Strategy Raises Cash as Bitmine Expands Ethereum Treasury

Strategy’s bitcoin holdings remain unchanged

Strategy continued to hold 843,775 BTC, equal to about 4% of bitcoin’s maximum supply. Michael Saylor, Strategy’s co-founder and executive chairman, said the company acquired the position for approximately $63.7 billion, including fees and expenses, at an average price of $75,476 per bitcoin.

COIN360 showed the Bitcoin price near $63,000 after the filing, placing the market value of Strategy’s holdings at approximately $53 billion. That valuation was about $10.7 billion below the company’s aggregate purchase cost.

Strategy’s annual financing costs were estimated at about 3.4% of the value of its bitcoin position. Its existing cash reserve was estimated to cover 17.4 months of financing costs, while coverage rose to 25.9 months when authorized reserve-building capacity was included.

Gabe Selby, Head of Research at Payward subsidiary CF Benchmarks, said the company’s near-term capacity to meet its obligations was not in question because the financing burden remained small relative to its bitcoin holdings.

“What makes the latest sale relevant is the expanded capital structure created by STRC, with a limited sale supporting its liquidity,” Selby said.

“The concern begins when selling bitcoin stops being a choice and becomes a recurring requirement for maintaining the capital structure,” he added.

Strategy also authorized a $1 billion repurchase program for its digital-credit securities, initially prioritizing STRC. The company adopted a flexible monthly dividend policy for STRC and said the dividend would not automatically rise when the security trades below its $100 par value.

A separate $1 billion common-stock repurchase program gives Strategy authority to buy back MSTR shares. The company also established a BTC Monetization Program permitting up to $1.25 billion in bitcoin sales, with proceeds available to replenish its dollar reserve, pay dividends and interest, or repurchase securities.

Matthew Sigel of VanEck said Strategy’s earlier sale of 3,588 BTC for $216 million did not count against the newly authorized monetization program. That transaction was the largest bitcoin sale in Strategy’s history and occurred before the latest reporting period, during which the company neither bought nor sold bitcoin.

Share sales replace bitcoin buying for the week

Strategy’s latest capital raise followed several social-media posts from Saylor that investors had previously associated with imminent bitcoin purchases.

On July 12, Saylor posted a Strategy bitcoin-tracker chart with the caption, “Orange dots tell only part of the story.”

Earlier captions including “A good time to add more dots” and “Looks better with more dots” had been followed by purchase disclosures. A June 28 post stating, “We’re gonna need more charts,” instead preceded the announcement of a new capital framework.

Saylor’s July 5 tracker post preceded the sale of the 3,588 BTC position rather than another acquisition.

Strategy’s stock was down 2.6% in pre-market trading on July 13. MSTR had fallen 6.5% over the week ended July 10 and closed that Friday at $94.64, while the Bitcoin price increased 1.7% over the same period, according to COIN360.

MSTR was approximately 79% below its summer 2025 peak. Strategy reported an enterprise market-cap-to-net-asset-value ratio, or enterprise mNAV, of 1.03, meaning its enterprise valuation stood only slightly above the net value of its underlying assets.

Standard Chartered maintained a $100,000 Bitcoin price forecast for the end of 2026 on July 10 and characterized Strategy’s departure from an absolute hold-only posture as a communication challenge rather than a solvency issue.

Grayscale analysts said Strategy’s stronger financing position could help bitcoin form a more durable price floor by reducing the risk that the company would become a forced seller during a market downturn.

A total of 197 public companies had adopted some form of bitcoin-acquisition model. The five largest disclosed corporate bitcoin positions were:

Shares of many digital-asset treasury companies remained significantly below their summer 2025 highs as market-cap-to-net-asset-value premiums contracted. Lower premiums reduce the amount of capital companies can raise through equity issuance relative to the value of the crypto assets they hold.

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Bitmine moves closer to owning 5% of Ethereum

Bitmine increased its ether treasury to 5.77 million ETH as of July 12 after adding 27,801 ETH during the preceding week. The position represented approximately 4.8% of Ethereum’s circulating supply of about 120.7 million ETH.

Bitmine said it had completed 96% of its “alchemy of 5%” objective. Reaching the target would require holdings of approximately 6.035 million ETH based on the stated circulating-supply figure.

Using a reference price of $1,820, Bitmine valued its Ethereum treasury at approximately $10.5 billion. The company reported total crypto, cash and other holdings worth $11.3 billion.

Bitmine ranked as the largest corporate holder of ether and the second-largest corporate crypto treasury overall. Its comparison placed Strategy’s bitcoin position at about $54 billion, reflecting a different reference price or measurement time from the approximately $53 billion valuation reported alongside Strategy’s filing.

Chairman Tom Lee linked Bitmine’s continued accumulation to Robinhood Chain’s July 1, 2026 mainnet launch and the use of ETH to pay network transaction fees.

“Robinhood’s 27 million users are paying crypto fees denominated in ETH,” Lee said. “In other words, everyday users are starting to see ETH as money.”

Lee’s statement referred to Robinhood’s overall user base and fee denomination. It did not provide a separate figure for active Robinhood Chain users.

COIN360 showed the Ethereum price at approximately $1,766 after a 1.95% decline over 24 hours. The asset remained about 64% below its $4,946 all-time high recorded in August 2025.

Staking generates revenue from Bitmine’s treasury

Bitmine had staked 4.92 million ETH, representing more than 85% of its ether holdings. Approximately 850,000 ETH remained unstaked based on the disclosed treasury and staking balances.

The company reported a 2.70% seven-day staking yield and projected approximately $242 million in annualized staking revenue at its current scale.

Bitmine said annualized revenue could increase to approximately $284 million through its MAVAN validator infrastructure. The difference between the two estimates was about $42 million, or roughly 17%.

Bitmine’s disclosed holdings outside ether included bitcoin, cash and two corporate investments:

Bitmine shares closed the July 10 trading session at $14.98, up 1.97% for the day.

Strategy and Bitmine now operate materially different treasury structures. Strategy’s bitcoin holdings do not generate native protocol yield and are supported by common-stock sales, preferred securities and a dollar reserve. Bitmine earns staking rewards on most of its ether while continuing to increase its share of Ethereum’s circulating supply.