Strategy Pauses BTC Purchase, Bitmine Adds 10K ETH

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Strategy (formerly MicroStrategy) paused its Bitcoin buying, ending a five-week acquisition streak. Meanwhile, Bitmine added another 10,452 ETH to its treasury, according to respective announcements.

You can interact with their entity profiles on Arkham in the windows below. (Note: Arkham has de-anonymized 78% of Strategy's BTC stack, with 184K held by Fidelity Custody on their behalf. Bitmine has staked most of its Ethereum, so this ETH is attributed to the Eth2 Beacon Deposit Contract.)

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Strategy Holds

Strategy did not buy or sell any BTC between October 19 and October 25, according to an 8-K filing with the SEC. Its holdings therefore remain at 848,517 BTC, worth around $68 billion. That is more than 4% of Bitcoin’s supply of 21 million.

Strategy’s BTC stack was bought at an average price of $75,446 per bitcoin, for a total cost of around $64 billion including fees and expenses.

STRC Buyback

Rather than adding BTC, Strategy repurchased 2.07 million shares of its STRC perpetual preferred stock for around $204.9 million, funded through its USD Cash reserve. This follows the company’s $192.4 million STRC buyback earlier this month.

As of October 25, the USD Reserve sits at $4.83 billion, whilst the USD Cash balance has fallen to $242.4 million.

The pause comes just two days ahead of the October 28 shareholder vote on moving Strategy’s preferred stock to a daily dividend system.

Bitmine Approaches 5%

Bitmine increased its Ethereum treasury to 6.05M ETH after acquiring 10,452 ETH over the past week. At $2,356 per ETH, the holdings were worth approximately $14.1 billion as of October 25.

Bitmine now owns 4.95% of Ethereum’s circulating supply of 122.2 million ETH. That puts it 99% of the way towards its stated 5% target.

Staking Strategy

Of Bitmine’s total holdings, 5,227,037 ETH are staked through its MAVAN platform and staking partners. That is about 86% of its holdings. The company projects annualized staking revenue of $318 million at current levels, rising to $368 million if its entire ETH treasury were staked.

Its combined crypto, cash, marketable securities and other investments total $15 billion.