The latest weekly announcements from Strategy (Michael Saylor) and BitMine (Tom Lee) reveal a notable trend on balance sheets: capital is shifting toward securities issued by these treasury enterprises themselves, rather than focusing solely on direct cryptocurrency purchases.

Massive Q3 Profit, But Strategy Allocates Small Sum to Bitcoin

A report published on October 05 showed that Strategy achieved $20.91 billion in digital asset profit for the third quarter, alongside $1.88 billion in deferred tax expenses. This impressive profit mainly stems from mark-to-market valuations of Bitcoin amid price rallies during the quarter, rather than reflecting actual business operating results.

Regarding accumulation activity, the company did not buy any additional Bitcoin during the final three days of September. Entering the week from October 01 to October 04, Strategy spent $28.7 million to acquire 334 BTC (at an average of $85,838.80 per BTC).

This purchase brings total holdings to a record 848,000 BTC, reinforcing its leading position as a Bitcoin treasury company just one week after its previous peak. Notably, the purchase price for these 334 new BTC is about 14% higher than the average cost basis of $75,440.70 per BTC for its entire asset treasury.

Where is the Large Capital Actually Being Deployed?

The most crucial highlight in the financial report comes from the budget allocated for preferred stock repurchases. Specifically, Strategy spent $176.3 million to buy back STRC shares, which is more than six times the capital deployed into Bitcoin. This buyback was split into two phases: 1,033,168 STRC shares (worth $102.6 million) were accumulated at the end of September, followed by 740,634 shares (worth $73.7 million) during the first four days of October.

Regarding the funding sources, this expenditure consisted of $154.1 million drawn from USD Cash alongside $22.2 million generated from cash profits and short-term investments. Following this purchase, the company’s securities buyback program still has a remaining limit of $547.2 million. Concurrently, the company sold 92,894 MSTR shares to raise $15.7 million; all of these funds, combined with $13 million withdrawn from USD Cash, were allocated directly to accumulate Bitcoin.

Strategy’s USD reserve structure is now separated into two distinct funds: a specialized reserve fund worth $4.88 billion (earmarked for dividend and interest obligations) and a USD Cash account worth $833.4 million (intended for general operational purposes, including Bitcoin purchases). In the week ending October 04, the enterprise withdrew $142.5 million from the specialized reserve fund to pay interest and dividends.

The core element connecting the two reports this week is the fact that STRC shares have consistently traded below their $100 par value for months. Consequently, Strategy is choosing to channel the majority of its financial resources into a security that is deeply discounted by the market, while only dedicating a small fraction of capital to buy Bitcoin at prices above its average cost basis.

BitMine Has Achieved 99% of Its 5% Ethereum Supply Target

Regarding Ethereum, BitMine recently added another 15,112 ETH (equivalent to approximately $41 million). This move brings the total Ethereum owned by the company to 6,016,414 ETH, reaching a value of about $16.4 billion based on a baseline price of $2,726. Relative to the total circulating supply of 122.1 million ETH, these holdings account for 4.9%, meaning the company has reached 99% of its “Alchemy of 5%” plan after just 15 months of execution.

Since June 30, 2025, acquisition activity has been maintained steadily on a weekly basis without interruption. As a result, the company’s comprehensive asset scale—including cash and venture investments (“moonshots”)—has touched the $17.4 billion threshold. This portfolio includes 214 BTC, $643 million in cash and securities, $180 million in equity at Beast Industries, and a $117 million investment in Eightco (a stock ticker rated by Bitnite as a rare indirect channel to access OpenAI in the listed market).

Notably, the vast majority of this abundant ETH, specifically 5,067,309 ETH (accounting for about 84%), is currently locked in staking via the MAVAN protocol, generating an estimated revenue of around $363 million annually.

The Same Equation: Where the Money Flows From

The most prominent commonality among crypto treasury companies this week lies in the problem of financial restructuring rather than asset accumulation. While Strategy spent up to $176.3 million on buybacks of its own preferred stock and only allocated $28.7 million to buy Bitcoin, Metaplanet also continuously sold 10,000 BTC and then bought back 11,000 BTC in the third quarter. This revolving buying and selling activity is actually intended to demonstrate Bitcoin’s flexible liquidity to credit rating agencies when conversion to cash is necessary.

The management focus of all three enterprises is shifting strongly toward the credit aspect of the balance sheet, alongside the goal of accumulating more coins. If Strategy’s pressure stems from dividend and interest payment obligations, BitMine’s challenge lies in maintaining stable capital-raising capacity to ensure the pace of weekly acquisitions.

Disbursement speed is a metric that requires close analysis. BitMine has completed 99% of its plan after 15 months, leaving the remaining accumulation volume small and requiring less capital. Conversely, Strategy’s total holdings of 848,000 BTC increased only slightly by 334 coins compared to the previous milestone, while current cash flow for Bitcoin purchases equals only one-sixth of the budget size poured into preferred stock.

Additionally, media perspectives need to be evaluated with caution: Tom Lee is an investor in Dastan (the parent company of Decrypt) as the article mentioned. Therefore, his remarks on the bull market trend represent personal opinions from a business owner’s perspective, rather than independently verified data.

The core issue to watch next: whether Strategy will maintain its capital priority for STRC share buybacks while prices remain below par value, and how BitMine will access funding sources outside the equity market to preserve its weekly acquisition frequency.