Treasury Firms Stack Crypto Assets Amid Market Uncertainty

Three listed crypto treasury companies continued to buy tokens despite a soft September market for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Strategy, the largest public Bitcoin holder, was an exception, opting instead to repurchase its own preferred shares.

BitMine Immersion Technologies added 27,180 ETH last week, lifting its position to 5.956 million tokens. This accounts for 4.9% of the circulating supply, just under the 5% target championed by Tom Lee.

The company values its combined crypto and cash at $15.8 billion. Tom DeMark, founder of DeMark Analytics and a capital markets advisor to BitMine, believes that Ethereum's sideways movement in August without a downside break suggests a renewal of the upside move and continuation of the prior uptrend.

DeFi Development Corp, a Nasdaq-listed Solana treasury firm, has grown its holdings by 2% to 2.39 million SOL since August 27. It also opened a $300 million at-the-market program for CHAD, its Solana-backed preferred stock.