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Strategy Pauses Bitcoin Buys as Strive and Bitmine Expand Crypto Treasuries
Strive Adds $511 Million in BTC While Bitmine Pushes ETH Holdings Above 6 Million
TL;DR
- Strategy ended a five-week Bitcoin buying streak and instead repurchased about $204.9 million of STRC preferred shares.
- Strive added $511 million in Bitcoin, lifting its treasury to 43,000 BTC while opening a new SATS offering program.
- Bitmine acquired another 10,452 ETH, taking its Ethereum holdings to 6,051,933 ETH and 4.95% of circulating supply.
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Corporate crypto treasury activity split during the latest reporting period, with Strategy pausing Bitcoin purchases while Strive and Bitmine Immersion Technologies continued adding digital assets. Strategy redirected cash toward STRC preferred-share repurchases, Strive moved closer to the largest public Bitcoin holders, and Bitmine increased both its Ethereum treasury and share buybacks.
Strategy Ends Five-Week Bitcoin Buying Streak
Strategy did not buy or sell Bitcoin between Oct. 19 and Oct. 25, ending five consecutive weeks of acquisitions, according to an 8-K filing with the Securities and Exchange Commission. Its holdings remained at 848,517 BTC, worth about $67.9 billion and representing more than 4% of Bitcoin's total supply. Strategy acquired those holdings for about $64 billion, including fees and expenses, at an average price of $75,446 per Bitcoin.
Instead, Strategy repurchased 2.07 million STRC preferred shares for about $204.9 million using its USD Cash reserve. Its USD Reserve stood at $4.83 billion as of Oct. 25, while its USD Cash balance was $242.4 million.
MSCI said earlier this month that it would adopt new rules covering "non-operating" companies, which could ultimately result in MSTR being excluded from its indexes. Steve Lee, co-founder of Neoclassic Capital, previously said reduced index-investor demand could push Strategy shares closer to the value of their underlying Bitcoin holdings and make new stock sales less attractive as a fundraising tool.
Bitcoin Treasuries data showed Strategy leading a group of 200 public companies using some form of Bitcoin acquisition model:
Strategy shares fell 6.9% last week and closed Friday at $146.02. Bitcoin declined 1.1% over the same period and briefly traded below $80,000 on Monday.
Strive Moves Closer to Second Place
Strive acquired 6,182 BTC between Oct. 17 and Oct. 23 in a purchase valued at $511 million, lifting its Bitcoin treasury to 43,000 BTC. The company ranked fourth among public corporate holders and continued closing the gap with Metaplanet and Twenty One. CEO Matt Cole has set a goal of ending the year as the second-largest public Bitcoin holder. At current treasury levels, Strive would need to acquire an average of about 105 BTC per week to surpass Metaplanet.
Strive ended Oct. 23 with $504.4 million of cash and cash equivalents, compared with $317.5 million one week earlier. Class A shares outstanding increased by about 3.3 million to 118.1 million. The company also established an at-the-market program covering up to $1 billion of SATS preferred stock, with proceeds available for general corporate purposes including Bitcoin purchases, working capital and other investments.
Strive continued holding 505,000 Strategy STRC preferred shares, valued at $50.2 million compared with $49.3 million one week earlier. SATA preferred shares outstanding remained around 14 million. Strive also closed an offering of 7 million SATS preferred shares on Oct. 20, raising roughly $630 million before expenses. SATS pays a 15% annual dividend, with enough funds set aside to cover the first 18 months of payments.
Bitmine Raises Ethereum Treasury Above 6 Million ETH
Bitmine Immersion Technologies added 10,452 ETH over the past week, increasing its Ethereum treasury to 6,051,933 ETH. Using an ETH value of $2,356, the position was worth approximately $14.3 billion as of Oct. 25. Bitmine said the holdings represented 4.95% of Ethereum's circulating supply of 122.2 million ETH.
Of the total, 5,227,037 ETH was staked through Bitmine's MAVAN platform and staking partners, equal to about 86% of its holdings. Bitmine projected $318 million in annualized staking revenue at current levels and as much as $368 million if all of its ETH were staked.
Beyond ether, Bitmine held 215 BTC, a $180 million stake in Beast Industries, a $76 million investment in Eightco Holdings, and $514 million of cash and marketable securities. Combined crypto, cash, marketable securities and other investments totaled $15 billion.
Bitmine also repurchased 2.04 million shares during the week at an average price of $22.48. Year-to-date buybacks reached 22.9 million shares for a total cost of $399.6 million and an average price of $17.48.
Chairman Tom Lee reiterated his view that the "crypto bull market is underway." Lee pointed to ETH's 13% pullback from its recent peak, compared with a 20% decline in the U.S. semiconductor sector over the same period. Ether traded around $2,322 on Monday, down 0.4% over 24 hours, while Bitmine shares closed Friday at $22.40, also down 0.4%.
This article has been refined and enhanced by ChatGPT.
