Cryptocurrency Treasury Firms Buy Bitcoin and Ethereum Again: What’s Behind It?

Strategy purchased 4,603 Bitcoins last week, ending a 10-week pause in buying.

Written by: Lockridge Okoth

Compiled by: Chopper, Foresight News

Strive, BitMine, and Strategy all announced their latest cryptocurrency purchase records on Monday. Just Strive and Strategy, the two Bitcoin-holding firms, invested over $500 million in purchases within a week.

Buying at high prices is the essence of their business model, not an operational mistake. These companies raise funds by issuing stocks to purchase crypto assets; when the coin prices rise, the performance of the company’s stock sales often excels.

What Did These Three Companies Buy

Strive, led by CEO Matt Cole, added 1,800 Bitcoins at an average cost of $79,431. After this increase, its total Bitcoin holdings reached 23,156, with a market value of approximately $1.83 billion on Monday.

The filing documents clearly disclose this funding operation logic: Strive issued 3,579,147 new Class A shares that week, and even with the large Bitcoin purchase, the company’s cash reserves still increased by $11.6 million, bringing the total cash to $183.5 million.

BitMine took a different route. This time, it added 53,501 Ethereum, achieving 65 consecutive weeks of uninterrupted buying, with this buying cycle starting as early as June 2025.

Profitability is the core differentiator for this company. BitMine has staked 86% of its Ethereum holdings (a total of 5,067,309 ETH) with its U.S. validation node network MAVAN for staking and mining.

Chairman Tom Lee expects this staking business to generate between $335 million and $390 million annually. Currently, BitMine holds 4.9% of the total Ethereum supply, needing 133,888 more Ethereum to reach its 5% holding target.

The third company to make a purchase is Strategy. This time, it added 4,603 Bitcoins, ending a 10-week pause in buying. Strategy disclosed the average holding cost for each Bitcoin, which is currently $75,412.

ETF Fund Flows Shift Earlier

The catalyst for this buying spree comes from a shift in fund flows. According to data from SoSoValue, U.S. Bitcoin spot ETFs absorbed over $3.3 billion in August; in contrast, there was a massive outflow of $4.5 billion in June in this sector.

Ethereum ETFs also saw a synchronized reversal, with a net inflow of approximately $1.75 billion following previous outflows, marking the strongest inflow performance since October last year. Driven by funds, Bitcoin and Ethereum prices rose by 33.3% during this period.

The complete transmission logic constitutes the driving force behind this round of market activity: fund buying pushes up cryptocurrency prices, which in turn drives up the stock prices of these treasury-holding firms; companies finance through stock issuance and continue to buy more cryptocurrencies with the proceeds.

What Changes Occurred in the Market Environment in August

Data from Bank of America shows that last week, cryptocurrency funds recorded a net inflow of $3.2 billion, setting a record for the highest weekly inflow since October 2025, reflecting a growing optimism in the market.

There is a prevailing mainstream narrative in the market that funds are fleeing the loosening AI sector and pouring into the crypto market, but the timeline does not support this conclusion. The sell-off impact in the AI sector was concentrated in July: the Philadelphia Semiconductor Index fell 20.6% that month, and the Korean Composite Index (KOSPI) retreated 22%. However, the market environment in August showed a clear recovery, with the Nasdaq 100 Index rising 4.2%.

This fund rotation is also reflected in other aspects, with foreign investors withdrawing 10.17 trillion won from the Korean stock market in August, while the trading volume of Korea's leading cryptocurrency exchange Upbit surged nearly eightfold.

On the U.S. policy front, positive signals were also released. On August 19, U.S. President Trump urged Congress to advance the CLARITY Act, which is expected to be voted on September 15.

On the same day, the U.S. Treasury expanded the scale of long-term Treasury bond repurchases, raising the single-operation repurchase cap from $2 billion to at least $4 billion. The easing effect of this policy is relatively limited, with the 30-year U.S. Treasury yield briefly falling to 5.19% before ultimately rising to 5.25%.

On Monday, Bitcoin traded at around $78,800. The factors that truly halt these companies' continuous purchases of cryptocurrencies have never been falling coin prices, but rather the closure of financing channels.

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