Strategy, BitMine Accelerate Crypto Acquisitions Amid Market Volatility

Strategy (Masdaq: MSTR) spent $963 million on 10,624 bitcoin last week, marking its largest purchase in over 100 days, the company disclosed in a press release Monday. The acquisition brought Strategy's total holdings to 660,624 BTC, worth around $60 billion at current prices.

The Virginia-based firm funded the purchase largely through issuing common stock, along with $44 million in STRD preferred shares featuring a 10% annual non-cumulative cash dividend. The size of Strategy's latest purchase equals the entirety of its bitcoin-buying activity since mid-September, when bitcoin traded around $115,000.

Strategy shares were little changed at $183.69 at Monday's close. The stock has declined by half over the past six months, though shares advanced 7.5% in the prior five trading days as bitcoin hovered near $90,000.

Earlier this month, founder and executive chairman Michael Saylor announced the creation of a $1.44 billion reserve to enable the company to pay its dividends.

“Establishing a USD Reserve to complement our BTC Reserve marks the next step in our evolution, and we believe it will better position us to navigate short-term market volatility while delivering on our vision of being the world’s leading issuer of Digital Credit,” Saylor said.

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BitMine's Ethereum Accumulation

BitMine Immersion Technologies (Nasdaq: BMNR) acquired 138,452 Ether last week worth approximately $435 million at current prices, the company reported Monday. The purchase represented a 156% increase from four weeks ago when the firm added about 54,000 ETH, and exceeded the previous two weeks' acquisitions of 97,000 and 70,000 tokens.

The acquisition lifted BitMine's total holdings to 3.86 million ETH, representing over 3.2% of Ethereum's circulating supply and reinforcing its position as the largest known ether treasury. The firm also increased cash holdings to $1 billion from the previous week's $882 million.

BitMine shares rose 3.8% in pre-market trading as Ether bounced back to $3,150 over the weekend.

Chairman Thomas Lee said the firm accelerated buying following Ethereum's Fusaka upgrade on December 3, which introduced scalability and security improvements. Lee also cited macro factors including an expected Federal Reserve rate cut this month and the end of quantitative tightening as supporting a stronger ETH market in early 2026.

In a separate message Monday titled "The Crypto Supercycle is Intact," Lee argued that expanding adoption and growing interest in tokenization could drive demand next year.

BitMine has remained among the most actively traded U.S. stocks with approximately $1.8 billion in average daily volume, placing it in the top 40 most traded equities. However, the firm holds nearly $3 billion in unrealized losses on its ether holdings at current prices.

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