Strategy and Bitmine Expand Crypto Treasury Holdings

Saylor Softens Absolute Bitcoin Messaging

Michael Saylor, executive chairman of Strategy, acknowledged that Strategy could sell Bitcoin in extreme conditions and argued that preserving that option helps Bitcoin remain a usable treasury asset. Saylor said, “If the market thought we'd never sell it, ratings agencies would say, ‘Well, then it’s not an asset.’”

Saylor said Bitcoin has between $20 billion and $100 billion in liquidity that remains largely uncorrelated with a company’s stock performance or credit rating. His remarks followed Strategy’s first-quarter earnings call, where he suggested the company could sell Bitcoin in certain situations to protect market confidence or stabilize the business during periods of panic.

Saylor’s public messaging has shifted from repeatedly posting “Never sell your Bitcoin” to saying “Buy more Bitcoin than you sell.” Simon Dixon said Strategy could eventually face pressure to sell Bitcoin if traditional financial institutions manipulated the company’s Bitcoin-backed debt or dividend products.

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Bitmine Builds Ether Treasury Around Staking Revenue

Bitmine Immersion Technologies expanded its corporate Ethereum treasury to 5,278,462 ETH as of May 17, 2026, giving it control of 4.37% of the 120.7 million ETH supply. Bitmine reported $12.6 billion in total crypto, cash, and “moonshots” holdings.

Bitmine added 71,672 ETH in the past week and is now 87% of the way toward its stated goal of acquiring 5% of total ETH supply, or roughly 6.035 million tokens. Tom Lee said Bitmine expects to reach that target sometime in 2026.

Bitmine said 4,712,917 ETH, or about 89% of its total holdings, were staked as of May 17, producing $289 million in annualized staking revenue at a 2.80% seven-day yield. The company projected annual staking revenue could reach $324 million once its entire ETH position is fully staked through the Made in America Validator Network, or MAVAN.

MAVAN was described as an institutional-grade staking platform originally developed to support Bitmine’s own Ethereum treasury. Bitmine said part of its ETH was already staked on the platform.

Bitmine also disclosed $685 million in cash reserves. Its non-core “moonshots” portfolio includes 202 Bitcoin, a $200 million position in Beast Industries, and an $83 million equity stake in Eightco Holdings. Bitmine Immersion shares, trading under BMNR, closed at $19.87 on Friday, down 9.68% from the prior session.

Capital B Adds European Expansion to Corporate Bitcoin Treasury Trend

France-based bitcoin treasury company Capital B added another layer to the growing corporate crypto treasury movement after announcing the purchase of 192 BTC for 13 million euros, or about $15.1 million, following a recent fundraising round involving Blockstream CEO Adam Back.

Capital B said it raised a total of $20 million through three capital increase contracts before completing the Bitcoin acquisition, extending the treasury accumulation trend beyond U.S.-listed firms and into European public-market structures.

The purchase adds a smaller but geographically distinct treasury strategy to a market already dominated by large-scale balance-sheet accumulation from Strategy and Bitmine. Unlike Bitmine’s Ether-focused staking model or Strategy’s preferred-stock-funded Bitcoin expansion, Capital B’s latest move centered on direct BTC acquisition following equity financing tied to institutional crypto investors.