Main Points :
- Strategy added 2,486 BTC for approximately $168.4 million, bringing total holdings to 717,131 BTC, with cumulative purchases exceeding $54.52 billion.
- Bitmine Immersion Technologies acquired 45,759 ETH, pushing total ETH holdings to 4,371,497 ETH, equivalent to 3.62% of total Ethereum supply.
- Bitmine has 3,040,483 ETH staked, generating an estimated $176 million annually at current reward rates.
- Both companies expanded holdings while BTC trades around $66,700 and ETH around $1,990, down roughly 30–40% over 30 days.
- Treasury-company stocks have fallen sharply from recent highs, but long-term accumulation trends remain intact.
- Corporate digital asset treasuries now hold 1,136,000 BTC (~$76 billion) across 194 public companies.
I. Strategy Expands Its Bitcoin War Chest During Market Weakness
Publicly listed crypto treasury giant Strategy has once again increased its Bitcoin reserves, reinforcing its role as the world’s largest corporate BTC holder.
Between February 9 and February 16, Strategy purchased 2,486 BTC for approximately $168.4 million, at an average price of roughly $67,710 per BTC. This purchase occurred while Bitcoin was trading significantly below its recent peak of over $126,000 reached in October.
With this acquisition, Strategy’s total Bitcoin holdings now stand at 717,131 BTC, acquired at an aggregate cost of approximately $54.52 billion, representing an average acquisition price of $76,027 per BTC.
Capital Raising via ATM Program
The funding came from Strategy’s “at-the-market” (ATM) equity issuance program. Specifically:
- Sale of 785,354 STRC preferred shares, generating net proceeds of approximately $78.4 million
- Sale of 660,000 Class A common shares, generating net proceeds of approximately $90.5 million
This structure demonstrates how Strategy continues converting equity liquidity into hard digital assets, effectively transforming public market capital into Bitcoin exposure.
II. Bitmine Immersion Technologies: Building an Ethereum-Dominant Treasury
On the Ethereum side, Bitmine Immersion Technologies has emerged as the largest corporate ETH treasury.
The company recently purchased 45,759 ETH, bringing its total holdings to 4,371,497 ETH.
Given Ethereum’s total circulating supply of approximately 120.7 million ETH, Bitmine now controls 3.62% of the entire network supply — an extraordinary concentration for a single corporate entity.
Staking as a Yield Engine
Of these holdings:
- 3,040,483 ETH are staked
- At an ETH price of $1,998, staked assets are worth approximately $6.1 billion
- Estimated annual staking revenue: ~$176 million
This marks a structural difference between Bitcoin and Ethereum treasury strategies:
- Bitcoin = non-yielding, scarcity-driven asset
- Ethereum = yield-bearing digital commodity
Bitmine’s total assets reportedly reach $9.6 billion, including:
- $670 million in cash
- 193 BTC
- $200 million investment in Beast Industries
- $17 million stake in Eightco Holdings
III. Market Backdrop: Buying Into a Downtrend
At the time of reporting:
- BTC trades near $66,700, down ~30% over 30 days
- ETH trades near $1,990, down over 40% in the same period
The broader crypto market has retraced sharply from October highs. Risk assets globally have experienced volatility amid tightening liquidity conditions and macro uncertainty.
Yet these treasury companies are not retreating — they are accumulating.
This behavior suggests a long-term capital allocation thesis rather than short-term price speculation.
IV. Stock Price Collapse of Digital Asset Treasury Firms
Despite continued asset accumulation, treasury-company stocks have been severely repriced.
Strategy
Stock currently trades around $129, down roughly 72% from its July 16, 2025 high of $455.90.
Bitmine
Now near $20, down approximately 85% from its July 3 peak of $135.
SharpLink Gaming
Holding 864,840 ETH (~0.72% of total supply), shares trade near $6.55, down dramatically from $79.21 in late May.
MARA Holdings
With 53,250 BTC, shares have fallen from $22.84 (October 15) to approximately $7.48.
These declines reflect:
- Leverage to crypto price movements
- Equity market risk repricing
- Reduced speculative premium
However, over a one-year timeframe, some remain significantly up.
V. Corporate Treasury Adoption: Structural Expansion Continues
According to BitcoinTreasuries data:
- 194 public companies hold 1,136,000 BTC (~$76 billion)
- 28 entities hold 6,301,185 ETH (~$12.5 billion)
[Insert Graph Here – Figure 1]
A bar chart comparing:
- Total BTC held by public companies
- Total ETH held by corporations
- Percentage of total supply controlled
This visual demonstrates the asymmetric corporate concentration between Bitcoin and Ethereum.
VI. Strategic Implications for Investors and Builders
For readers seeking:
- New crypto assets
- Yield strategies
- Blockchain-based revenue models
Several insights emerge:
1. Ethereum Treasury Model Is a Hybrid Yield Strategy
Corporate ETH accumulation with staking turns treasury into a productive asset base.
This resembles:
- Sovereign bond portfolios
- Dividend-paying equity models
- Infrastructure yield frameworks
2. Bitcoin Remains Digital Reserve Collateral
Strategy continues positioning BTC as:
- Inflation hedge
- Monetary alternative
- Corporate balance sheet reserve
3. Volatility Creates Accumulation Windows
The fact that major treasury firms buy during 30–40% drawdowns signals:
- Conviction in long-term thesis
- Institutional horizon beyond quarterly volatility
VII. Risk Factors
- Further macro tightening
- Regulatory constraints on corporate crypto holdings
- Liquidity crunch in equity markets
- Staking reward compression (Ethereum)
Investors should monitor:
- Corporate leverage ratios
- ATM issuance dilution
- Crypto price-to-stock beta relationship
Conclusion: Corporate Conviction Amid Chaos
The recent acquisitions by Strategy and Bitmine represent more than opportunistic buying — they reflect a structural belief that digital assets are core treasury instruments of the future.
Despite:
- 30–40% crypto drawdowns
- 70–85% stock collapses
- Market-wide volatility
Corporate treasuries are expanding.
For long-term investors and blockchain entrepreneurs, this trend suggests:
- Institutional accumulation remains intact
- Ethereum’s yield-bearing nature could fuel treasury diversification
- Bitcoin’s role as digital reserve collateral continues strengthening
The next phase of crypto adoption may not be driven by retail speculation — but by balance sheet transformation.
