The two largest crypto treasury companies in the world went on a coordinated buying spree last week. Strategy (NASDAQ: MSTR) acquired 34,164 BTC for $2.54 billion, while Bitmine Immersion Technologies (NYSE: BMNR) scooped up 101,627 ETH worth over $230 million. The purchases came during a volatile week shaped by geopolitical tension and cautious macro sentiment. Both companies filed 8-K disclosures with the SEC on Monday, confirming a combined outlay approaching $2.8 billion.
Strategy Crosses 815,000 BTC With Third-Largest Buy on Record
Michael Saylor‘s Strategy purchased 34,164 Bitcoin between April 13 and 19 at an average price of $74,395 per coin. The acquisition ranks as the company’s third-largest single purchase by coin count, behind the 55,500 BTC and 51,780 BTC buys in November 2024.
Total holdings now stand at 815,061 BTC, acquired for a cumulative $61.56 billion at an average cost basis of $75,527 per coin. With BTC trading around $75,000, the portfolio sits near breakeven.
The purchase was funded primarily through STRC, Strategy’s perpetual preferred security. STRC generated $2.18 billion, covering roughly 85.7% of the total purchase. Sales of Class A common stock (MSTR) contributed the remaining $366 million. Last week also set multiple ATM records for STRC, including a single-day estimated 9,364 BTC tied to 14.4 million shares sold on April 14.
Strategy also disclosed plans to pay STRC dividends semi-monthly, which would make it the only preferred security in the world on a twice-monthly payout schedule. CEO Phong Le described the structure as unique and attractive for income-focused investors.
Strategy Surges 12% as Bitcoin Clears $77K and Holdings Flip Green
Bitmine Pushes ETH Holdings to 4.97 Million Tokens
Bitmine acquired 101,627 ETH during the same week, marking its largest weekly purchase since December 15, 2025. Total holdings now sit at 4,976,485 ETH, valued at roughly $11.5 billion at a reference price of $2,301 per token.
The company’s combined crypto, cash, and equity holdings total $12.9 billion. In addition to its ETH treasury, Bitmine holds 199 BTC, $1.12 billion in cash, a $200 million stake in Beast Industries, and a $107 million stake in Eightco Holdings.
Bitmine now controls 4.12% of total ETH circulating supply, putting it 82% of the way toward its long-term “alchemy of 5%” target. Of the total holdings, 3.33 million ETH is staked through the company’s MAVAN (Made in America Validator Network) platform, generating annualized staking revenues of over $221 million.
Chairman Tom Lee said the company has maintained an accelerated pace of ETH purchases over the past four weeks. “Our base case is ETH is in the final stages of the mini-crypto winter,” Lee stated. He has previously projected that Ether could climb above $60,000 over the next several years.
Strategy vs. Bitmine: Treasury Snapshot
| Metric | Strategy (BTC) | Bitmine (ETH) |
|---|---|---|
| Latest Weekly Purchase | 34,164 BTC ($2.54B) | 101,627 ETH ($230M+) |
| Total Holdings | 815,061 BTC | 4,976,485 ETH |
| Total Invested | $61.56 billion | ~$11.5 billion (ETH only) |
| Avg. Cost Basis | $75,527 per BTC | ~$2,301 per ETH (ref.) |
| Supply Controlled | ~3.88% of BTC supply | 4.12% of ETH supply |
| Staking Revenue | N/A | $221M annualized |
| Exchange | NASDAQ: MSTR | NYSE: BMNR |
The Only Two Large-Scale Buyers Left Standing
What makes last week’s purchases notable is not just their size but their timing. Most digital asset treasury companies have slowed or halted buying amid the recent market downturn. Strategy and Bitmine are among the few still actively accumulating at scale, making them the two most significant sources of institutional demand in the BTC and ETH markets respectively.
Strategy has spent over $61 billion on Bitcoin since it began its accumulation strategy in 2020. Bitmine, which started its ETH-focused treasury approach more recently, has built a $12.9 billion position in under a year. Together, the two companies now control meaningful percentages of both networks’ circulating supply, roughly 3.88% of all BTC and 4.12% of all ETH.
Both companies are also using different funding mechanisms to sustain their buying pace. Strategy relies heavily on its STRC preferred shares, while Bitmine generates recurring revenue through its staking operations. The structural difference matters: Bitmine’s staked ETH produces $221 million in annualized income, giving it a yield component that Strategy’s BTC-only approach lacks.
Whether these concentrated positions represent conviction or risk depends on market direction. For now, both firms are betting that current prices represent a buying opportunity in what both executives have described as a transitional period for crypto markets.
