Corporate Treasuries React Differently to Bitcoin and Ethereum Rallies

Last week saw a sharp rally in the two largest cryptocurrencies. Bitcoin rose more than 20% toward $80,000 and Ethereum posted a roughly 30% weekly gain, its strongest advance since May 2025. The moves were driven by falling Treasury yields, renewed U.S. crypto optimism and a wave of short liquidations, attracting $2.6 billion of new ETF inflows.

Strategy’s cash build‑up amid Bitcoin’s breakout

Strategy, the biggest corporate holder of Bitcoin, used the market strength to raise capital rather than increase its BTC position. Between Aug. 17 and Aug. 23 the company sold 18.26 million MSTR shares for about $2.01 billion. It allocated $300 million to its USD Reserve, $136.4 million to repurchase STRC preferred shares and placed the remainder in a newly created USD Cash account.

As of Aug. 23 the total dollar liquidity reached $6.69 billion ($5.10 billion in the Reserve and $1.59 billion in the Cash pool). The Reserve is earmarked for dividend and interest obligations, while the Cash pool can fund Bitcoin purchases, share repurchases, debt repayment or other treasury actions. Despite Bitcoin’s price climbing above Strategy’s average acquisition cost of $75,385, the firm kept its 840,447 BTC holding (acquired for about $63.36 billion) unchanged.

BitMine Immersion Technologies continues buying Ethereum

In contrast, BitMine Immersion Technologies, the largest corporate holder of Ethereum, treated the 30% surge as a buying opportunity. The company added 32,447 ETH, raising its total to 5.85 million tokens (about 4.8% of circulating supply) and nearing its 5% target.

BitMine’s strategy, launched in June 2025, has involved weekly purchases even as ETH’s price rose sharply. Chairman Tom Lee highlighted that past weeks with similar gains were followed by larger advances in subsequent months. Most of BitMine’s ETH holdings are staked—about 5.07 million tokens, or 87% of its treasury—generating projected annual staking revenue of $330 million.

Balance‑sheet contrasts

Strategy’s approach leaves it with $6.69 billion in cash and marketable securities, providing flexibility to act on future market dislocations. BitMine, by contrast, reported $308 million in cash and marketable securities, reflecting a balance sheet heavily weighted toward Ethereum assets.

The divergent actions illustrate two corporate treasury philosophies: preserving liquidity for opportunistic Bitcoin purchases versus actively accumulating Ethereum while earning yield through staking.