Crypto
Treasury Week as Strategy and Bitmine Keep Buying Bitcoin and Ether
Corporate treasuries had a busy week. Strategy bought 1,665 more Bitcoin between September 21 and September 27, and Tom Lee chaired Bitmine pushed its Ether stash past 6 million tokens. The two announcements landed on Monday morning back to back, a reminder that company balance sheets are now some of the biggest buyers in crypto.
Strategy paid about $142.7 million for the 1,665 BTC at an average price of $85,681 per coin including fees, according to its September 28 filing with US regulators. That lifted its total to 847,666 BTC, acquired for roughly $63.95 billion at an average cost of $75,437 per coin. At recent prices the stash is worth more than $70 billion, putting the company roughly $6 billion in the green on paper. The purchase came one week after Strategy added 950 BTC for $75.7 million, its second straight weekly buy.
The company funded the deal mostly through stock sales, issuing about 1.47 million MSTR shares for $246.2 million in net proceeds. Of that, $142.7 million went to Bitcoin and $103.5 million went to repurchasing its STRC preferred stock, with another $48.1 million from cash bringing the STRC buyback to about $151.7 million. Strategy reported about $6.02 billion in USD assets as of September 27, including a $5.02 billion reserve set aside for preferred dividends and debt interest plus $1 billion in cash.
Over at Bitmine, the numbers tell an Ethereum story. The company now holds 6,001,302 ETH valued at $2,698 per coin, alongside 213 BTC, $180 million in Beast Industries, $115 million in Eightco Holdings, and $672 million in cash and marketable securities, for total holdings of $17.2 billion. The Ether position alone represents 4.9 percent of the entire 122.1 million ETH supply. Bitmine bought 17,362 ETH in the past week and has bought Ether every single week since it started its treasury strategy on June 30, 2025.
Bitmine chairman Tom Lee called crossing 6 million ETH a tremendous achievement, noting the company accumulated the total in under 15 months. He added that the company continues to see affirming signs of a crypto bull market that started in late June, and that institutions are still underweight crypto with more exposure likely to come in the final months of 2026. Strategy now controls more than 4 percent of Bitcoin's maximum 21 million coin supply, and fellow treasury company Strive has reached 27,462 BTC of its own.
For the everyday holder, the takeaway is encouraging. Two of the largest corporate treasuries in the world are buying steadily at prices near the highs, and Strategy alone now owns more Bitcoin than the entire US spot ETF complex combined. When balance sheets this large keep bidding week after week, it adds a layer of demand that was simply absent in past cycles.
Quick answers
What is this story about?
Corporate treasuries had a busy week. Strategy bought 1,665 more Bitcoin between September 21 and September 27, and Tom Lee chaired Bitmine pushed its Ether stash past 6 million tokens. The two announcements landed on Monday morning back to back, a reminder that company balance sheets are now some of the biggest buyers in crypto.
Why does this story matter?
For the everyday holder, the takeaway is encouraging. Two of the largest corporate treasuries in the world are buying steadily at prices near the highs, and Strategy alone now owns more Bitcoin than the entire US spot ETF complex combined. When balance sheets this large keep bidding week after week, it adds a layer of demand that was simply absent in past cycles.
Sources
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