Key Highlights:
- Strive acquired 6,182 BTC for approximately $511 million between October 17 and 23, its largest single Bitcoin purchase to date.
- Total Bitcoin holdings now stand at 43,000 BTC, valued at roughly $3.45 billion at current prices.
- BitMine holds approximately 6.05 million ETH, representing nearly 5% of Ethereum’s total supply, with 86% staked for annual yield.
- Strive’s average purchase price of $82,732 per BTC means the company is currently underwater on its latest tranche as Bitcoin trades near $80,800.
Corporate crypto treasuries are showing no signs of slowing down, with two major players making aggressive moves that underscore their long-term conviction in Bitcoin and Ethereum despite near-term price volatility.
Strive’s Record Bitcoin Purchase
Dallas-based asset manager Strive, Inc. (ASST) disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission on October 26 that it purchased 6,182 Bitcoin for approximately $511.4 million between October 17 and October 23. The average acquisition price was approximately $82,732 per coin, inclusive of fees and expenses.
The purchase represents Strive’s largest single reported Bitcoin acquisition to date, surpassing earlier buys of 3,311 BTC and roughly 2,500 BTC from May-June. Following the transaction, Strive’s total Bitcoin holdings reached 43,000 BTC, up from 36,818 BTC just one week earlier.
At Bitcoin’s current price of approximately $80,800, the company’s total holdings are worth roughly $3.45 billion on paper. However, the latest tranche is currently underwater, with Bitcoin trading about 2.3% below Strive’s average purchase price.
The company also reported that its cash and marketable securities increased by about $187.7 million to $554.6 million during the same period, showing continued liquidity alongside its aggressive accumulation strategy.
A $1 Billion Capital Raise to Keep Buying
To fund further purchases, Strive simultaneously filed a prospectus supplement for an at-the-market program allowing it to sell up to **$1 billion** of its 15.00% Series A Perpetual SATS Preferred Stock. The shares carry a cumulative 15% dividend on a $100 stated amount, making them expensive capital and underscoring the company’s commitment to its Bitcoin treasury strategy.
Strive Chairman and CEO Matthew Cole has publicly stated that the company could challenge for the number two spot among corporate Bitcoin holders before year’s end. Strategy (MSTR) remains the dominant corporate holder with approximately 848,517 BTC.
BitMine Closes In on 5% of Ethereum Supply
On the Ethereum front, BitMine Immersion Technologies continues its relentless accumulation. The company now holds approximately 6.05 million ETH, representing nearly 4.95% of Ethereum’s total supply of roughly 122.1 million tokens. BitMine has been purchasing ETH every week since launching its treasury strategy on June 30, 2025.
BitMine Chairman Tom Lee has set a hard cap at 5% of Ethereum’s supply, stating the company will stop open-market purchases once that threshold is reached. With approximately 100,000 ETH remaining to hit the target, the company’s weekly buying program is nearing its conclusion.
A significant portion of BitMine’s holdings—approximately 86%, or over 5.2 million ETH—is staked through the company’s proprietary MAVAN validator network and staking partners. This staking operation generates substantial annualized yield, with estimates ranging from $309 million to $336 million depending on the calculation methodology.
Market Context and Divergence
The aggressive corporate accumulation comes amid a challenging price environment. Bitcoin has struggled to hold above $80,000 in recent sessions, weighed down by broader market caution ahead of the Federal Reserve’s interest rate decision. Ethereum has faced additional pressure from spot ETF outflows, with U.S. spot Ethereum ETFs recording cumulative net outflows of approximately $1.26 billion in October.
The divergence between corporate buying and ETF selling highlights a key dynamic in the current market: while some institutional investors are retreating through regulated fund vehicles, corporate treasuries are treating the dip as an opportunity to build long-term positions.
For Strive, the strategy represents a directional bet on Bitcoin as a long-term store of value, funded through equity offerings rather than debt. For BitMine, Ethereum serves a dual purpose: a treasury reserve asset and a yield-generating instrument through staking.
Whether these bets prove prescient or premature will depend on how Bitcoin and Ethereum prices evolve in the coming months. But for now, the message from corporate crypto giants is clear: they are doubling down, not backing away.
