treasurycrypto

With markets holding their breath ahead of the Fed, two corporate treasuries are adding to their holdings—while one giant is taking a pause.

The facts: Bitmine added 10,452 ETH last week (treasury update on Oct. 26), bringing its total to 6,051,933 ETH—4.95% of the entire ETH supply, just shy of its self-imposed 5% target. That’s worth around $14.3 billion at the reference price of $2,356. Strive bought 6,182 BTC from Oct. 17–23 at an average price of around $82,732, bringing its total to 43,000 BTC. Strategy, on the other hand, didn’t buy any BTC last week: it used $204.9 million to repurchase its STRC preferred shares, keeping its holdings at 848,517 BTC.

My take: This isn’t euphoria; it’s selective accumulation—and that distinction is what makes it interesting. Bitmine is close to its own limit, so the biggest ETH buyer could soon stop adding to its holdings. Strive is still aggressive on BTC, even with the price around $80,010. Strategy chose to strengthen its capital structure rather than add more coins. With ETH around $2,315, I read this as a sign that conviction is still there, but it’s no longer blind.

What I’m watching: whether Bitmine really stops at 5%, whether Strategy buys BTC again next week, and the Fed’s tone on Oct. 29 at 01:00 WIB.

What do you think: Is a treasury approaching its own limit a sign that accumulation has peaked, or the beginning of a new phase?

This is my analysis, not financial advice—always DYOR.

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