All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders. - BitMine is building yield into its Ethereum treasury through staking.
- Strive is using preferred capital to finance Bitcoin accumulation.
- Strategy is prioritizing management of its expanding capital structure.
- The next treasury contest may be decided by financing efficiency.
Corporate crypto treasuries are beginning to diverge on what comes after accumulating digital assets. New moves from BitMine, Strive and Strategy show three increasingly different models built around staking, preferred financing and capital management rather than a simple race to report the largest weekly crypto purchase.
Three Treasuries, Three Uses of Capital
Corporate Crypto Treasuries
Same crypto thesis, different capital strategy
| Company | Latest Move | Capital Route | Strategic Effect |
|---|---|---|---|
| BitMine | +27,180 ETH | ETH + staking | Expands reserves while generating staking income |
| Strive | +469 BTC | SATA preferred equity | Finances additional BTC without common equity for this purchase |
| Strategy | $139.3M STRC buyback | USD cash | Supports preferred capital while BTC holdings stay unchanged |
Latest reported treasury activity as of Sept. 13, 2026.
The transactions look similar from a crypto-treasury perspective, but their economics are increasingly different.
BitMine is trying to make its underlying asset productive, Strive is building a financing engine for continued accumulation, and Strategy is managing the securities wrapped around an already enormous Bitcoin reserve.
BitMine Is Turning ETH Into a Productive Reserve
BitMine now holds 5.96 million ETH, or roughly 4.9% of Ethereum’s supply, putting it close to its stated 5% ownership target. Its broader crypto, cash and other holdings were valued at $15.8 billion as of September 13.
What separates the model is that most of the reserve is not sitting idle. BitMine reported 5.07 million ETH staked, representing about 85% of its holdings. At the referenced 2.62% staking rate, the company estimates annualized staking revenue around $334 million, although actual returns will fluctuate with network conditions.
That creates two potential return channels, ETH price exposure and staking income, while simultaneously increasing BitMine’s dependence on a single network.
Strive Is Testing Preferred Equity as a Bitcoin Engine
Strive’s more important development is not reaching 25,000 BTC, but how it is financing continued accumulation.
CEO Matt Cole said all of the capital behind its latest purchase came from SATA, Strive’s variable-rate perpetual preferred stock, which now has more than $1 billion of notional value outstanding.
Strive acquired an additional 469 $BTC for $36.6M at an average cost of $77,954 per bitcoin, bringing total holdings to ₿25,000.
100% of the capital raised came from SATA, which now has over $1B notional outstanding.
We increased amplification ratio to 53.5%.$ASST $SATA pic.twitter.com/Nu3EYIBS4R— Matt Cole (@ColeMacro) September 14, 2026
The model gives Strive another source of capital beyond common equity. That can limit reliance on common-share issuance, but it introduces a different benchmark for investors: whether the returns generated by additional Bitcoin exposure compensate for the cost of the preferred capital used to finance it.
Strive’s reported 53.5% amplification ratio makes that financing relationship increasingly central to how the company should be evaluated.
Strategy Is Managing the Structure Around Its Bitcoin
Strategy is now at a different stage of the treasury cycle.
Its 845,050 BTC position remained unchanged through September 13, while Michael Saylor said the company held another $6.4 billion in USD assets.
Strategy has repurchased $139M of $STRC. As of 9/13/26, we hold 845,050 $BTC and $6.4B of USD Assets. $MSTR https://t.co/NDYaVxz2sm
— Michael Saylor (@saylor) September 14, 2026
The decision to deploy cash toward STRC follows another preferred-share repurchase a week earlier and the expansion of Strategy’s Digital Credit Securities Repurchase Program from $1 billion to $2 billion.
That suggests a company increasingly concerned not only with acquiring Bitcoin, but with maintaining the financing ecosystem created around its holdings. Preferred-stock pricing, dividends, liquidity and repurchase economics now sit alongside BTC performance in assessing the model.
The Next Treasury Race Is About Cost of Capital
Simple rankings still show who owns the most Bitcoin or Ethereum. They reveal much less about what shareholders are paying to support those holdings.
For BitMine, the key metric is realized staking income against concentration risk. For Strive, it is the economics of SATA-funded Bitcoin. For Strategy, it is whether managing securities such as STRC strengthens the capital structure surrounding its BTC reserve.
Those comparisons become even more important when crypto prices weaken. The corporate treasury model that ultimately proves most durable may not be the one that accumulates fastest, but the one that can finance its exposure most efficiently across an entire market cycle.
