86 million ETH and $13.2 billion in total holdings.
• Filings show both firms leaning on equity issuance, liquidity reserves, and macro conviction as crypto price index volatility persists.

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Strategy’s latest SEC filing shows another large-scale bitcoin acquisition between Dec. 1 and Dec. 7, where the company added 10,624 BTC for roughly $962.7 million at an average crypto price of $90,615 per coin, its biggest weekly stack since July 2025. The purchase pushes its total holdings to 660,624 BTC, a stockpile worth about $60 billion at current levels and representing more than 3% of the 21 million supply cap. The firm’s average purchase price stands at $74,696 per bitcoin, placing its estimated unrealized gains near $10.6 billion. 

Funding for the buy came from at-the-market issuance of both MSTR Class A shares and perpetual STRD preferred stock. The filing shows 5,127,684 MSTR shares sold for approximately $928.1 million and 442,536 STRD preferred shares sold for $34.9 million, leaving another $13.4 billion in MSTR issuance capacity and $4.1 billion under the STRD program. Executives reaffirmed their expanded $84 billion capital plan for bitcoin accumulation running through 2027—doubling their earlier $42 billion strategy—as the company frames BTC as long-term treasury collateral despite coin market cap fluctuations and broader crypto price index swings.

A parallel disclosure from BitMine Immersion Technologies outlines a renewed acceleration in Ethereum purchases after a slower November. The company reported $13.2 billion in combined crypto, cash, and “moonshot” assets, with its ETH treasury reaching 3,864,951 ETH as of Dec. 7, along with 193 BTC, $1 billion in cash, and a $36 million equity position in Eightco Holding. The latest filing shows BitMine purchased 138,452 ETH in the past week—roughly $430 million at prevailing crypto price levels—marking a sharp pickup from the 80,000-ETH weekly pace seen through last month. The firm now controls more than 3.2% of Ethereum’s circulating supply as it continues pursuing its stated 5% target. 

Chairman Tom Lee said the shift back into heavier accumulation reflects eight weeks of stabilization following the Oct. 10 liquidation shock, arguing that forward fundamentals have reasserted themselves. He cited improving macro conditions, the recent Fusaka upgrade, and a broader institutional drive toward tokenization as core drivers heading into early 2026, describing stablecoins as “Ethereum’s ChatGPT moment” and noting that Wall Street’s appetite to tokenize financial products encompasses “almost a quadrillion dollars” in assets. The company highlighted rising liquidity in its own stock, which has averaged $1.8 billion in daily dollar volume and now ranks among the most traded U.S. equities, though shares trade at $34.50—up 1.5% on the day but still down more than 16% from a month earlier.

Together, the filings reflect a widening divergence between corporate accumulation strategies and volatile market sentiment. Both firms continue to scale their treasuries using equity issuance and balance sheet engineering while the crypto price index remains sensitive to macro catalysts, risk appetite, and liquidity cycles. The simultaneous push into bitcoin and Ethereum underscores the split thesis now taking shape: BTC as a reserve-style asset for long-term treasury positioning, and ETH as an infrastructural bet on tokenization, stablecoin settlement, and the chain’s evolving role in institutional finance.

This article has been refined and enhanced by ChatGPT.