USDStrategy Builds Cash as Strive Buys Bitcoin and Bitmine Adds Ether
Public crypto treasuries take different capital-allocation paths during a sharp market rebound
TL;DR
- Strategy raised about $2 billion through MSTR share sales without buying Bitcoin, instead expanding dollar liquidity and repurchasing preferred stock.
- Strive added 1,110 BTC, while Bitmine Immersion increased its Ether treasury and continued deploying most of its ETH into staking.
- The moves came as both Bitcoin and Ether posted sharp weekly gains and treasury executives expressed bullish views on the market.
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Strategy, Strive and Bitmine Immersion disclosed sharply different crypto treasury moves on August 24, 2026, with Strategy raising cash without adding Bitcoin, Strive continuing to buy BTC and Bitmine expanding an Ether position that now represents a sizable share of Ethereum's circulating supply.
Strategy said in an 8-K filing with the Securities and Exchange Commission that it sold 18,261,118 MSTR shares between August 17 and August 23 for approximately $2 billion but neither bought nor sold Bitcoin during that period. The company directed $136.4 million of the net proceeds toward repurchases of its STRC preferred stock, added $300 million to its USD Reserve to bring that balance to $5.1 billion and placed the remaining $1.59 billion into a newly established "USD Cash" liquidity account.
Strategy said the new account could support several parts of its treasury and financing strategy. "USD Cash is a separately designated pool of U.S. dollar liquidity that the Company may retain for future deployment for general Bitcoin Treasury Company purposes, which may include acquiring Bitcoin, paying declared cash dividends on Strategy's preferred stock and interest on its outstanding indebtedness, repurchasing Strategy's MSTR Stock or preferred stock, repaying, repurchasing or redeeming Strategy's outstanding convertible notes, increasing the USD Reserve, and other similar Bitcoin Treasury Company purposes," the firm said.
Strategy's Bitcoin treasury remained unchanged after the week without purchases. Its position and the other leading public corporate Bitcoin holdings cited in the data were:
Strategy's holdings were equivalent to about 4% of Bitcoin's 21 million supply cap and carried approximately $2.4 billion in paper profit at the prices cited. The shift back into unrealized profit followed Bitcoin's largest-ever weekly dollar gain, when the Bitcoin price increased by $14,264 and finished Friday at $77,387. Bitcoin was about 1.2% higher over the preceding 24 hours at $78,161 immediately after the filing on Monday. STRC traded at $96.18, below its $100 par value.
Strive adds Bitcoin as its cash position rises
Strive took the opposite approach to incremental crypto exposure during roughly the same period, acquiring Bitcoin while also reporting a stronger cash position. According to its SEC filing, Strive purchased 1,110 BTC for approximately $81.5 million between August 17 and August 21 at an average price of $73,409 per coin, including fees and expenses.
The transaction increased Strive's Bitcoin holdings by about 5.5%, from 20,246 BTC in mid-August to 21,356 BTC, leaving it as the seventh-largest public company holding Bitcoin, according to Bitcoin Treasuries. Bitcoin rose nearly 25% over the week and was trading near $80,000 on Monday.
Strive CEO Matt Cole said on Sunday, August 23, that he had "very strong" conviction that the Bitcoin bear market was over, citing breakouts against both the dollar and gold. Cole said Bitcoin bottomed against gold in February 2026, about five months before its dollar-denominated price bottomed in July. He said the BTC/gold ratio had been useful for measuring Bitcoin against gold and expects growing demand for scarce assets to favor Bitcoin.
Strive's other disclosed balance-sheet and securities figures were:
Bitmine expands Ether holdings and staking position
Bitmine Immersion, the Ethereum treasury company chaired by Tom Lee, said its holdings reached 5,847,611 ETH following its latest weekly acquisitions, valuing the position at approximately $14.7 billion at the prices cited. Bitmine bought another 32,447 ETH after its August 17 update. The additional Ether was worth about $81.5 million at current prices, while Bitmine's total crypto assets, cash, marketable securities and other investments stood at $14.9 billion.
Lee pointed to Ether's recent performance as part of his outlook for the asset. "ETH gained 30% in the past week. This is the largest weekly gain since May 2025, prior to that it was July 2021. In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH. We expect easing financial conditions to be a tailwind for crypto," Lee said.
"We believe this upside move in ETH was overdue given the strengthening fundamentals in crypto, the multiple tailwinds of Wall Street tokenization, and agentic-AI. Moreover, the fact that the White House signaled support for crypto and the Treasury buying long-term bonds supported improved risk appetite," Lee added.
As of August 23, Bitmine's portfolio included assets beyond Ether:
Bitmine's Ether treasury represented approximately 4.8% of Ethereum's circulating supply of about 120.7 million ETH. The company had staked 5,067,309 ETH, valued at approximately $12.7 billion.
"Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $381 million on an annualized basis (using 2.67% 7-day BMNR yield)," Lee said. "Annualized staking revenues are now projected at $330 million. And this 5.1 million ETH is 87% of the 5.85 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.67% (annualized)."
Bitmine remained the largest Ethereum treasury holder in the cited SER data, followed by Joe Lubin's SharpLink with approximately 863,020 ETH and The Ether Machine with approximately 496,712 ETH. Among public crypto treasury companies overall, Bitmine ranked second behind Strategy.
This article has been refined and enhanced by ChatGPT.
