BitMine Adds ETH, Strive Buys BTC as Strategy Builds Liquidity

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• BitMine added 32,447 ETH and moved closer to controlling 5% of Ethereum’s supply.
• Strive bought another 1,110 BTC, expanding its Bitcoin holdings by roughly 5.5%.
• Strategy raised $2.01 billion but made no Bitcoin purchases during the week.
• Bitcoin and Ethereum extended their rallies as the broader crypto market strengthened.

Corporate crypto treasury activity split in three directions this week: BitMine Immersion Technologies continued accumulating Ethereum, Strive expanded its Bitcoin position, while Strategy raised more than $2 billion without adding BTC. The moves came during a sharp crypto rebound, with Bitcoin trading at $78,571 and Ethereum around $2,492 at the time of writing.

BitMine Adds 32,447 ETH as Holdings Reach 5.85 Million

BitMine Immersion Technologies added 32,447 ETH during the week ended Aug. 23, increasing its Ethereum holdings to 5,847,611 ETH. The company said its crypto, cash, marketable securities and other investments were worth approximately $14.9 billion.

The latest acquisition is relatively modest compared with BitMine’s existing position, adding roughly 0.6% to its ETH holdings. The more consequential figure is its share of Ethereum’s circulating supply.

With approximately 120.7 million ETH outstanding, BitMine estimates that it now controls 4.8% of the supply, putting the company 97% of the way toward its stated objective of owning 5%.

Reaching exactly 5% at the current supply level would require roughly 6.04 million ETH. That leaves BitMine approximately 187,000 ETH short of the target, although the calculation will move as Ethereum’s supply changes.

The concentration makes relatively small ETH price movements increasingly important to BitMine’s balance sheet. At an Ethereum price around $2,492, its 5.85 million ETH position has a market value of approximately $14.6 billion.

Staking Turns BitMine’s Treasury Into a Yield-Producing Position

BitMine’s strategy differs from a conventional corporate Bitcoin treasury because most of its cryptocurrency can generate native staking rewards.

The company reported 5,067,309 ETH staked, representing roughly 87% of its entire Ethereum position. BitMine said its seven-day annualized staking yield stood at 2.67%, putting current annualized staking revenue at approximately $330 million.

Management estimates that annualized staking revenue could reach approximately $381 million if its ETH treasury were fully staked through MAVAN and third-party providers. Those figures remain projections and can change with network conditions, validator performance and the amount of ETH participating in staking.

That creates two distinct sources of economic exposure. BitMine benefits when the market value of ETH rises, while staking can generate additional ETH without requiring another treasury purchase.

Ethereum’s 30% Weekly Rally Magnifies BitMine’s Exposure

The latest acquisition arrived during an unusually strong week for Ethereum.

ETH was trading around $2,491.76 in the supplied market snapshot, up 30.86% over seven days and 1.47% over 24 hours. BitMine separately described the move as Ethereum’s strongest weekly gain since May 2025.

The broader market was also advancing. Bitcoin traded at approximately $78,571, up 23.44% over seven days, while XRP changed hands near $1.49 after gaining almost 50% for the week. Solana was around $95.37, up 26.19%, and BNB traded near $700.22, up 15.75%.

For BitMine, the scale of its holdings means price sensitivity is substantial. At roughly 5.85 million ETH, every 1% move in Ethereum changes the market value of the position by about $146 million at a $2,492 reference price.

Strategy Raises $2.01 Billion Without Buying More Bitcoin

Strategy took a different route during the week ended Aug. 23.

According to the SEC-Filing, the company sold 18,261,118 MSTR shares through its at-the-market program, generating approximately $2.01 billion in net proceeds, while making no Bitcoin purchases or sales. Its holdings therefore remained unchanged at 840,447 BTC..

Instead of immediately converting the new capital into Bitcoin, Strategy allocated $300 million to its USD Reserve and spent approximately $136.4 million repurchasing STRC preferred stock. The remaining proceeds were directed to a new account called USD Cash.

By Aug. 23, Strategy had approximately $5.10 billion in its USD Reserve and $1.59 billion in USD Cash.

The distinction between the two pools matters. The USD Reserve primarily supports preferred-stock dividends and debt obligations, while USD Cash gives management broader discretion over future treasury decisions, including potential Bitcoin purchases and securities repurchases. Reuters noted that the new structure provides

Strategy with greater flexibility to manage its treasury and periods of Bitcoin market weakness.

That makes the absence of a BTC purchase more meaningful than a simple weekly pause. Strategy raised substantial equity capital but deliberately retained much of it in dollars rather than immediately increasing its already enormous Bitcoin exposure.

With Bitcoin near $78,571 in the supplied market snapshot, Strategy’s 840,447 BTC would carry a market value of roughly $66 billion, although that figure changes continuously with BTC.

Strive Buys 1,110 BTC and Expands Its Treasury by 5.5%

Strive remained firmly in accumulation mode.

The company acquired another 1,110 BTC for approximately $81.5 million, paying an average price of $73,409 per Bitcoin. The transaction increased its holdings from 20,246 BTC to 21,356 BTC.

Expressed as a percentage, the purchase expanded Strive’s Bitcoin treasury by approximately 5.5% in a single transaction.

That provides more information than the 1,110 BTC headline figure alone. Strive remains at a stage where an individual acquisition can materially change its cryptocurrency exposure, unlike Strategy, where another 1,110 BTC would increase the existing position by only about 0.13%.

Strive’s expansion has been particularly rapid in 2026. It held approximately 12,798 BTC after completing its Semler Scientific acquisition in January. At 21,356 BTC today, its treasury has grown by roughly 67% from that post-acquisition level.

Bitcoin’s rally has also pushed the market value of the position higher. Using the approximately $78,571 BTC price from the supplied market snapshot, Strive’s 21,356 BTC would be worth about $1.68 billion.

The more useful shareholder metric, however, is how efficiently future financing increases Bitcoin exposure per common share. Rapid BTC accumulation can increase the treasury while still producing very different outcomes for existing shareholders depending on the price and structure of the capital used to finance those purchases.

Three Companies Are Now Following Different Treasury Models

The week’s filings reveal increasingly distinct approaches rather than a single corporate crypto treasury strategy.

BitMine’s model combines asset appreciation with staking economics. Strategy has reached a scale where liquidity reserves, preferred securities, equity issuance and Bitcoin holdings must be managed together. Strive remains in a faster accumulation phase where each financing round can produce a visible change in its BTC exposure.

The next disclosures will provide different benchmarks for each company. BitMine is approximately 187,000 ETH away from the 5% supply threshold based on the supply figure it cited, while Strategy now has $1.59 billion of flexible USD Cash that could potentially be deployed without another immediate capital raise. For Strive, the next BTC purchase will provide another test of whether its rapidly growing treasury is also increasing Bitcoin exposure efficiently on a per-share basis.

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