Treasury Firms Boost Crypto Holdings Ahead of Fed Rate Decision

Three crypto treasury companies, BitMine Immersion Technologies, DeFi Development Corp, and Strive, continued buying digital assets last week despite a soft September market. The Federal Reserve's interest rate decision on September 16 looms large, with markets expecting a hike.

BitMine acquired 27,180 Ethereum (ETH) tokens, lifting its position to 5.956 million tokens or 4.9% of the circulating supply. Its chairman, Tom Lee, has been pursuing a 5% target. About 5.07 million of those tokens are staked.

The firm values its combined crypto and cash at $15.8 billion. According to DeMark Analytics' founder Tom DeMark, 'the prior uptrend will continue.' This was in response to ETH's sideways movement without a downside break in August.