Corporate Crypto Treasuries Surge with Fresh Bitcoin and Ethereum Buys

Corporate adoption of digital assets continues to gain momentum as major treasury holders capitalize on recent market dips. Strategy, a prominent Bitcoin focused firm, added 196 BTC to its reserves last week, spending about $22.1 million at an average price of $113,048 per coin. This purchase, detailed in a Securities and Exchange Commission filing on Monday, brings the company's total holdings to 640,031 BTC, valued at roughly $71.8 billion.

The acquisition highlights Strategy's ongoing commitment to Bitcoin as a core asset. Co-founder and executive chairman Michael Saylor highlighted the firm's strategy on Sunday via an update on its Bitcoin tracker, noting the simple mantra of steady accumulation. These buys were funded through at-the-market sales of Class A common stock, perpetual Strife preferred stock, and perpetual Stride preferred stock, allowing the company to expand without disrupting operations.

Ethereum Holders Follow Suit in Bold Expansion

BitMine Immersion, an Ethereum treasury company chaired by market analyst Tom Lee, also ramped up its positions significantly over the same period. The firm acquired 234,846 ETH for approximately $961.5 million since its last report on September 22, pushing its total to more than 2.65 million ETH, now worth around $10.8 billion. This move positions BitMine as the leading public holder of Ethereum, with its stake representing about 2.2 percent of the network's circulating supply of 120.7 million ETH.

Beyond Ethereum, BitMine maintains a diversified portfolio that includes 192 BTC valued at $21.5 million, a $157 million investment in Worldcoin treasury firm Eightco, and $436 million in cash reserves. According to data from SER, BitMine outpaces competitors like Joe Lubin's SharpLink with 838,730 ETH and The Ether Machine with 495,360 ETH in Ethereum holdings. Overall, it ranks as the second-largest public crypto treasury behind Strategy, whose Bitcoin stack equates to over 3% of the cryptocurrency's 21 million total supply.

BitMine's growth reflects a calculated approach, backed by heavyweights like Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. The company aims to secure 5% of Ethereum's circulating supply, or around 6.04 million ETH, as a long-term play on the network's infrastructure. Lee emphasized this vision in a statement, pointing to Ethereum's perfect uptime and role in enduring trends like artificial intelligence and decentralized finance.

These trends play out against a broader market recovery, with Bitcoin up 2.51% to $112,374 and Ethereum advancing 2.88% in recent sessions. Public companies adopting crypto treasuries signal growing confidence in their staying power, even as prices fluctuate. BitMine's stock has benefited accordingly, posting a five-day average daily volume of $2.6 billion as of September 26, placing it 26th among U.S. equities according to Fundstrat and Statista figures, just behind Marvell Technology and ahead of Visa.

Lee, who co-founded Fundstrat, described the firm's edge in a comment, crediting its rapid growth in crypto net asset value per share and robust stock liquidity. This positions BitMine ahead of peers in both scale and market accessibility. As corporate treasuries evolve, such metrics highlight how these entities are reshaping investor perceptions of digital assets.

The enthusiasm arrives amid heightened scrutiny from U.S. regulators. Just last week, the Securities and Exchange Commission and the Financial Industry Regulatory Authority initiated investigations into over 200 firms pursuing crypto treasury strategies. Authorities are examining sharp stock price spikes and unusual trading volumes that preceded public announcements, suspecting possible insider trading or leaks of nonpublic information.

Probes focus on whether company affiliates or external traders profited from advance knowledge of these plans. Patterns of aligned trades raise questions about market fairness in this emerging space. While no wrongdoing has been confirmed, the reviews underscore the challenges of integrating cryptocurrencies into regulated corporate finance.