Strategy Did Not Buy Bitcoin for the Second Week in a Row, While BitMine Came Close to Controlling 5% of All Ethereum

17.09.2026    10:59

The strategies of the largest publicly traded companies that have built up cryptocurrency reserves began to diverge significantly in September.

Strategy, the largest corporate holder of Bitcoin, did not buy any BTC for the second week in a row. Instead, the company allocated approximately $139.3 million to repurchase its own STRC preferred shares.

As of September 13, Strategy held approximately 845,050 BTC, acquired for a total of $63.73 billion. The average purchase price was about $75,400 per Bitcoin.

In other words, the company has temporarily shifted part of its available liquidity from accumulating Bitcoin to managing its own capital structure.

For Strategy, the STRC buyback makes economic sense, as it allows the company to reduce future dividend obligations if the shares trade below their par value of $100. The company announced back in the summer that it intends to regularly repurchase STRC at a significant discount.

BitMine Immersion Technologies continues to pursue a completely opposite strategy.

On September 14, the company reported that it had increased its reserves to 5.96 million ETH, which corresponds to approximately 4.9% of Ethereum’s total supply of 122 million tokens.

Over the past week, BitMine acquired an additional 27,000 ETH and moved closer to its goal of owning 5% of Ethereum’s supply.

The company estimates the total value of its crypto assets and cash reserves at approximately $15.8 billion.

The difference between the two models is becoming increasingly apparent. Strategy is effectively building a financial company centered around Bitcoin and managing a complex system of common stock, preferred securities, and debt capital.

BitMine, on the other hand, is attempting to accumulate as much Ethereum as quickly as possible while simultaneously capitalizing on the opportunity to generate income from staking.

This divergence points to the next stage in the development of digital asset treasury companies: the market is beginning to evaluate not only the quantity of accumulated coins, but also the method of financing them, the cost of capital, the return on assets, and the risk of shareholder dilution.

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