Strategy Sells Bitcoin, BitMine Buys Up Ethereum in Shift of Crypto Treasury Strategies

The crypto market is witnessing a significant shift in how listed companies utilize their digital treasuries. On August 4, 2026, Strategy, the world's largest Bitcoin-holding entity, made headlines by selling off some of its spot Bitcoin to pay preferred stock dividends and repurchase STRC preferred shares.

This move demonstrated clear capital operation logic: releasing liquidity in moderation can reduce capital cost and equity dilution risk. Strategy maintained a dominant core position of 842,138 BTC, with a cost of around $63.51 billion, while releasing $104.7 million in cash to strengthen its financial cushion.

Meanwhile, BitMine aggressively accumulated nearly 5% of the total Ethereum supply by purchasing 10,399 ETH, bringing its total holdings to 5,797,813 ETH. This move positions BitMine for significant staking rewards and further spot purchases under the PoS mechanism.

In contrast, European listed entities such as Capital B and SWC are adopting a steady dollar-cost averaging (DCA) approach, buying small amounts of Bitcoin regularly to incorporate it into their routine cash flow management systems. This shift in capital operations marks a new phase for crypto concept stocks, with a focus on both defensive and self-generating capacities.