Asset reports published on October 26, 2026, by three leading publicly traded crypto treasury companies—Strategy, Bitmine, and Strive—show an increasingly pronounced strategic divergence. Following the aggressive phase of base asset accumulation recorded in last week’s October 19 Treasury Report, industry giants are pivoting toward balance sheet defense, while emerging competitors are aggressively scaling capital leverage to climb market rankings.
Strategy pauses Bitcoin purchases to scoop up $205 million in STRC stock
According to regulatory filings disclosed on October 26, Michael Saylor’s Strategy acquired no Bitcoin during the week of October 19 to October 25. This marks the company’s first pause in purchases since mid-September. The firm also sold no common shares through its at-the-market (ATM) equity offering program over this span.
As of October 25, Strategy holds a total of 848,517 BTC with an aggregate purchase cost of $64.02 billion, representing an average cost basis of $75,446 per coin. Instead of adding Bitcoin, the company deployed $204.9 million from its USD Cash fund to repurchase 2,068,459 STRC preferred shares, up slightly from $193.1 million spent the preceding week.
This capital deployment reduced Strategy’s general-purpose cash balance from $447.3 million to $242.4 million. Meanwhile, its dedicated USD Reserve fund, set aside for preferred dividends and debt interest payments, remained intact at $4.83 billion. The initiative to support STRC’s market price comes as the company confronts potential exclusion from MSCI global equity benchmarks under revised rules for non-operating companies taking effect in late November.
Bitmine acquires 10,452 more ETH and sets a record for treasury share repurchases
Bitmine Immersion Technologies (ticker: BMNR) maintained its weekly accumulation streak by purchasing an additional 10,452 ETH, equivalent to roughly $24 million at a reference price of $2,356 per token. This transaction raised its total Ethereum holdings to 6,051,933 ETH valued at approximately $14.3 billion, representing 4.95% of the network’s total circulating supply.
This milestone means Bitmine has achieved 99% of its progress toward the Alchemy of 5% target established 15 months ago. Chairman Tom Lee reaffirmed that the enterprise will halt accumulation once it hits the 5% circulating supply threshold. Currently, 5,227,037 ETH (around 86% of its holdings) are delegated to yield generation through the MAVAN platform, generating an estimated annualized staking revenue of $318 million.
The standout development for Bitmine this week was the escalation of its BMNR treasury share repurchases. The company spent capital to buy back 2.04 million shares over the past week at an average price of $22.48 per share, driving its total 2026 repurchases to a record 22.9 million shares, or approximately $399.6 million. Tom Lee stated that this represents the largest share buyback initiative ever executed by a crypto treasury firm, signaling management’s confidence while the stock trades below net asset value.
Strive spends $511 million to buy Bitcoin, closing in on second place globally
In contrast to Strategy’s measured pace, Bitcoin treasury company Strive (ticker: ASST) experienced a dramatic acceleration. According to a Form 8-K filed on October 26, Strive acquired 6,182 BTC between October 17 and October 23 at a total cost of $511.4 million (an average price of $82,732 per Bitcoin).
This substantial purchase raised Strive’s total reserves to 43,000 BTC, putting it within striking distance of its nearest competitors, Twenty One (43,514 BTC) and Metaplanet (44,000 BTC) as Metaplanet brings its BTC treasury to international exchanges. Chief Executive Officer Matt Cole reiterated his goal of establishing Strive as the second-largest corporate Bitcoin holder among public companies before the close of 2026.
To fund upcoming purchase tranches, Strive established an at-the-market equity offering program of up to $1 billion for Strive’s SATS preferred stock, following a successful $630 million initial offering completed on October 20. Financial firm StoneX lifted its price target on ASST shares by 34% from $32 to $43 the same day, keeping a Buy rating and highlighting the non-dilutive control characteristics of the preferred capital structure.
This week’s strategic shifts underscore that the crypto treasury race is entering a phase of clear financial governance divergence. As market pioneers like Strategy and Bitmine focus on managing structural risks and defending stock valuations, aggressive challengers like Strive are making full use of novel preferred capital vehicles to swiftly close the reserve gap.