Michael Saylor hasn’t slowed down, but he has certainly eased off the gas pedal. Last week, his company Strategy (MSTR) added 430 more bitcoins to its treasury. The transaction amount: $51.4 million, at an average price of $119,666 per unit: a quiet week for the world’s biggest crypto company.
With this new purchase, Strategy now holds 629,376 BTC, valued at $72 billion, even as Bitcoin has dropped to $115,000. The average price paid by the company since the start of its accumulation stands at $73,320. In other words, even after the drop, the giant remains firmly in the green.
This methodical accumulation, sometimes seen as an obsession, keeps Strategy as the top publicly traded company holding such a large amount of bitcoins. For comparison, no other institutional player comes close to this level of reserves.
While Strategy accumulates Bitcoin, BitMine Immersion (BMNR) is playing a different game: Ethereum. In just one week, the company bought 373,110 ETH, equivalent to $1.62 billion. As a result, it now holds 1.52 million ETH, valued at $6.6 billion.
This aggressive move has propelled BitMine to the rank of world’s top Ethereum treasury and the second-largest crypto treasury overall, just behind Strategy. In just six weeks, the company has become a juggernaut, making its stock one of the top ten most liquid in the US market, with $6.4 billion in daily trading volumes.
Michael Saylor is all in on Bitcoin’s reserve role. BitMine prefers the technological promise and potential returns of Ethereum. But behind these different strategies lies a shared obsession: the race to accumulate.
The trend is clear: publicly traded companies are no longer content with holding a few tokens for show. They are building real crypto balance sheets, capable of influencing both Wall Street and the global market. For investors, the message is clear: crypto treasury is becoming a standard, not just a financial curiosity. The question remains whether this new frenzy will usher in the long-awaited ‘Super Cycle’ or a memorable crash…
