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Strategy, Strive and Bitmine Expand Crypto Treasuries With New BTC and ETH Purchases
Public Companies Add Digital Assets as Financing and Staking Strategies Diverge
TL;DR
- Strategy and Strive expanded their Bitcoin treasuries, while Bitmine Immersion Technologies increased its Ether holdings.
- Strive remained among the largest publicly traded corporate Bitcoin holders, while most of Bitmine’s Ether balance was staked.
- Strategy relied on common-stock sales and cash, while Strive continued building out preferred-stock financing.
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Strategy, Strive and Bitmine Immersion Technologies all expanded their corporate crypto treasuries in updates released Monday. Strategy and Strive disclosed new Bitcoin purchases through Securities and Exchange Commission filings, while Bitmine said it increased its Ethereum holdings during the past week. The additions came alongside separate financing moves at the two Bitcoin treasury companies and further expansion of Bitmine’s staking operations.
Strategy Funds Bitcoin Purchase With MSTR Sales and Cash
Strategy funded its latest Bitcoin acquisition with proceeds from at-the-market sales of its Class A common stock and its USD Cash reserve. The company sold 140,872 MSTR shares for approximately $22 million, leaving $18.79 billion of shares available under the ATM program. Strategy used USD Cash to cover the remaining $0.1 million of the purchase cost.
Strategy also repurchased 1,938,780 million STRC preferred shares during the same period for around $193.1 million using its USD Cash reserve. Another $45.5 million from its USD Reserve funded preferred-stock dividends. Strategy reported a USD Reserve balance of $4.83 billion and a USD Cash balance of $447.3 million. Its board also raised the aggregate purchase price authorized under the company’s digital credit securities repurchase program from $2 billion to $3 billion.
Michael Saylor, Strategy’s co-founder and executive chairman, separately outlined a concept for what he called “perfected” digital money at ParaFi Investor Day. Saylor described a dollar-pegged, Bitcoin-backed stablecoin that he said could offer yields of 6% to 8%, positioning it as a further development of digital capital and digital credit products.
Strategy is also facing a potential index issue. MSCI said it will adopt new rules that could result in Strategy being excluded from its indexes, along with treasury companies such as Metaplanet and Sharplink that could fall under its position on “non-operating” companies.
K33 analysts separately warned that Strategy’s preferred-stock financing model may ultimately cost the company Bitcoin as STRC dividend obligations rise. K33 Head of Research Vetle Lunde argued that common-stock issuance is a more efficient way to finance future purchases.
Saylor had signaled another possible acquisition on Sunday by posting Strategy’s Bitcoin acquisition tracker and saying, “We found room for more orange.”
Bitcoin Treasuries data ranked Strategy first among 198 public companies that had acquired Bitcoin. Metaplanet held 44,000 BTC, Tether-backed Twenty One held 43,514 BTC, Strive was listed at 35,595 BTC and MARA held 35,577 BTC. Strive’s subsequent filing reflected its newer, higher balance after its latest purchase.
Strategy shares fell 11.3% over the week and closed Friday at $136.83, according to The Block’s MSTR price page. Bitcoin declined 2.6% over the same period.
Strive Adds More Bitcoin and Builds Preferred-Stock Financing
Strive’s latest purchase followed another acquisition earlier in the week. The company bought 2,822 BTC for $235 million last Monday and Tuesday, bringing its total purchases for the week to 4,045 BTC. The buying extended Strive’s position as the fourth-largest publicly traded corporate Bitcoin holder after the later treasury update.
CEO Matt Cole has said he wants Strive to finish the year as the second-largest public Bitcoin holder. Based on Metaplanet’s current position cited in the report, Strive would need to acquire an average of around 700 BTC per week to move ahead of it.
Strive also reported changes across its cash position, common shares and preferred-stock financing.
The SATS offering is scheduled to settle on Oct. 20, subject to customary closing conditions. Strive said all of its traditional warrants had either been exercised or expired, while its SATA preferred-share count remained unchanged.
Bitmine’s Ether Treasury Reaches 4.9% of Circulating Supply
Bitmine said most of its Ether treasury is already deployed through staking. The company reported 5,067,309 ETH valued at $12 billion staked through its MAVAN platform and staking partners, representing 84% of its ether balance. Bitmine projected annualized staking revenue of $309 million at current levels and said that figure could rise to $369 million once its holdings are fully staked.
Bitmine also reported assets outside its Ether treasury.
Bitmine Chairman Tom Lee attributed recent pressure across crypto markets to investors reducing risk amid geopolitical tensions, higher bond yields and concerns surrounding AI funding and model safety. “Crypto is widely held in the US, Korea and Taiwan,” Lee said. “So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets.”
This article has been refined and enhanced by ChatGPT.
