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Strategy, Strive and Bitmine Expand Crypto Treasuries as Bitcoin, Ethereum Rally
Public companies accelerate BTC and ETH accumulation while using different funding and yield strategies
TL;DR
- Strategy, Strive and Bitmine disclosed fresh Bitcoin and Ethereum purchases on Sept. 21, extending large corporate crypto treasury positions.
- Strategy remained the dominant corporate Bitcoin holder, while Strive accelerated toward a higher treasury ranking and Bitmine neared its Ethereum supply target.
- Their strategies differed sharply, spanning cash-funded purchases, preferred-stock and warrant financing, and large-scale Ethereum staking.
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Strategy, Strive and Bitmine disclosed new cryptocurrency purchases on Sept. 21, 2026, as public-company crypto treasuries expanded alongside a sharp market rally. Strategy added 950 BTC, Strive bought 1,355 BTC and Bitmine acquired 27,562 ETH, while each company pursued a different model for funding, managing or generating returns from its holdings.
Strategy Adds Bitcoin After Two-Week Pause
Strategy purchased 950 BTC for about $75.7 million between Sept. 14 and Sept. 20, paying an average of $79,670 per bitcoin. The company funded the purchase from its USD Cash reserve. The acquisition ended a two-week period in which Strategy had kept its Bitcoin holdings unchanged.
The purchase lifted Strategy’s Bitcoin treasury to 846,000 BTC. According to company co-founder and executive chairman Michael Saylor, Strategy had spent about $63.8 billion, including fees and expenses, to acquire the position at an overall average cost of $75,416 per BTC.
Strategy also deployed capital elsewhere on its balance sheet. During the same week, it repurchased 1.77 million STRC preferred shares for about $174 million. It separately used $57.4 million from its USD Reserve to fund preferred-stock dividend payments and interest on outstanding debt.
As of Sept. 20, Strategy reported a USD Reserve balance of $5.04 billion and a separate USD Cash balance of $1.05 billion. The latest Bitcoin acquisition came from the latter pool.
Saylor had posted Strategy’s Bitcoin acquisition tracker on X on Sunday with the caption, “A little more orange.” Similar posts had frequently preceded purchase announcements, although the company’s buying cadence had become less consistent in recent weeks.
Strategy remained far ahead of other public companies holding Bitcoin. Corporate adoption had expanded to 196 public companies using some form of Bitcoin acquisition model.
Strategy’s MSTR shares gained 16.4% during the week and closed Friday at $153.92, while Bitcoin rose 5.3% over the same period. MSTR was roughly flat for the year and remained 54.2% lower over the prior year.
Strive Steps Up Purchases Toward Treasury Ranking Goal
Strive bought 1,355 BTC for about $107.7 million during the week ending Sept. 18. The purchase raised the company’s holdings to 26,355 BTC, according to its Form 8-K filed with the U.S. Securities and Exchange Commission.
Strive paid an average of $79,475 per BTC between Sept. 14 and Sept. 18. With Bitcoin trading around $85,600 on Sept. 21, its treasury was worth more than $2.25 billion.
Strive remained the fifth-largest public Bitcoin holder. To exceed Twenty One and move into second place, Strive needed another 17,160 BTC, assuming Twenty One did not add to its position.
Fourteen full weeks remained in 2026 at the time of the update. Strive would therefore need to average about 1,226 BTC of purchases per week to reach the second-place target by year-end. Maintaining that pace could put Strive above MARA during the second half of November before it challenged the two larger treasuries immediately ahead of it.
Only 514 BTC separated Twenty One and Metaplanet at the time, placing the two companies close together near the top of the rankings below Strategy.
Strive also began receiving capital from exercises of warrants linked to its ASST common stock. Holders exercised nearly 786,000 warrants during the week, generating approximately $21.2 million in gross proceeds.
