BitMine and Strive Expand Crypto Reserves with ETH and BTC

BitMine Immersion Technologies hits 5.85M ETH while Strive acquires 1,110 BTC, as public firms aggressively leverage capital markets for crypto accumulation.

BitMine Immersion Technologies added a further 32,447 ETH to its balance sheet, while Strive acquired 1,110 BTC for approximately $81.5 million, bringing its Bitcoin reserve to 21,356 BTC. These moves come at a time when public companies are increasingly active in utilizing capital markets to accumulate digital assets.

BitMine Now Holds 5.85 Million ETH

BitMine increased its Ethereum position to 5,847,611 ETH after acquiring an additional 32,447 tokens during the week. The company values its reserve at nearly $14.3 billion based on a price of $2,440, with total crypto assets, cash, and other investments reaching $14.9 billion.

The scale of the position has become more significant than the weekly purchase itself. BitMine now holds approximately 4.8% of the circulating Ethereum supply, placing it close to its internal target of 5%.

A major portion of these tokens is utilized for staking. As of August 23, 5.07 million ETH were locked, representing nearly 87% of the total reserve. Based on current yields, BitMine estimates potential annual revenues of about $330 million, though this figure fluctuates alongside Ethereum network conditions.

For BitMine, the strategy has evolved beyond simple accumulation. The company combines a massive balance sheet with staking yields, allowing a portion of the crypto reserve to generate ongoing income while maintaining exposure to the price action of the leading altcoin.

Strive Buys Bitcoin for $81.5 Million

The company reported to the SEC that between August 17 and August 21, it acquired 1,110 BTC at an average price of $73,409, including fees.

Following these transactions, Strive’s Bitcoin reserve grew from 20,246 to 21,356 BTC. In just one week, the company expanded its position by approximately 5.5%.

Alongside these purchases, the company also bolstered its liquidity buffer:

• Cash: $171.9 million, up from $154.8 million.
• STRC: 505,000 Strategy shares valued at approximately $48.6 million.
• SATA: The number of preferred shares in circulation increased by 441,313 to 8.27 million.

The final point is critical to how Strive funds its strategy. SATA is the company’s preferred stock, designed as a capital-raising tool, while ASST common shares remain the other primary channel. As of August 21, SATA was trading near its par value of $100, facilitating the continued use of its share issuance program.

Two Distinct Models for Corporate Crypto Reserves

BitMine and Strive follow the same fundamental concept, yet the underlying economics differ. BitMine concentrates its capital in Ethereum and uses staking to generate yield from a portion of the reserve. Strive holds Bitcoin, which does not inherently provide such a yield, making the cost of financing and the terms of ASST and SATA issuance far more critical.

In both instances, capital markets are a vital component of the model. Favorable fundraising conditions allow these companies to direct more capital toward ETH or BTC. Conversely, a shift in market conditions could slow the pace of these acquisitions.

Current data shows both firms are maintaining their momentum: BitMine sits just below its 5% target of the total supply for the leading altcoin, while Strive has crossed the 21,000 BTC milestone.