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Strategy, Strive and Bitmine Add Crypto as Treasury Buying Continues
Strategy leads Bitcoin holdings while Bitmine expands its staked ETH position
TL;DR
- Strategy resumed Bitcoin purchases with 811 BTC, lifting its treasury to 849,327 BTC.
- Strive added 124 BTC as it continued pursuing its goal of becoming the second-largest public Bitcoin holder.
- Bitmine acquired 8,573 ETH, taking its Ethereum treasury above 6 million ETH.
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Corporate crypto treasury companies Strategy, Strive and Bitmine disclosed fresh digital-asset purchases on Monday, with Strategy adding 811 BTC, Strive buying another 124 BTC and Bitmine acquiring 8,573 ETH. The purchases extended their separate Bitcoin and Ethereum accumulation strategies while highlighting significant differences in treasury size, financing and asset deployment.
Strategy resumes Bitcoin buying after one-week pause
Strategy bought its latest Bitcoin between Oct. 26 and Nov. 1 at an average price of $80,846 per coin, according to an 8-K filing with the Securities and Exchange Commission. Its Bitcoin holdings were valued at $65.9 billion and had been acquired for about $64.1 billion at an average cost of $75,451. The position represented more than 4% of Bitcoin’s total supply cap.
The purchase was financed through Strategy’s at-the-market sale of Class A common stock after the company paused Bitcoin acquisitions the previous week. Strategy sold 1,178,552 MSTR shares for approximately $164 million and had another $18.62 billion of shares available for issuance and sale through the program.
Strategy separately repurchased nearly 2.1 million STRC preferred shares for about $208.2 million from its USD Cash reserve and used $43.4 million from its USD Reserve to fund preferred-stock dividends. Its USD Reserve stood at $4.79 billion, while its USD Cash balance was $132.7 million as of Nov. 1.
The acquisition followed Strategy’s third-quarter results, when it reported $19.5 billion in net income, compared with $2.79 billion in the year-earlier quarter. The higher value of its Bitcoin holdings generated a $20.9 billion gain. Executive Chairman Michael Saylor said:
“We're at the beginning of the next bitcoin bull market.”
“Banks are embracing bitcoin, bitcoin's dominance among digital assets is growing, institutional demand is back, and bitcoin price is 21% above its 200-week moving average. Digital Credit continues to grow, with $16 billion in notional value across ten publicly listed securities.”
Strategy also said CFO Andrew Kang will step down on Nov. 5, with COO Reza Virasteh set to assume the role in January. STRC, STRF, STRK and STRD preferred shareholders separately approved daily dividend accruals instead of the previous fortnightly schedule, with 99.3% of votes cast supporting the change. StoneX and TD Cowen analysts said Strategy was in a stronger position to buy additional Bitcoin after improving liquidity and stabilizing its preferred-stock financing.
Saylor had signaled another purchase a day before the filing by posting the company’s Bitcoin acquisition tracker and writing, “We found room for even more orange.”
Strategy remained the largest among 199 public companies using some form of Bitcoin treasury model. A ranking snapshot listed Metaplanet at 44,000 BTC, Tether-backed Twenty One at 43,514 BTC, Strive at 43,000 BTC and MARA at 35,577 BTC. Strive’s subsequent filing updated its balance higher. Strategy shares had fallen 9.6% during the previous week and closed Friday at $130.51.
Strive moves closer to second place
Strive’s purchase covered Oct. 24 through Oct. 30 and raised its Bitcoin treasury above the 43,000 BTC level shown in the earlier corporate ranking snapshot. The company had already acquired about $1.25 billion worth of Bitcoin during October.
CEO Matt Cole has targeted becoming the second-largest public Bitcoin holder by year-end. Based on the updated balance, Strive would need to acquire fewer than 100 BTC per week for the remainder of 2026 to pass Metaplanet, assuming the Japanese company makes no additional purchases. Strive currently ranks fourth.
Strive ended Oct. 30 with $490.4 million in cash and cash equivalents, down $14 million from the prior week. Cole said most of its latest Bitcoin purchases were funded with existing cash, while the company also used its SATS preferred-stock at-the-market program for the first time. Strive launched that program on Oct. 26 with authorization to sell up to $1 billion of SATS preferred shares to finance Bitcoin purchases and other corporate expenses.
The company also held 505,000 shares of Strategy’s STRC preferred stock, valued at approximately $50.1 million as of Oct. 30. Strive’s outstanding SATA preferred shares remained unchanged at just over 14 million.
Bitmine grows Ethereum treasury past 6 million ETH
Bitmine Immersion Technologies’ latest acquisition lifted its Ethereum treasury to 6,060,506 ETH. Using a valuation of $2,261 per ETH, the position was worth approximately $13.7 billion and represented 4.9% of Ether’s total supply, according to the company’s statement.
Bitmine had staked 5,227,037 ETH worth $11.8 billion, representing about 86% of its Ethereum position. The company projected $358 million in annualized staking revenue at that level and $415 million if its entire ETH position were staked.
Outside Ethereum, Bitmine held 216 BTC, a $180 million stake in Beast Industries, an $82 million investment in Eightco Holdings and $498 million in cash and marketable securities. Its combined crypto assets, cash, marketable securities and other investments totaled $14.5 billion as of Nov. 1.
Chairman Tom Lee also addressed the $6.3 billion Binance hack. Lee said ETH had declined about 4% after the incident was disclosed, compared with an 8% decline on the day a $1.5 billion Bybit theft was announced in February 2025. ETH then fell 20% within a week of the Bybit incident.
“While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive, particularly compared to the market's response to prior sizable crypto thefts,” Lee said.
He cited six factors behind the comparatively muted response, including Binance’s ability to cover losses, the absence of decentralized finance protocol failures and rapid industry intervention that he said limited losses by 50%.
The ETH price stood at $2,281.41 on Monday, up 0.87% over 24 hours. Bitmine shares had closed Friday at $20.18, down 6.83%.
This article has been refined and enhanced by ChatGPT.
