Strategy and Bitmine Boost Bitcoin and Ethereum Holdings Amid Market Volatility

Publicly listed companies are treating Bitcoin (BTC) and Ethereum (ETH) as core balance-sheet assets rather than short-term trades, according to a trend that has persisted through this year. Strategy ($MSTR), chaired by Michael Saylor, acquired 1,665 BTC between September 21 and 27 at an average price of roughly $85,681, bringing its total holdings to 847,666 BTC.

The same filing showed the firm retired about $152 million of its STRC preferred stock and held $6.02 billion in dollar assets as of September 27. The purchases were funded through sales of common stock under an existing at-the-market program.

Bitmine Immersion Technologies (NYSE: BMNR), chaired by Tom Lee, reported a parallel move on the ether side. It added 17,362 ETH last week, lifting its holdings to just over 6 million tokens, approximately 4.9 percent of circulating supply and 98 percent of the way toward its stated “Alchemy of 5 percent” target.

Lee described the milestone as a “tremendous achievement” reached in under 15 months and reiterated his view that a crypto bull market has been underway since late June.