Strategy Sells Shares But Buys No Bitcoin — BitMine Pushes Its ETH Treasury Near 6 Million

The two largest digital asset treasury (DAT) companies in the world both made moves Monday — but in very different directions. Strategy (MSTR) disclosed it sold more than 2.7 million shares of its MSTR common stock for $263.5 million in proceeds without purchasing a single Bitcoin (BTC). At the same time, BitMine (BMNR) announced it acquired another 7,430 ETH last week, pushing its Ethereum holdings to 5.78 million tokens and closing in on the 6 million mark.

Strategy Chooses Stock Sales Over Bitcoin 

Strategy’s filing with the US Securities and Exchange Commission (SEC) confirmed the company’s Bitcoin stack remained unchanged for a second consecutive week at 843,775 BTC, currently valued at approximately $54.5 billion. 

The stock sale was conducted through the company’s at-the-market equity programme, increasing Strategy’s US-dollar cash reserves by $225 million to $3.23 billion. 

Strategy has increased its USD Reserve by $225 million. As of 7/19/2026, we hodl ₿843,775 in our BTC Reserve and $3.2 billion in our USD Reserve. $MSTR $STRC https://t.co/sci7bZHzsy

— Michael Saylor (@saylor) July 20, 2026

Strategy’s board recently authorized a program allowing the company to sell up to $1.25 billion in Bitcoin to fund cash reserves and dividend payments — a framework CryptoDepth has reported on in detail in recent weeks. 

So far, the company has consistently opted to raise cash through stock sales rather than Bitcoin liquidations, with the notable exception of the 3,588 BTC sale earlier this month, which now appears increasingly isolated rather than the start of a trend.

BitMine’s update told a different story. The company, chaired by Tom Lee, has purchased Ethereum every single week since launching its ETH treasury strategy on June 30, 2025 — a streak that has continued without interruption. 

Last week’s pace was slower than usual, which Lee attributed directly to the company simultaneously repurchasing approximately 5.5 million shares of its own common stock at an average price of $15.62, a move he described as accretive to shareholder value.

BitMine Holds 4.8% of All ETH 

As of July 19, BitMine’s total crypto holdings stood at 5,777,468 ETH valued at $1,879 per token, alongside 207 Bitcoin, a $180 million stake in Beast Industries, and a $58 million stake in Eightco Holdings. The company also holds $385 million in cash and marketable securities, bringing its total crypto and cash position to $11.5 billion. 

BitMine’s ETH holdings now represent 4.8% of Ethereum’s entire circulating supply of 120.7 million tokens — making it the largest Ethereum treasury in the world and the second largest digital asset treasury globally, behind only Strategy.

Both disclosures landed well with equity markets. MSTR gained approximately 5% on Monday, pushing toward the $100 mark, while BMNR jumped 6% to $16.76. But the underlying assets themselves were more subdued. 

At the time of writing, Bitcoin was trading just above $65,450, still battling to clear and hold that resistance that has capped the recent recovery. Ethereum was just below its own resistance wall at $1,900, with both assets recording gains of less than 2% on the day. 

Featured image generated with OpenArt.