- BitMine added 53,501 ETH in its latest weekly purchase.
- Only 133,888 ETH separates it from its 5% supply target.
- Strive increased its Bitcoin holdings by roughly 8.4%.
- The two companies are using distinctly different treasury models.
Corporate crypto accumulation continued in the final week of August as Tom Lee’s BitMine and Strive disclosed approximately $274 million in combined purchases. BitMine deployed about $131 million into Ethereum, while Strive spent another $143 million on Bitcoin.
BitMine is only 133,888 ETH away from 5%
BitMine bought 53,501 ETH worth approximately $131 million during the week, increasing its treasury to 5,901,112 ETH.
The company estimates Ethereum’s supply at 120.7 million ETH and has set a target of owning 5%. At that supply level, the threshold is 6,035,000 ETH.
That leaves:
BitMine has therefore completed approximately 97.8% of its target, consistent with management’s statement that its “Alchemy of 5%” strategy is 98% complete.
The remaining gap is equivalent to about 2.5 times this week’s acquisition.
If BitMine repeated the same 53,501 ETH purchase twice, it would still be 26,886 ETH short. A third equivalent purchase would take it beyond 5%, assuming the supply benchmark remained unchanged.
Recent activity also shows an acceleration in buying. BitMine acquired 32,447 ETH the previous week, meaning it has accumulated 85,948 ETH across its latest two weekly updates.
Most of BitMine’s Ethereum is already staked
Owning ETH gives BitMine an additional treasury option that does not exist in the same form for Bitcoin-focused companies.
Of its 5.90 million ETH, 5,067,309 ETH is currently staked, equivalent to approximately 86% of the position.
BitMine reported a seven-day annualized staking yield of 2.63% and estimates that its existing staked position could generate around $335 million in annualized staking revenue.
Management projects roughly $390 million annually if its ETH is eventually fully staked through MAVAN and other staking partners at the assumed yield.
These figures are projections rather than guaranteed income. Ethereum staking yields fluctuate, while validator performance, slashing and protocol conditions can affect realized returns.
For shareholders, however, staking changes the economics of the treasury. BitMine can increase its ETH balance through rewards in addition to buying more tokens on the market.
Strive added 1,800 BTC in one week
Strive took a different route, purchasing 1,800 BTC for approximately $143 million between August 24 and August 28.
Strive acquired an additional 1,800 BTC for $143M at an average cost of $79,431 per bitcoin, bringing total holdings to ₿23,156.$ASST $SATA pic.twitter.com/6ztKhC4PFF
— Matt Cole (@ColeMacro) August 31, 2026
Its average acquisition price was $79,431 per BTC, including fees and expenses.
The transaction increased Strive’s Bitcoin treasury from 21,356 BTC to 23,156 BTC, an increase of approximately 8.4% in a single week.
The size of the purchase relative to the existing treasury is more informative than the dollar amount alone.
Strive also reported that its effective common shares outstanding increased from approximately 89.68 million to 93.26 million over the period.
That represents growth of roughly 4%.
Bitcoin holdings therefore increased about twice as fast as the effective common-share count during the week. For a company funding crypto purchases through capital markets, that relationship is important because simply increasing total BTC does not automatically mean each shareholder’s economic exposure is improving.
Two treasury models with different scorecards
The BitMine and Strive strategies can look similar from a distance: both companies raise capital and accumulate a major crypto asset.
The underlying economics are different.
BitMine is approaching a defined target based on percentage ownership of Ethereum’s supply. Its large staking position also creates an additional source of ETH that does not require another market purchase.
Strive’s performance is better judged through Bitcoin growth relative to its changing share count and financing costs.
That produces two different questions for investors.
For BitMine, the immediate question is whether accumulation stops once the company reaches 5%.
For Strive, the important measure is whether additional financing continues increasing BTC exposure faster than shareholder dilution.
ETH near $2,450 makes BitMine highly price-sensitive
Ethereum was trading around $2,450 on the Coinbase four-hour chart on August 31.
Price was close to the 20-period SMA at $2,452.53 and remained below the 50-period SMA at $2,466.41. RSI stood at 49.07, indicating neutral short-term momentum after ETH recovered from a drop below $2,400.
A sustained move above roughly $2,465-$2,470 would strengthen the short-term setup and bring $2,500 back into focus. Failure to hold the recent recovery would leave $2,400 as the more important downside level.
For BitMine, even relatively small ETH moves now outweigh individual weekly purchases.
With 5,901,112 ETH, every $100 change in Ethereum alters the market value of the company’s position by approximately:
A $50 move changes it by about $295 million.
That is more than twice the value of BitMine’s latest $131 million acquisition.
The next milestone is therefore easy to quantify but increasingly small relative to the treasury already accumulated. BitMine needs another 133,888 ETH to reach its 5% target, while the market value of the existing position can move by hundreds of millions of dollars during an ordinary ETH trading session.
What happens after the threshold is reached will be more informative than reaching it itself. If purchases continue, 5% becomes a milestone rather than a ceiling. If accumulation slows, staking yield and ETH price exposure become the dominant drivers of BitMine’s treasury from there.
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