Crypto Treasury Firms Stock Up on ETH, SOL, and BTC Before Fed Decision
As the Federal Reserve prepares to announce its interest rate decision on September 16, several prominent crypto treasury firms have continued to accumulate key digital assets. Despite the turbulent market conditions in September, BitMine Immersion Technologies, DeFi Development Corp, and Strive have all expanded their holdings of Ethereum (ETH), Solana (SOL), and Bitcoin (BTC).
BitMine Immersion Technologies added 27,180 ETH to its position last week, bringing its total holdings to 5.956 million tokens, which represent 4.9% of the circulating supply. The firm's chairman, Tom Lee, has directed the company to pursue a 5% supply target, with roughly 5.07 million tokens currently staked.
DeFi Development Corp, a Nasdaq-listed Solana treasury firm, increased its SOL holdings by 2% to 2.39 million tokens since August 27, while also opening a $300 million at-the-market program for CHAD, its Solana-backed preferred stock. Meanwhile, Strive purchased 469 BTC between September 8 and 11 at an average price of $77,954, bringing its total treasury to 25,000 coins.
Strategy (NASDAQ: MSTR), the largest public Bitcoin holder, stood apart from its peers by making no new BTC purchases during the period. Instead, it repurchased $139 million of its STRC preferred shares. As of September 13, Strategy holds 845,050 BTC at an average acquisition cost of $75,412 per coin.