Crypto Treasuries Diverge on Capital Strategies
Corporate crypto treasuries are evolving as companies experiment with different capital strategies to grow their digital assets. BitMine, Strive, and Strategy are among those trying new approaches.
BitMine is building its Ethereum treasury through staking, generating income while expanding its reserves. The company now holds 5.96 million ETH, roughly 4.9% of the total supply, and estimates annualized staking revenue at $334 million.
Strive is using preferred capital to finance Bitcoin accumulation, introducing a new benchmark for investors: whether the returns generated by additional Bitcoin exposure compensate for the cost of the preferred capital used to finance it.
Strategy is managing its expanding capital structure around its massive Bitcoin holdings. The company has repurchased $139M of STRC and expanded its Digital Credit Securities Repurchase Program from $1 billion to $2 billion, prioritizing management over mere accumulation.