SATA, Strive’s preferred stock, provided a larger share of the week’s financing. It accounted for 57.7% of capital raised, or nearly 58% of the total, and continued trading close to its $100 par value on Sept. 21.
TD Cowen raised its ASST price target from $32 to $44, citing faster-than-expected Bitcoin accumulation and growth in Bitcoin held per fully diluted share. The firm also increased its forecast for Strive’s year-end treasury.
TD analysts Lance Vitanza and Jonnathan Navarrete used BTC Yield to refer to Bitcoin growth per share. TD Cowen’s revised 32,105 BTC forecast still stood below the roughly 43,515 BTC Strive would need to exceed Twenty One’s stated position.
ASST shares fell about 1.5% during the first hours of Sept. 21 trading to around $29.65 after reaching as high as $31.50 in premarket trading, a level close to a one-year high.
Bitcoin moved above $85,000 on Sept. 21 for the first time since January and gained more than 5% over the prior 24 hours. The rally liquidated at least $648 million in short positions.
The latest Strive purchase was 405 BTC larger than Strategy’s weekly acquisition. Strive spent about $107.7 million compared with Strategy’s $75.7 million, while their average purchase prices differed by only $195 per bitcoin.
Strategy’s total Bitcoin position nevertheless remained more than 32 times the size of Strive’s treasury.
Bitmine Nears 5% Ethereum Supply Target
Bitmine reported that its Ethereum holdings had reached 5,983,940 ETH after acquiring another 27,562 ETH following its previous update on Sept. 14. The new tokens were worth approximately $75 million at current prices, while Bitmine’s full ETH position was valued at about $16.3 billion.
Bitmine said its combined crypto holdings, cash, marketable securities and other investments totaled $17.1 billion.
Tom Lee, who chairs Bitmine, said the company viewed the latest accumulation as part of a broader market move. “We believe a crypto bull market is underway, having started in late June.”
Lee attributed that view to “the rotation from AI back to crypto,” strengthening crypto fundamentals centered on tokenization and AI, and “the ending of the 4-year cycle.”
Lee also said, “Quarter to date, ETH is outperforming by 6,519bp, dwarfing other macro assets.” The stated 6,519 basis points correspond to 65.19 percentage points of relative performance.
“To us, this massive outperformance of ETH in 3Q26 is viewed as a prelude to a potentially stronger up move in the 4th quarter of 2026,” Lee said.
Lee said institutions had been underweight crypto during 2026, partly because AI stocks had performed better earlier in the year. Bitmine expected institutions to “substantially increase their exposure in the final 3 months of 2026.”
Bitmine believed those allocation changes “could add meaningful upside to the gains seen since June 30,” Lee said.
Bitmine’s balance sheet also included other assets as of Sept. 20.
Bitmine’s 5,983,940 ETH represented more than 4.9% of Ethereum’s circulating supply of approximately 122.1 million ETH. The company said it had reached 98% of its “Alchemy of 5%” target within 15 months of starting its Ethereum treasury strategy.
Bitmine had already staked 5,067,309 ETH, valued at about $13.8 billion. That represented approximately 85% of its total Ethereum holdings.
Lee said, “Bitmine has staked more ETH than other entities in the world.”
Bitmine projected $357 million in annualized staking revenue based on the amount already staked. If its ETH is fully staked through MAVAN and its staking partners, the company projected approximately $421 million in annualized ETH staking rewards.
Bitmine also reported a seven-day yield of 2.62% on an annualized basis from its own staking operations.
Bitmine remained the largest public Ethereum treasury holder by a wide margin. SER data showed Joe Lubin’s Sharplink holding approximately 888,938 ETH and The Ether Machine holding 496,712 ETH.
Bitmine was also the second-largest public crypto treasury company overall behind Strategy. Strategy held more than 4% of Bitcoin’s fixed supply cap, while Bitmine controlled more than 4.9% of Ethereum’s circulating supply as it approached its explicit 5% target.
This article has been refined and enhanced by ChatGPT.
