Corporate Crypto Treasuries Split as Strategy, Bitmine, and American Bitcoin Expand Holdings

Bitcoin accumulation pauses at Strategy while Ethereum concentration accelerates at Bitmine and equity pressure mounts at American Bitcoin

TL;DR

• Strategy paused purchases but holds 762,099 BTC worth about $51.6B with $6.1B unrealized losses
• Bitmine controls 4.732M ETH valued at $9.4B, nearing 5% of supply with large portion staked
• American Bitcoin reached 7,000 BTC worth $474M while shares fell below $1 and dropped over 50% YTD

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Strategy disclosed that it halted its regular Bitcoin acquisition program between March 23 and March 29, 2026, marking the first interruption in weekly purchases in just over a year. The company confirmed in a filing that it “did not sell any shares under its at-the-market offering program and did not purchase any bitcoin” during that period. Strategy continues to hold 762,099 BTC valued at approximately $51.6 billion, acquired at an average price of $75,694 per coin with a total cost basis near $57.7 billion including fees and expenses.

Holdings represent more than 3.6% of Bitcoin’s capped 21 million supply, placing the firm among the largest single corporate holders of the asset. The gap between acquisition cost and current valuation implies about $6.1 billion in unrealized losses tied to the position. Strategy’s funding model has historically relied on proceeds from at-the-market sales of its Class A common stock and perpetual preferred shares, converting equity issuance into Bitcoin exposure through continuous purchases.

Bitmine Immersion Technologies reported on March 30, 2026 that its Ethereum treasury reached 4.732 million ETH, with total company assets including cash and other investments amounting to $10.7 billion. At a reference crypto price of $2,005 per ETH based on COIN360 data within the broader crypto price index, the firm’s Ethereum holdings alone carry a notional value exceeding $9.4 billion. Bitmine also disclosed $961 million in cash alongside additional investments, including $200 million in Beast Industries and $102 million in Eightco.

The company stated it controls 3.92% of Ethereum’s circulating supply and described its progress toward what it calls the “Alchemy of 5%” threshold, noting it is over 78% of the way toward that target. Recent accumulation included the purchase of 71,179 ETH worth $146 million last week, bringing total holdings from about 4.66 million ETH earlier in March to current levels. Of the disclosed holdings, 3,142,643 ETH are actively staked, representing approximately $6.3 billion deployed within Ethereum’s validation system.

American Bitcoin, a mining firm co-founded by Eric Trump, reported that its treasury reached 7,000 BTC as of March 30, 2026, with total holdings valued at roughly $474 million based on prevailing crypto price data from the COIN360 crypto price index. The company said its reserves have increased more than 35% since the start of 2026, reflecting continued accumulation across the first quarter. American Bitcoin also noted its position in corporate treasury rankings improved, moving ahead of competitors to secure the 16th spot among public Bitcoin holders.

The firm disclosed that its internal metric measuring Bitcoin exposure per share rose to 660 satoshis, more than doubling since its Nasdaq debut in September. Despite the increase in underlying Bitcoin holdings, the company’s stock has declined sharply, falling below $1 to around $0.84 and recording a drop of more than 50% year-to-date. The company stated that its “Satoshis per share” has “more than doubled since its debut, even as the stock has continued to move in the opposite direction.”

This article has been refined and enhanced by ChatGPT.