BitMine’s Ethereum Stack Crosses 6M, While Strategy Taps MSTR Sales To Buy BTC And STRC

Crypto treasury Strive also bought 1,107 Bitcoin for about $94.5 million and now holds roughly 27,462 BTC.

• Strategy bought 1,665 Bitcoin last week for $142.7 million, an average of $85,681 per coin.
• The company funded the Bitcoin purchases with proceeds from MSTR stock sales.
• BitMine said more than 5.06 million ETH is currently staked through its MAVAN platform and other staking partners.

Crypto treasury companies continued to expand their digital-asset holdings last week, with BitMine Immersion Technologies (BMNR) crossing 6 million Ethereum (ETH) while Strategy (MSTR) and Strive (ASST) added to their Bitcoin (BTC) holdings.

BitMine’s Ethereum Stack Crosses 6 Million

BitMine said Monday that its Ethereum treasury reached 6 million, worth about $16.2 billion at $2,698 per token. The company now holds roughly 4.9% of Ethereum’s total supply. It acquired 17,362 ETH during the past week.

BitMine Chairman Tom Lee has set a goal of acquiring 5% of Ethereum’s total supply, a target the company calls the “Alchemy of 5%.” The latest holdings put BitMine about 98% of the way toward that goal.

More than 5.06 million ETH is currently staked through BitMine’s MAVAN platform and other staking partners, according to the company. BitMine said its projected annualized staking revenue is now about $358 million.

BMNR stock slid over 1% in the morning trade amid broader market weakness. On Stocktwits, retail sentiment around the Tom Lee-backed treasury fell to ‘bearish’ from ‘neutral’ over the past day. 

Its underlying asset, Ethereum, saw its price edge 0.6% lower in the last 24 hours to around $2,600. Retail sentiment around the leading altcoin also edged lower over the past day, from ‘bullish’ to ‘neutral’ territory, over the past day. 

Strategy Uses Stock Sales To Fund Bitcoin, STRC Purchases

Strategy sold 1.47 million MSTR shares through its at-the-market (ATM) program over the past week, generating $246.2 million in net proceeds.

The company used $142.7 million of that money to purchase 1,665 Bitcoin at an average price of $85,681. Strategy now holds 847,666 BTC, acquired for $63.95 billion at an average price of $75,437 per Bitcoin.

Strategy also used $103.5 million from MSTR stock sales to repurchase 1.53 million shares of its STRC preferred stock, continuing its streak.

Bitcoin’s price fell 1.5% in the last 24 hours to around $83,300. It saw retail sentiment drop to ‘neutral’ from the ‘bullish’ zone over the past day. Meanwhile, MSTR stock fell around 1.2% in morning trade, with sentiment flipping to ‘bearish’ from ‘bullish’ territory over the past day. 

Strive Adds Bitcoin While Expanding Preferred Stock

Strive bought 1,107 Bitcoin for about $94.5 million over the past week, paying an average of $85,396 per coin. Its Bitcoin holdings rose to 27,462 BTC.

The company also reported an increase in outstanding SATA preferred shares to 12.19 million from 11.18 million, while Class A shares rose by about 649,000.

ASST stock was the only one among the cohort to beat the broader selloff, edging 0.5% higher in morning trade. On Stockwits, retail sentiment dipped to ‘bearish’ from ‘neutral’ territory over the past day. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<