BitMine and Strive Add $274M in ETH and BTC to Their Treasuries

Tom Lee's BitMine and Strive continued their corporate crypto accumulation in the final week of August, adding approximately $274 million to their treasuries.

BitMine purchased about $131 million worth of Ethereum (ETH) during the week, increasing its treasury to 5,901,112 ETH. The company estimates Ethereum's supply at 120.7 million ETH and has set a target of owning 5%. At that supply level, the threshold is 6,035,000 ETH.

This leaves BitMine 133,888 ETH away from reaching its 5% target. However, with recent activity showing an acceleration in buying, it's likely to reach its goal soon. If BitMine repeated the same purchase twice, it would still be 26,886 ETH short. A third equivalent purchase would take it beyond 5%, assuming the supply benchmark remained unchanged.

BitMine's large staking position also creates an additional source of ETH that does not require another market purchase. Of its 5.90 million ETH, 5,067,309 ETH is currently staked, equivalent to approximately 86% of the position. BitMine reported a seven-day annualized staking yield of 2.63% and estimates that its existing staked position could generate around $335 million in annualized staking revenue.

In contrast, Strive increased its Bitcoin (BTC) holdings by roughly 8.4%, purchasing 1,800 BTC for approximately $143 million between August 24 and August 28. The transaction increased Strive's Bitcoin treasury from 21,356 BTC to 23,156 BTC.