Strategy’s $1.25B Bitcoin Buy and Bitmine’s $14B Ethereum Treasury Signal a New Phase of Corporate Crypto Balance Sheets

Corporate Crypto Treasuries Deepen as Bitcoin and Ethereum Accumulation Accelerates

TL;DR

• Strategy added 13,627 bitcoin for $1.25 billion following MSCI index inclusion, reinforcing its long-term Bitcoin treasury strategy.
• Bitmine expanded its Ethereum holdings to over 4.16 million ETH, pushing combined crypto and cash reserves to roughly $14 billion.
• Both moves highlight diverging but maturing corporate approaches to crypto price exposure, treasury construction, and balance-sheet strategy.

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Strategy moved deeper into Bitcoin accumulation with the purchase of 13,627 BTC for approximately $1.25 billion, a transaction disclosed shortly after the company’s inclusion in a major MSCI index. The timing underscored how index recognition and balance-sheet strategy are increasingly intertwined, as inclusion in widely tracked benchmarks broadens passive institutional exposure while simultaneously amplifying scrutiny of treasury decisions. 

The acquisition implies an average purchase price near $91,700 per bitcoin and lifted Strategy’s total holdings to well above 190,000 BTC, further cementing its position as the largest publicly known corporate holder of the asset. Market participants viewed the scale and timing of the buy as a signal that index-related inflows are not diluting the company’s Bitcoin-first thesis, but rather reinforcing it by channeling additional capital toward a balance sheet already dominated by digital assets.

The purchase also reinforced Strategy’s long-articulated view of Bitcoin as a long-duration treasury reserve rather than a short-term trade tied to crypto price fluctuations. By acquiring bitcoin directly and holding it on the corporate balance sheet, the company continues to remove a substantial quantity of supply from liquid markets, a dynamic often cited as structurally supportive during periods of tightening issuance. 

Analysts tracking the crypto price index and broader coin market cap trends noted that such corporate buying differs materially from ETF-driven demand, as these coins are typically locked away with no immediate intent to rotate or rebalance. The move came as Bitcoin trading remained sensitive to macro liquidity conditions, yet Strategy’s actions suggested a willingness to add exposure regardless of near-term crypto price volatility.

Ethereum, meanwhile, saw its own large-scale corporate endorsement as Bitmine disclosed that its treasury had expanded to more than 4.16 million ETH, pushing the firm’s combined crypto and cash holdings to approximately $14 billion. The disclosure, released on January 12, 2026, positioned Bitmine among the largest known corporate holders of Ethereum and highlighted a treasury philosophy distinct from Bitcoin-only strategies. Rather than emphasizing scarcity alone, Bitmine’s approach reflects confidence in Ethereum’s role as programmable financial infrastructure, particularly as staking, stablecoin settlement, and tokenized assets continue to expand across global markets.

Bitmine’s growing Ethereum allocation also points to a broader evolution in how corporations assess crypto price exposure and balance-sheet utility. Holding ETH offers potential access to staking yields and participation in on-chain economic activity, features increasingly viewed as relevant for treasury optimization rather than speculative upside alone. The firm’s decision to maintain significant cash reserves alongside crypto suggests a hybrid treasury model designed to manage volatility while preserving flexibility as market conditions shift. Observers noted that Ethereum’s evolving issuance dynamics and its central role in decentralized finance have strengthened the case for long-term holding, especially as total coin market cap growth becomes more closely tied to on-chain activity rather than pure price momentum.

This article has been refined and enhanced by ChatGPT.