Corporate Treasuries Expand Crypto Holdings as Strategy and Bitmine Disclose New Purchases

Publicly traded corporate treasuries continue to aggressively accumulate digital assets, according to recent regulatory filings. Strategy Inc. and Bitmine Immersion Technologies have both disclosed significant expansions of their respective cryptocurrency reserves, solidifying their positions as the dominant corporate holders of Bitcoin and Ethereum globally.

At the time of writing, $BTC is trading at $84,225 and $ETH is trading at $2,728. The ongoing accumulation by these two firms highlights a diverging treasury strategy, with Strategy focusing entirely on Bitcoin and Bitmine building a massive yield-generating Ethereum treasury.

Strategy Expands Bitcoin Holdings to 847,666 BTC

According to an SEC Form 8-K filed on September 28, 2026, Strategy purchased 1,665 BTC between September 21, 2026, and September 27, 2026 ¹. The company acquired the assets for an aggregate purchase price of $142.7 million, representing an average purchase price of $85,681 per token, inclusive of fees and expenses ¹.

This latest acquisition brings Strategy's total holdings to 847,666 BTC as of September 27, 2026 ¹. The aggregate purchase price for its entire Bitcoin portfolio stands at $63.95 billion, with an average historical purchase price of $75,437 per BTC ¹.

To fund these purchases, Strategy utilized its at-the-market (ATM) offering program ¹. During the same weekly period, the company sold 1,469,165 shares of its Class A common stock ($MSTR), generating $246.2 million in net proceeds ¹. Beyond the $142.7 million allocated to Bitcoin, Strategy used $103.5 million of the stock sale proceeds to fund repurchases of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) under its digital credit securities repurchase program ¹.

In total, Strategy repurchased 1,534,530 shares of STRC stock for an aggregate price of $151.7 million, utilizing an additional $48.1 million of its USD Cash reserves to complete the transactions ¹. As of September 27, 2026, Strategy maintained $5.02 billion in its USD Reserve and $1.00 billion in USD Cash ¹.

Bitmine Crosses 6 Million ETH Milestone

Simultaneously, Bitmine Immersion Technologies ($BMNR) announced that its Ethereum treasury has surpassed 6 million tokens ³. As of September 27, 2026, Bitmine held 6,001,302 ETH, valued at approximately $16.19 billion based on a Coinbase price of $2,698 per ETH ³. The company's total holdings—including crypto, cash, marketable securities, and early-stage "moonshot" investments—reached $17.2 billion ³.

Bitmine acquired 17,362 ETH over the preceding week, marking its 65th consecutive week of purchases since initiating its treasury strategy on June 30, 2025 ³. With this milestone, Bitmine now owns 4.9% of the total circulating Ethereum supply of 122.1 million ETH, placing it 98% of the way toward its target of acquiring 5% of the total supply ³.

Unlike Strategy's passive holding strategy, Bitmine is actively generating yield from its treasury ³. As of September 27, 2026, the company had 5,067,309 ETH staked, representing $13.7 billion ³. These staked tokens account for 84% of Bitmine's total ETH holdings ³. Operating through its proprietary Made in America Validator Network (MAVAN), Bitmine's staking activities generated an annualized 7-day yield of 2.62%, translating to projected annualized staking revenues of $358 million ³. At full scale, if its entire ETH treasury is staked, the company projects annualized rewards of $424 million ³.

Treasury Strategies Diverge on Yield and Asset Class

The latest disclosures underscore two distinct approaches to corporate crypto treasuries. Strategy remains focused on capital preservation and appreciation through Bitcoin, maintaining the largest corporate crypto treasury in the world ³. Meanwhile, Bitmine has established the world's largest corporate Ethereum treasury, ranking as the second-largest global crypto treasury overall ³.

Bitmine's strategy relies heavily on the cash-flow generation of proof-of-stake validation ³. The company's MAVAN platform, initially built for internal treasury management, has expanded to target institutional investors and custodians ³. Bitmine also holds a $115 million stake in Eightco Holdings ($ORBS) and a $180 million stake in Beast Industries, alongside a minor holding of 213 BTC ³.

What to Watch

Market participants should monitor the execution of Strategy's remaining ATM capacity. As of September 27, 2026, Strategy has $18.84 billion available for issuance and sale under its Class A common stock ATM program, alongside $723.5 million remaining for preferred stock repurchases ¹.

For Bitmine, the key metric is the progression of its "Alchemy of 5%" initiative ³. The firm needs to acquire roughly 103,698 additional ETH to hit its 5% supply target. Investors should also watch for institutional adoption of its MAVAN staking network as the firm attempts to commercialize its validation infrastructure ³. Additionally, Bitmine Chairman Tom Lee is scheduled to deliver a keynote address at Korea Blockchain Week on September 30, 2026, which may provide further details on the firm's institutional pipeline ³.