USDStrategy, Bitmine Add Crypto After Selloff
Corporate treasuries keep buying as balance sheets face pressure
TL;DR
- Strategy bought more Bitcoin after a sharp stock drop and rebuilt cash reserves.
- Bitmine added Ether and expanded staking-based treasury operations.
- Both companies remain exposed to large unrealized losses after the selloff.
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Strategy and Bitmine Immersion Technologies added more crypto after a market selloff, with Strategy buying more Bitcoin while rebuilding cash reserves and Bitmine increasing its Ether treasury as Chairman Tom Lee called the crypto pullback “superficial.”
Strategy bought 1,550 BTC for $101 million between June 1 and June 7, at an average price of $65,332 per BTC. The purchase raised Strategy’s total Bitcoin holdings to 845,256 BTC and marked its largest Bitcoin buy in three weeks. The information was released on June 8, 2026.
The company also brought cash reserves back to $1 billion after recently cutting that buffer. Strategy had reduced cash reserves by 61% to repurchase debt at a discount, leaving fewer liquid resources available to support dividend obligations tied to its preferred stock structure. The company had previously earmarked $2.25 billion in cash for Stretch, its flagship preferred stock instrument.
Strategy’s newest filing showed the company pocketed roughly $80 million to manage dividend payments and debt obligations. Strategy’s BTC holdings were valued at roughly $53.3 billion to $53.5 billion across the files, depending on the reference price used, with Bitcoin cited around $63,000 in one file and near $65,000 in another.
Strategy tries to repair market confidence
Strategy shares initially rose 3.4% to above $124 after Monday’s opening bell. The move followed a 24% weekly drop in Strategy shares, the company’s worst weekly performance since November 2022, after the company disclosed its first Bitcoin sale in more than three years. The sale totaled 32 BTC for $2.5 million, representing 0.0038% of Strategy’s current holdings.
Michael Saylor, Strategy’s co-founder and Executive Chairman, responded to the controversy with a short X post: “32?” Saylor had previously said during Strategy’s first-quarter earnings call that the company would “probably” sell some Bitcoin to “inoculate the market,” a move framed as showing commitment to STRC’s 11.5% annual dividend, paid through monthly distributions.
Bitcoin dropped to $59,400 last week, its lowest level since October 2024. One file said Strategy’s Bitcoin stockpile was roughly $10.7 billion underwater as of Monday. Another file placed Strategy’s average cost basis at $75,680 per BTC and said unrealized losses topped $9 billion with BTC near $65,000.
The 32 BTC sale was followed by liquidation cascades that pushed Bitcoin from around $77,000 to below $60,000. King, posting as @KinggTrades, wrote: “Saylor is buying back those 32 btc he sold last week but for 20% off. Genius.”
Quinten | 048.eth wrote: “The last time Saylor sold Bitcoin, marked the exact bottom of the bear market.” Onramp offered a more critical view, saying: “The moment Strategy sells its first Bitcoin, the structural cascade triggers. The ‘Strategy never sells’ thesis that underwrote the entire preferred stack has just been broken … a BTC sale, in other words, is not a recovery event. It is a regime-change event.”
Shareholders of Strategy have approved a shift in dividend payments for STRC preferred stock from monthly to semi-monthly, aimed at stabilizing prices, driving liquidity, and enhancing demand. STRC, Strategy's largest perpetual preferred stock, is designed to trade near a $100 par value with a variable cash dividend.
While demand for STRC may lead to increased long-term dividend obligations, this strategy appears to support bitcoin acquisitions effectively. Additionally, Strive will begin daily dividends on its SATA stock.
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Bitmine expands ETH treasury and staking base
Bitmine Immersion Technologies added 126,971 ETH for roughly $207 million last week. The buy lifted Bitmine’s Ether treasury to 5,543,872 ETH, commonly rounded to 5.54 million ETH.
Bitmine’s ETH holdings equal 4.59% of Ether’s circulating supply, which one file listed at 120.7 million tokens. The company is 92% of the way toward its “Alchemy of 5%” accumulation target, with roughly 490,000 ETH still needed.
The latest Bitmine purchase was a sharp increase from the prior week, when the company added 26,497 ETH. Bitmine Chairman Tom Lee said: “We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals.”
Ether was described as being down roughly 30% from April highs. BMNR closed at $15.90 on June 7, down roughly 31% over the past month.
Bitmine had 4,718,677 ETH staked as of June 7, valued at $7.7 billion using the $1,630 reference price in the release. The staked ETH represented 85% of total ETH holdings. At current yields, Tom Lee said Bitmine’s annualized staking revenue is projected at $230 million.
At full deployment across Bitmine’s own MAVAN staking platform and staking partners, projected annualized staking rewards rise to $270 million, based on a 2.99% seven-day yield. MAVAN, short for Made in America Validator Network, was built to support Bitmine’s internal treasury and is now being expanded to serve institutional investors, custodians, and ecosystem partners.
Bitmine’s total crypto, cash and “moonshots” investments reached $9.6 billion as of June 7. Its non-ETH liquidity and venture-style positions included $247 million in cash, a $180 million stake in Beast Industries, and an $88 million stake in Eightco Holdings (NASDAQ: ORBS). Bitmine also flagged Eightco as indirect exposure to OpenAI.
Tom Lee said: “The broad selloff in crypto, in our view, is a superficial take.” He added that improving AI systems will increase demand for hardened decentralized blockchains such as Ethereum. Lee also said: “We believe ETH prices should not be coming under pressure.”
Lee had called the market environment “crypto spring” shortly before the selloff, then treated Strategy’s 32 BTC sale as a bottom signal while continuing to buy ETH aggressively. Bitmine’s average ETH cost basis was reported at $3,460 per ETH, with unrealized losses approaching $9.9 billion while ETH traded around $1,681.
Strategy’s model was described as pure BTC exposure with no staking and no yield, relying on “Bitcoin per share” growth, capital-market access and conviction. Bitmine’s model blends treasury accumulation with staking operations, giving it a recurring ETH-denominated revenue stream.
If crypto prices fall further, Strategy may look more exposed because its model is tied to stock performance and debt service, while a prolonged drawdown could create dilution pressure or liquidity stress. Bitmine’s staking income gives it a downside cushion, though it does not erase unrealized losses if ETH remains far below the company’s average cost.
FAQ
How much Bitcoin did Strategy buy?
Strategy bought 1,550 BTC for $101 million between June 1 and June 7.
How much Ether did Bitmine add?
Bitmine added 126,971 ETH last week.
What did Tom Lee say about the selloff?
Tom Lee called the broad crypto selloff “a superficial take.”
What was controversial about Strategy’s sale?
Strategy sold 32 BTC, challenging the “Strategy never sells” thesis cited by Onramp.
This article has been refined and enhanced by ChatGPT.
