Strategy bought 4,603 bitcoins last week, ending its previously extended 10-week pause in purchases.
Written by: Lockridge Okoth
Compiled by: Chopper, Foresight News
On Monday, all three companies—Strive, BitMine, and Strategy—released their latest cryptocurrency purchase records. For just Strive and Strategy, the amount of purchasing funds they put in within a week exceeded $500 million.
Buying at high prices is the essence of these companies’ business model, not an operational mistake. They use follow-on stock offerings to raise funds to buy crypto assets; and when coin prices rise, the companies’ stock offerings often perform best.
What did these three companies buy?
Strive, led by CEO Matt Cole, added 1,800 Bitcoins, with an average cost of $79,431. After this increase, its total Bitcoin holdings reached 23,156 BTC, with the market value of its holdings on Monday at about $1.83 billion.
The filing documents clearly disclose the logic behind this capital operation: Strive issued an additional 3,579,147 shares of Class A stock that week. Even after buying a large amount of Bitcoin, the company’s cash reserves still increased by $11.6 million, bringing its total cash to $183.5 million.
BitMine is taking a different route. This time it added 53,501 ETH, achieving 65 consecutive weeks of uninterrupted buying. The buying cycle dates back as early as June 2025.
Earnings are the company’s core differentiator. BitMine has entrusted 86% of its Ethereum holdings (5,067,309 ETH) to its U.S. validator node network, MAVAN, for staking and mining.
Chairman Tom Lee expects this staking business to generate between $335 million and $390 million in annual revenue. Currently, BitMine holds 4.9% of Ethereum’s total supply, which is 133,888 ETH short of its 5% position target.
The third company to move in was Strategy. It newly bought 4,603 Bitcoins, ending a prior 10-week pause in purchasing. Strategy disclosed the average holding cost per Bitcoin externally; its current cost is $75,412.
ETF capital flows turned earlier
The spark for this wave of increased buying came from a shift in fund flows. According to SoSoValue data, U.S. spot Bitcoin ETFs attracted more than $3.3 billion in August. By contrast, in June, the same sector saw a massive outflow of $4.5 billion.
Ethereum ETF price action reverses in sync. After earlier capital outflows, the net inflow this time is approximately $1.75 billion, marking the strongest inflow performance since October last year. Driven by the inflows, Bitcoin and Ethereum prices rose by 33.3% in this phase.
The full transmission logic forms the driving force behind this round of the rally: fund buying pushes up cryptocurrency prices, and rising coin prices lift the stock prices of treasury-holding companies. Companies finance themselves by issuing new shares, then use the proceeds to buy more cryptocurrencies.
What changes occurred in the August market environment?
Bank of America data shows that last week crypto funds recorded a total net inflow of $3.2 billion, the highest single-week inflow since October 2025. This reflects rising optimism in the market.
A common mainstream view in the market is that capital fled from the bubbling AI sector and poured into the crypto market, but the timeline does not support this conclusion. The selling shock in the AI sector was concentrated in July: the Philadelphia Semiconductor Index fell 20.6% that month, and South Korea’s KOSPI retreated 22%. In August, however, market conditions clearly warmed, with the Nasdaq 100 rising 4.2%.
This capital rotation also shows up elsewhere. In August, foreign investors pulled out 101.7 trillion won from South Korean stock markets, while trading volume at South Korea’s leading crypto exchange Upbit surged by nearly 8 times.
Good signals are also coming from the U.S. policy front. On August 19, U.S. President Trump urged Congress to advance the (CLARITY Act), which is expected to come to a vote on September 15.
On the same day, the U.S. Treasury expanded the size of its long-term Treasury repurchase program, raising the per-operation repurchase cap from $2 billion to at least $4 billion. The easing effect from this policy is relatively limited: the 30-year Treasury yield briefly fell to 5.19% before rising again to 5.25%.
On Monday, the trading price of Bitcoin was about $78,800. The factor that truly halted these companies’ continuous buying of cryptocurrencies was never a fall in the coin price—it was the closing of funding channels.