Crypto Treasury Buying Grows as Bitmine Losses Deepen
Crypto treasury companies continued buying digital assets, although the reported amounts vary across reporting periods. An earlier update said Strive bought 4,045 BTC for about $330 million and listed firms recorded $360 million in net Bitcoin purchases; Strategy added 267 BTC. A later update reported Strive buying 6,182 BTC for about $510 million, with listed companies’ weekly net purchases also at $510 million. In that latest report, Strategy made no new purchases and held 848,500 BTC. Tracked public-company holdings rose from 1,161,643 BTC in the earlier update to 1,167,845 BTC in the later one, around 5.8% of circulating supply.
Ethereum treasury firm Bitmine also continued accumulating ETH. Its reported holdings rose from 6.0415 million ETH to about 6.05 million, or 4.95% of supply. The latest update said about 5.23 million ETH were staked, with estimated annualised income of $318 million, but the company reported an unrealised loss of $6.118 billion and remained roughly 55,000 ETH short of its 5% target.
Other treasury and corporate developments included DeFi Development Corp adding SOL, with reported purchases of 3,983 and later 5,346 SOL. Chainlink Reserve holdings reached 6.29 million LINK, worth about $78.3 million. SkyAI sold its SOL and announced a share and warrant buyback of up to $201.3 million; Hyperliquid Strategies expanded its buyback programme to $100 million. Evernorth proposed raising up to about $80.7 million through equity financing, partly to buy XRP, but the financing was not complete. BNB Standard appointed former YZi Labs investment partner Alex Odagiu as CEO.
The earlier report also noted crypto vault deposits above $10 billion, while warning of smart-contract, liquidity and collateral risks. Nine listed companies objected to a proposed tokenised-share platform, and small businesses opposed Nasdaq’s proposed delisting rules for very low-priced stocks. US midterm elections and tensions involving Iran add to macroeconomic uncertainty. Corporate crypto buying may support demand, but large treasury losses, regulatory resistance and broader market risks could keep traders cautious.
Neutral
The latest reports point to substantial corporate demand for BTC and continued ETH accumulation, which can support prices by signalling institutional conviction and reducing the amount of tokens available for trading. The earlier and later reports show different purchase totals, likely reflecting different reporting periods, so traders should avoid treating them as one cumulative weekly figure. The latest update also says Strategy paused buying, while Bitmine’s $6.118 billion unrealised loss highlights the downside of large treasury positions during price declines. Staking income may provide Bitmine with a longer-term revenue stream, but it does not remove valuation or liquidity risks. SOL purchases and the proposed XRP financing offer some additional demand signals, although the latter is not yet completed. In the short term, macro uncertainty and reactions to corporate buying or loss disclosures may increase volatility. Over the longer term, sustained treasury accumulation could be supportive, but its price effect depends on continued purchases, market liquidity and broader risk appetite. Taken together, the mixed signals do not support a clear directional call for the mentioned cryptocurrencies, so the overall view is neutral.