Strategy, Strive and BitMine Push the Crypto Treasury Trade Further
Three public companies expanded their crypto treasuries last week, but the purchases increasingly have less in common than the word “accumulation” suggests.
Summary:
- Strategy and Strive added 2,772 BTC for about $237.2 million.
- BitMine crossed 6 million ETH after buying another 17,362 tokens.
- The three companies rely on different capital and treasury structures.
Strategy is using common equity while actively managing preferred securities. Strive is leaning heavily on preferred capital. BitMine is accumulating an asset that can continue producing protocol rewards after entering the treasury.
Three Purchases, Three Very Different Treasuries
The latest disclosures put the transactions side by side. Strategy and Strive bought Bitcoin at remarkably similar prices, while BitMine pushed an already enormous Ethereum position closer to its 5% supply target.
CAPITAL DEPLOYED: ~$237.2M
The near-identical Bitcoin entry prices make Strategy and Strive particularly useful to compare. Only $285 separates their average purchase prices, yet the capital supporting those purchases is structured differently.
Strategy Used Common Equity While Retiring Preferred Stock
Between September 21 and September 27, Strategy sold 1,469,165 MSTR shares through its at-the-market program, generating $246.2 million in net proceeds.
The company directed $142.7 million toward its Bitcoin purchase and $103.5 million toward STRC preferred-stock repurchases.
Another $48.1 million of USD Cash brought total STRC repurchases for the week to $151.7 million across 1,534,530 shares.
Strategy was therefore issuing one security while reducing another.
That is more revealing than treating the BTC purchase as an isolated transaction. The company used the liquidity of its common stock to expand the treasury while simultaneously removing part of a preferred claim from its capital structure.
After the purchase, Strategy held 847,666 BTC acquired for approximately $63.95 billion, or an average $75,437 per coin.
Its ability to continue doing this remains substantial. Approximately $18.84 billion of MSTR issuance capacity remained under its ATM program after the latest sales, according to the September 28 filing.
Strategy also reported $5.02 billion in its USD Reserve and another $1 billion of USD Cash. The first pool is primarily intended to support preferred dividends and debt interest, while the second gives the company broader treasury flexibility.
Strive Is Taking the Preferred Route
Strive reached almost exactly the same Bitcoin price through another financing model.
Its 1,107 BTC purchase increased holdings from 26,355 BTC to 27,462 BTC, expanding the treasury by roughly 4.2%.
CEO Matt Cole said warrant exercises generated another $12.4 million and that, including those proceeds, 85% of total capital raised came from SATA, Strive’s Variable Rate Series A Perpetual Preferred Stock.
Strive acquired 1,107 $BTC for $94.5M at an average cost of $85,396 per bitcoin, bringing total holdings to ₿27,462.
Warrant exercises generated another $12.4M. Including those proceeds, 85% of total capital raised came from SATA.$ASST $SATA pic.twitter.com/duihTtFKrm
— Matt Cole (@ColeMacro) September 28, 2026
SATA changes the equation compared with ordinary common-equity financing.
Preferred capital gives Strive funds that can be deployed into Bitcoin while creating a senior security with recurring distributions. The economic question is therefore not limited to whether BTC rises after the company buys it. The financing itself has a continuing cost.
For shareholders, this creates two numbers worth separating: the acquisition price of Bitcoin and the cost of the security used to finance the accumulation.
The first was almost identical for Strategy and Strive last week. The second was not.
BitMine Crosses 6 Million ETH
BitMine’s latest purchase belongs to another branch of the corporate crypto trade.
The company added 17,362 ETH, lifting its treasury to 6,001,302 ETH. Using BitMine’s stated Ethereum supply estimate of 122.1 million tokens, its position represents approximately 4.9% of supply.
A static 5% calculation puts the milestone at approximately 6.105 million ETH, leaving a gap of around 103,700 ETH. That figure will move as Ethereum’s supply changes.
What happens after BitMine acquires ETH separates its treasury from the two Bitcoin models.
The company reported 5,067,309 ETH staked, equivalent to roughly 84.4% of its holdings. Most of the treasury is therefore being deployed into Ethereum’s proof-of-stake system rather than simply remaining a passive balance-sheet asset.
That introduces another corporate decision after the purchase is complete: how much of the treasury should remain liquid and how much should be deployed for protocol rewards.
The Capital Flows in Three Different Directions
Looking at the treasury structures rather than only the purchases makes the contrast clearer.
→
Fresh capital
→
BTC + STRC repurchase
→
Capital
→
BTC
This is where the three strategies stop being variations of the same trade.
Strategy can choose which securities to issue or repurchase around its Bitcoin position. Strive is using preferred equity more directly as an accumulation engine. BitMine has a second operating decision after ETH has already been acquired.
Bitcoin Makes the Financing More Visible
Bitcoin does not generate native protocol rewards simply by sitting in a corporate treasury.
For Strategy and Strive, that puts more weight on how the acquisition is financed.
Common-stock issuance can dilute existing shareholders. Preferred securities introduce senior claims and distributions. Debt, when used, brings interest and repayment obligations.
A Bitcoin treasury can therefore expand while its economics for shareholders move in either direction depending on the capital issued to fund it.
Strategy’s scale gives it considerably more flexibility here. It has multiple preferred securities, a large common-stock ATM program and billions of dollars in liquidity around the BTC position.
Strive is much smaller. That makes each new capital raise more consequential to the size of its Bitcoin exposure, while its reliance on SATA places the cost of preferred capital closer to the center of the model.
Their latest Bitcoin prices tell almost nothing about that difference.
Ethereum Adds a Decision After the Money Is Raised
BitMine has the same initial problem of obtaining capital to acquire crypto, but ETH introduces another decision once the transaction closes.
Ethereum can be staked.
That means part of BitMine’s return equation can change without either buying or selling ETH. Staking participation, validator performance and network rewards affect what the existing treasury can produce.
There is a trade-off. Staking is not equivalent to cash interest, and rewards are not fixed. Deployment also introduces operational and liquidity considerations that do not exist when ETH simply remains unstaked.
That makes staking utilization increasingly relevant as BitMine approaches its stated 5% accumulation target. The closer the company gets to that milestone, the less informative another weekly purchase can become relative to how effectively the existing position is deployed.
The Treasury Race Is Becoming a Capital-Allocation Test
The latest disclosures show why ranking crypto treasury companies purely by holdings is becoming less informative.
Strategy has built a large financing architecture around 847,666 BTC. Strive is using preferred capital to expand a smaller Bitcoin position much faster in percentage terms. BitMine has crossed 6 million ETH while deploying most of that position into staking.
They are all accumulating crypto, but shareholders are not receiving the same economic exposure.
Strategy’s key question increasingly lies in the interaction between BTC and its expanding capital structure. Strive faces a different challenge around the cost and scalability of preferred financing, while BitMine must also consider the economics of deploying ETH after it reaches the balance sheet.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Kosta Gushterov
Reporter at CoinsPress
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
