Major digital asset treasury (DAT) firms continue to accumulate Bitcoin (BTC) and Ethereum (ETH), despite a challenging year for many smaller players in the sector. Strategy (NASDAQ: MSTR) and Bitmine Immersion Technologies (NYSE: BMNR) remain net buyers of these cryptocurrencies, even as they have had to sell some holdings to meet financial obligations. In the week ending Nov. 1, Strategy acquired 811 BTC, while Bitmine bought 8,573 ETH.
Strategy, which pioneered the DAT business model, has sold $431.8 million worth of Bitcoin this year to fund preferred dividends and stock buybacks. Despite these sales, the company remains a net buyer, holding 849,327 BTC as of Nov. 5, which represents about 4% of Bitcoin's total supply cap of 21 million coins. The firm's purchases have significantly reduced the available supply of newly mined Bitcoin, creating a bullish outlook for the cryptocurrency's price.
Ethereum's supply dynamics differ from Bitcoin's due to the lack of a hard cap on its supply. However, Bitmine's consistent buying spree since June 30, 2025, has put upward pressure on Ethereum's price. As of Nov. 5, Bitmine holds 6,060,506 ETH, or 4.9% of the total supply. The company's purchases in the last week of October accounted for 44% of Ethereum's net new weekly supply.
Beyond the buying activity of DAT firms, Ethereum's value is also supported by its robust ecosystem of decentralized finance (DeFi) projects and services. Increased network activity leads to more Ether being burned, further constraining supply and boosting prices. This variety of growth drivers makes Ethereum a strong long-term bet alongside Bitcoin.