Bitcoin and Ethereum both surged last week, but Strategy chose to raise $2.01 billion in cash without adding to its Bitcoin holdings, while BitMine Immersion Technologies continued to accumulate Ethereum despite the rally
Bitcoin and Ethereum posted their strongest weekly gains in over a year, but the two largest corporate crypto treasuries took sharply different approaches as the market rallied. While Bitcoin climbed more than 20% and Ethereum gained about 30% amid falling U.S. Treasury yields and a wave of short liquidations, Strategy-the largest corporate holder of Bitcoin-opted to raise capital rather than add to its BTC position. In contrast, BitMine Immersion Technologies, which holds the largest corporate Ethereum treasury, continued to buy ETH even as prices surged.
Strategy Raises Cash, Holds Back on Bitcoin
Between August 17 and August 23, Strategy sold 18.26 million MSTR shares, raising approximately $2.01 billion in net proceeds. Instead of deploying this capital into Bitcoin, the company allocated $300 million to its USD Reserve, used $136.4 million to repurchase STRC preferred shares, and placed the majority of the remainder into a new USD Cash account. As of August 23, Strategy reported $6.69 billion in dollar liquidity, split between $5.10 billion in its reserve and $1.59 billion in cash. The company stated that this structure gives it greater flexibility to respond to market conditions, including potential "dislocations" in Bitcoin or its own securities. Notably, Bitcoin's rally pushed the asset above Strategy's average acquisition price of $75,385, but the company did not add to its 840,447 BTC holdings, which were acquired for roughly $63.36 billion. Instead, Strategy used part of the proceeds to retire 1.43 million STRC shares and left $516.6 million authorized for further preferred-stock repurchases, along with a separate $1 billion authorization to buy back MSTR shares. This approach leaves Strategy with significant cash on hand, allowing it to wait for more attractive entry points or other opportunities.
BitMine Continues Ethereum Accumulation
BitMine Immersion Technologies took the opposite tack, treating Ethereum's 30% weekly gain as a reason to keep buying. The company purchased an additional 32,447 ETH during the week, bringing its total holdings to 5.85 million ETH as of August 23-about 4.8% of Ethereum's circulating supply. BitMine has been buying ETH every week since launching its treasury strategy in June 2025, regardless of price movements. The company pointed to historical periods when similar weekly gains in ETH were followed by further advances. BitMine has also staked roughly 87% of its ETH holdings, or about 5.07 million tokens, generating projected annualized staking revenues of $330 million. With just $308 million in cash and marketable securities, BitMine's balance sheet remains heavily weighted toward Ethereum, reflecting a more aggressive accumulation strategy than Strategy's.
Market Context and ETF Inflows
The rally in Bitcoin and Ethereum was fueled by renewed optimism in U.S. crypto markets as Treasury yields fell and short sellers were forced to cover positions. According to market data, the week saw $2.6 billion in net inflows into crypto ETFs, while billions of dollars in short positions were liquidated. Both Bitcoin and Ethereum reached multi-month highs, with Bitcoin approaching $80,000 and Ethereum climbing back above $2,400. The divergence in corporate treasury strategies comes as companies weigh the risks of deploying capital at elevated prices versus maintaining liquidity for future opportunities. For context, recent market moves have also been shaped by regulatory and index-related pressures, as seen when Strategy faced potential billions in passive selling due to MSCI index changes.
As of August 23, Strategy's Bitcoin holdings remained unchanged at 840,447 BTC, while BitMine's Ethereum holdings rose to 5.85 million ETH. The majority of BitMine's ETH is staked, generating protocol rewards, while Strategy's Bitcoin holdings do not produce native yield. The contrasting approaches highlight the different risk profiles and liquidity needs of the two companies as they navigate volatile crypto markets.
Corporate treasury management in the crypto sector involves balancing liquidity, risk, and opportunity cost. Companies like Strategy may choose to hold cash during periods of strong market performance to preserve flexibility, especially when their average acquisition price is near current levels. In contrast, firms like BitMine may prioritize aggressive accumulation and staking to maximize exposure and potential yield, accepting greater volatility and concentration risk. The choice between holding, buying, or staking depends on each company's capital structure, obligations, and market outlook, and can have significant implications for both their financial health and the broader crypto ecosystem.
