Three major crypto treasury firms, Strategy, Strive, and BitMine, announced their latest purchase records simultaneously on Monday, signaling a key shift in market sentiment. This coordinated action not only ends a prolonged period of waiting but also establishes institutional-level bullish consensus through substantial capital deployment. On a micro-operational level, each entity is demonstrating distinct asset allocation and financing strategies.
Strive, led by CEO Matt Cole, added 1,800 Bitcoin at an average cost of $79,431. Following this increase, its total Bitcoin holdings have climbed to 23,156 coins, with a Monday holding value of approximately $1.83 billion. Filing documents clearly reveal its capital operation logic: Strive issued 3,579,147 new Class A shares during the week, and even after completing the significant Bitcoin purchase, the company's cash reserves still grew by $11.6 million, ultimately reaching $183.5 million. This model of using equity financing to fund asset purchases forms the core of its business loop.
BitMine has taken a different route, adding 53,501 Ethereum this time, marking 65 consecutive weeks of uninterrupted buying, with this cycle beginning in June 2025. Income generation capability is its key differentiator. BitMine has delegated 86% of its Ethereum holdings (totaling 5,067,309 ETH) to its U.S. validator network MAVAN for staking. Chairman Tom Lee estimates this staking business could generate between $335 million and $390 million annually. Currently, BitMine holds 4.9% of the total Ethereum supply, needing just 133,888 more ETH to reach its 5% target.
The third purchaser is Strategy, which added 4,603 Bitcoin, ending a previous 10-week pause in purchases. Strategy disclosed its average holding cost per Bitcoin at $75,412. Combined, just the two Bitcoin-holding companies, Strive and Strategy, deployed over $500 million in purchasing power within a single week. Buying at high prices is the essence of their business model, not an operational error; when coin prices rise, stock offerings tend to perform best, creating a positive feedback loop.
This equity-financed purchasing power is directly dependent on ample market liquidity. The resonance between macro capital flows and market conditions forms the deeper driver of this rally. The catalyst for this surge came from a shift in fund flows. U.S. spot Bitcoin ETFs absorbed over $3.3 billion in August, compared to a massive $4.5 billion outflow in June. Ethereum ETFs also reversed course, recording net inflows of approximately $1.75 billion after prior outflows, marking the strongest performance since last October. Driven by these flows, Bitcoin and Ethereum prices rose 33.3% during this period. The full transmission logic flows as follows: fund buying pushes up crypto prices, higher coin prices lift the stock valuations of these treasury-holding companies, and these firms then raise capital through share issuance to buy even more cryptocurrency.
Bank of America data shows crypto funds recorded $3.2 billion in net inflows last week, the highest single-week total since October 2025, reflecting rising market optimism. A popular theory suggests capital is fleeing the frothy AI sector into crypto, but the timeline does not support this. The AI sector selloff was concentrated in July: the Philadelphia Semiconductor Index fell 20.6% that month, and the Korea Composite Stock Price Index (KOSPI) dropped 22%. August, however, saw a clearer market recovery, with the Nasdaq 100 rising 4.2%. This rotation is also visible elsewhere: foreign investors withdrew 10.17 trillion Korean won from Korean equities in August, while trading volumes at Upbit, Korea's leading crypto exchange, surged nearly eightfold.
U.S. policy has also turned supportive. On August 19, President Trump urged Congress to advance the CLARITY Act, with a vote expected by September 15. The same day, the U.S. Treasury expanded its long-dated bond buyback program, raising the per-operation repurchase cap from $2 billion to at least $4 billion. The easing effect of this policy is relatively limited: the 30-year Treasury yield briefly fell to 5.19% before recovering to 5.25%.
The core takeaway is that financing channels determine purchasing sustainability. Bitcoin traded at approximately $78,800 on Monday. What truly stops these companies from continuing crypto purchases is never a decline in coin prices, but rather a closure of financing channels. With the normalization of ETF inflows and confirmation of corporate equity-raising capabilities, the balance sheet expansion of crypto treasury firms has entered a new acceleration phase.