Strategy Pauses Bitcoin Buying as Bitmine and Strive Add Crypto

Strategy builds cash while Bitcoin holdings remain unchanged

Strategy disclosed through a Form 8-K that it added $525 million to its U.S. dollar reserve, lifting the balance from $3.225 billion to $3.75 billion. The reserve is intended to support dividends on the company’s preferred securities and interest payments on outstanding debt.

Executive Chairman Michael Saylor said the expanded reserve provided approximately 2.1 years of dividend coverage. Strategy financed the increase primarily through sales of MSTR common stock rather than through the disposal of Bitcoin or the issuance of preferred shares during the reporting period.

Strategy held 843,775 BTC as of July 26, extending its purchasing pause to five consecutive weeks. Its most recent acquisition occurred on June 22, when the company purchased 520 BTC.

Strategy sold 5,429,160 MSTR shares through its at-the-market program, generating approximately $544.5 million in net proceeds. The company did not sell preferred shares through its at-the-market programs during the same period.

The company retained substantial issuance capacity across its common and preferred securities programs.

The five programs provided approximately $48.22 billion of combined remaining capacity. Strategy also repurchased 288,930 STRC preferred shares for approximately $25 million under the Digital Credit Securities Repurchase Program announced on June 29, 2026.

Strategy retained approximately $975 million under that preferred-securities repurchase authorization. A separate MSTR common-stock repurchase program had $1 billion available, although the company did not buy back MSTR shares during the week. Strategy also made no repurchases of STRF, STRK or STRD securities.

Thomas C. Chow, Strategy’s executive vice president and general counsel, signed the filing under Item 7.01 of the Exchange Act. MSTR later rose more than 6% and reached $97.59 during morning trading.

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Bitmine increases ETH purchases and common-share buybacks

Bitmine Immersion Technologies acquired 9,946 ETH during the preceding week, extending a sequence of weekly Ethereum purchases that began when the company launched its ETH Treasury Strategy.

The purchase was larger than the 7,430 ETH acquired one week earlier. The difference amounted to 2,516 ETH, representing an approximately 33.9% increase from the prior weekly purchase.

Bitmine’s total treasury rose to 5,787,414 ETH, valued at approximately $11.3 billion. Its holdings represented about 4.8% of Ethereum’s total supply.

Chairman Tom Lee said, “Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025.”

Bitmine also increased its common-stock repurchases, buying 6.1 million shares during the latest week after acquiring 5.5 million shares during the previous period. The increase amounted to 600,000 shares, or approximately 10.9%.

“Bitmine repurchased 6.1 million shares of common stock in the past week, an increase from the 5.5 million purchased the week prior,” Lee said.

The two weekly transactions brought Bitmine’s cumulative repurchases to 11.6 million common shares under a $4 billion authorization.

Lee tied the accelerated repurchases to the company’s view of cryptocurrency market conditions. “We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening,” he said.

Bitmine reported that 4,917,189 ETH was staked, equivalent to approximately 85% of its treasury. The difference between the company’s total and staked holdings amounted to about 870,225 ETH.

The staked holdings were projected to produce approximately $254 million in annualized revenue, equivalent to roughly $21.2 million per month if divided evenly across a full year. The annualized projection represented approximately 2.25% of the stated market value of Bitmine’s Ethereum holdings.

COIN360 data showed the ETH price was approximately 4% higher at $1,959.30 as of 10:05 a.m.

Strive reaches 20,000 BTC after latest acquisition

Strive purchased 79 BTC between July 20 and July 24, raising its corporate Bitcoin treasury from 19,921 BTC to 20,000 BTC.

The acquisition cost approximately $5.2 million at an average of $65,723 per BTC. Multiplying the number of coins by the stated average price produces approximately $5.19 million, broadly matching the reported transaction amount.

Strive’s resulting Bitcoin treasury was valued at roughly $1.3 billion and placed the company seventh among publicly traded corporate Bitcoin holders. The latest acquisition represented approximately 0.4% of the company’s total holdings.

Strive adopted Bitcoin as a treasury asset in September 2025 and reached its latest holdings milestone about 10 months later. Part of the treasury came from its January 2026 merger with Semler Scientific, through which Strive absorbed more than 5,000 BTC.

The merger consideration was paid entirely in Strive stock and did not use cash. Strive also raised capital through sales of ASST and SATA shares and authorized a program of up to $4.2 billion, with plans to convert the resulting capital into Bitcoin as funds became available.

Strive reported $157.4 million in cash reserves, up from $154.1 million. The increase amounted to approximately $3.3 million, or about 2.1%.

The company also recorded a quarterly net loss of $393.6 million. That loss was approximately 2.5 times the size of its reported cash reserve.

Strive’s stated objective is to increase Bitcoin per share faster than Bitcoin’s spot price. Its approach evaluates purchases, mergers, equity issuance and other financing transactions according to their effect on the amount of BTC attributable to each share.

Strive became publicly traded through a 2025 reverse merger involving Asset Entities. Matt Cole became chief executive officer following that transaction, and Strive’s shares trade on Nasdaq.

Other corporate Bitcoin treasury companies had taken different approaches. Satsuma Technology sold 579 BTC in December and voted in July 2026 to sell its remaining 668 BTC. Metaplanet had paused purchases, while Smarter Web Company, Nakamoto and several other firms had reduced portions of their digital-asset reserves.

Strategy remained the largest corporate Bitcoin holder with more than 843,000 BTC. Twenty One Capital held more than 43,500 BTC, while Metaplanet held approximately 43,000 BTC.