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Digital asset treasury companies are still buying crypto
Crypto treasury companies are continuing to accumulate as Strategy and BitMine announce new purchases and SOL treasury companies pick up steam
Leading crypto treasury companies are continuing to accumulate digital assets as Strategy and BitMine announce significant new purchases of Bitcoin and Ethereum, respectively.
This coincides with the emergence of Solana (SOL) treasury companies, highlighted by Frontier Holdings' recent $1.58 billion acquisition of the token. Frontier Holdings finally dipped into their $1.65 billion war chest which they received from a PIPE financing deal involving Multicoin Galaxy Digital and Jump.
BitMine (BMNR) announced today that its crypto, cash, and "moonshot" holdings have reached a total of $10.771 billion. As of September 14th, the company holds 2,151,676 ETH, 192 BTC, $569 million in unencumbered cash, and a $214 million stake in Eightco. This portfolio solidifies BitMine's position as the world's largest corporate holder of Ethereum and the second-largest global crypto treasury overall, behind Strategy.
Tom Lee, the maverick BitMine Chairman said this in a statement:
"We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today's financial system. And the majority of this is taking place on Ethereum."
Bitcoin treasury pioneer Strategy (formerly MicroStrategy) has also added to its substantial holdings. According to an SEC filing, the company acquired an additional 525 BTC for approximately $60.2 million between September 8th and September 14th. This purchase brings Strategy’s total holdings to 638,985 BTC, valued at roughly $73.4 billion. The company’s Bitcoin reserves now represent more than 3% of the cryptocurrency's total possible supply.
The crypto treasury trend shows no signs of abating. According to Bitcoin Treasuries data, there are now 171 public companies that have adopted some form of bitcoin acquisition model.
Additionally, companies are not just acquiring Bitcoin and Ethereum with Solana proving popular and even coins like CRO.
Finn Grant
Finn is a writer, formerly of The Daily Telegraph and New Scientist magazine. Prior to his career in journalism, he founded a successful blogging agency. He has been an active participant in crypto markets since 2020. In his spare time, Finn writes sci-fi novels - see his X profile for more: @0xdjinnplant.
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