Major digital asset treasury (DAT) firms continue to accumulate Bitcoin (BTC) and Ethereum (ETH), fueling bullish sentiment for these top cryptocurrencies. Strategy (NASDAQ: MSTR) and Bitmine Immersion Technologies (NYSE: BMNR) remain active buyers despite selling some of their holdings to cover operational costs. In the week ending November 1, 2026, Strategy purchased 811 BTC, while Bitmine acquired 8,573 ETH.
Strategy's Bitcoin holdings grew by 83,901 BTC in the second quarter of 2026, surpassing miners' output by 205%. However, its net additions shrank to 1,666 BTC in the third quarter, or about 4% of new supply. The company has sold $431.8 million worth of Bitcoin this year to fund preferred dividends and stock buybacks, yet it remains a net buyer overall.
Bitmine holds 6,060,506 ETH as of November 5, 2026, representing 4.9% of Ethereum's supply. Its weekly purchases in late October accounted for 44% of Ethereum's net new weekly supply. Unlike Bitcoin, Ethereum has no supply cap, but its network activity and transaction fee burns can exert upward pressure on prices.
The continued buying by these DAT firms reduces the available supply of Bitcoin and Ethereum, potentially driving up their prices. Ethereum's diverse ecosystem, including decentralized finance (DeFi) projects, offers multiple avenues for network activity growth, further supporting its long-term value.