Crypto Treasuries Shift Gears as Strategy and BitMine Alter Capital Strategies

Strategy and BitMine, two digital asset treasury companies, have shifted their capital management strategies in recent weeks. According to their latest filings, Strategy has redirected its capital away from large Bitcoin purchases, while BitMine has repurchased shares and used the cash to buy more Ethereum.

Strategy's four-week buying pause has ended with no new Bitcoin purchases. During this time, it sold 2.73 million common shares for $263.5 million and replenished its reserve with proceeds from previous share sales. The company's Digital Credit Capital Framework requires at least 12 months of expected preferred dividends and interest obligations to be covered unless the board approves a lower level.

BitMine, on the other hand, has repurchased approximately 5.5 million common shares for about $85.9 million and used the cash to buy 7,430 ETH, bringing its total holdings to 5,777,468 ETH. The company's 'Alchemy of 5%' target is approaching, but it now needs to balance its share count with ETH exposure per share.