Strategy, Bitmine and Strive Expand Corporate Crypto Treasuries

Strategy resumes buying while managing cash and preferred stock

Strategy's latest acquisition was its first Bitcoin purchase since June 22, following two weeks in which the company neither added nor sold BTC. The company had also sold a cumulative $432 million of Bitcoin through five transactions dating back to May under its BTC monetization program, which is intended to strengthen its cash reserve and support dividend payments.

Strategy chairman Michael Saylor said Monday that the company increased its U.S. dollar reserve by $29 million during the preceding week. Strategy also repurchased $152 million of STRC, its perpetual preferred stock carrying a 12.00% annual dividend. STRC is intended to have a par value around $100 but was trading at $96.66.

The company remains the world's largest corporate Bitcoin holder by a wide margin and was the first public company to adopt Bitcoin as its sole treasury reserve asset. Immediately before the latest purchase, Strategy held 840,447 BTC worth around $66 billion. A Bitcoin rally had moved that position to an estimated $2.8 billion paper profit after it spent much of the summer underwater.

Strategy's recent Bitcoin sales marked a change from Saylor's longstanding public "never sell" message. Saylor said that language referred to his personal holdings rather than the public company's treasury policy.

"When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet. Since 2020, it has disclosed it may buy or sell $BTC to manage capital. Our shared conviction in Bitcoin remains unchanged," Saylor said.

Bitmine approaches its 5% Ethereum supply goal

Bitmine said Monday that its Ethereum treasury was valued at about $14.8 billion using a reference value of $2,511 per ETH. Its holdings represented 4.9% of Ethereum's total supply of 120.7 million tokens, putting the company 98% of the way toward its stated goal of controlling 5% of the network, a target Bitmine calls the "Alchemy of 5%."

The latest purchase extended Bitmine's uninterrupted accumulation run. The company has bought Ethereum every week since launching its treasury strategy on June 30, 2025, extending the streak to 65 weeks even though some recent purchases had slowed to smaller amounts.

Bitmine Chairman Tom Lee said Ethereum, Bitcoin and Solana were the three strongest-performing assets since June 30. Lee said Ethereum had outperformed the S&P 500 by 5,430 basis points so far during the quarter and argued that the performance could set the stage for institutions to increase crypto exposure.

Bitmine's total holdings reached $15.6 billion as of Saturday, August 29, when cash, other tokens and investments it calls "moonshot" positions were included.

Bitmine remains the world's largest Ethereum treasury and the second-largest corporate cryptocurrency treasury overall behind Strategy. The company also uses much of its ETH to generate staking income rather than keeping the entire position unstaked.

Bitmine had 5,067,309 ETH, or about 86% of its Ethereum holdings, staked through its MAVAN platform. The company projected annualized revenue of roughly $335 million from the staked assets. Lee also pointed to the mid-September Clarity Act vote as one of several potential catalysts heading into year-end.