The market’s two largest treasury companies both announced new transactions during the week, and both are nearing milestones they set for themselves. Michael Saylor’s Strategy set a new record for its Bitcoin holdings, while Tom Lee’s BitMine once again edged closer to the 5% threshold of Ethereum’s supply.

Strategy Surpasses Old Record After Three Months of Sell-Offs

Strategy purchased 1,665 BTC for $142.7 million during the week from September 21 to September 27, according to an 8-K filing with the U.S. Securities and Exchange Commission. The average purchase price was $85,681 per coin. Total holdings reached 847,666 BTC, valued at $63.95 billion, representing an average cost basis of $75,437.

This figure edged past the previous record of 847,363 BTC reported by the company in June by just 303 coins. Reaching that milestone required Strategy to navigate a challenging recent period: the company sold 6,948 BTC between May and August to build a cash reserve, before resuming purchases in August. In other words, this new record is not the result of continuous accumulation, but of selling off and then buying back to roughly its starting point.

Funds for the Bitcoin purchase came from selling 1.47 million MSTR shares under an at-the-market offering program, raising $246.2 million. Of that amount, $142.7 million went into Bitcoin, while $103.5 million was used to repurchase 1.53 million STRC preferred shares. The filing noted that Strategy’s digital securities repurchase fund still holds $723.5 million.

Notable Details Lie in USD Assets

Strategy reported a total of $6.02 billion in dollar-denominated assets as of September 27, consisting of $5.02 billion in a dedicated reserve fund and $1 billion in cash. During the week, the company deployed $48.1 million in cash to repurchase STRC and $22.1 million from the reserve fund to pay preferred stock dividends.

This represents a defensive layer that Strategy has steadily added throughout the year. The company announced a capital framework authorizing the sale of up to $1.25 billion in Bitcoin to support the reserve fund, pay dividends and interest expenses, and repurchase shares. Last week, Michael Saylor also proposed calculating dividends for four classes of preferred shares across 365 days a year, including weekends and holidays, rather than business days. Shareholders will vote on the measure on October 28.

BitMine Reaches 4.9% of Ethereum Supply

On the other side, BitMine purchased 17,362 ETH during the week, valued at nearly $47 million based on the reference price of $2,698 cited in its press release. Total holdings reached 6,001,302 ETH, worth approximately $16.2 billion, equivalent to 4.9% of the 122.1 million ETH in circulation.

The company refers to the 5% threshold as the “Alchemy of 5%” and stated that it has completed 98% of the plan over 15 months. The continuous buying streak began on June 30, 2025, marking more than 15 uninterrupted months. The majority of the ETH treasury is staked: 5,067,309 ETH, representing 84% of holdings and valued at $13.7 billion, primarily through the MAVAN staking platform developed by BitMine itself. At a seven-day yield of 2.62%, Tom Lee estimates staking revenue at approximately $358 million annually, and $424 million if fully staked.

BitMine’s total assets stand at $17.2 billion, which includes more than just ETH. The portfolio also features 213 BTC, $672 million in cash and securities, alongside two equity stakes categorized by the company as “moonshots”: $180 million in Beast Industries and $115 million in Eightco.

The Common Thread Is the Same Financing Mechanism

Looking across both balance sheets reveals a common denominator that is easy to miss: both companies rely on their own equity to raise capital for cryptocurrency purchases. Strategy sells MSTR, while BitMine issues shares to fund ETH acquisitions. That mechanism remains sustainable only as long as the market is willing to pay a premium for their stock relative to the value of the underlying crypto assets. If equity valuations drop, the self-funding engine slows, forcing both companies to choose between continuing their purchases or supporting their share prices at current levels.

BitMine’s 98% mark places it close to its target, and based on its current average purchasing rate, completing the remainder will require significantly less capital. Conversely, Strategy’s record was broken by merely 303 coins, a margin that could be reset within weeks if its buying pace holds steady. At the prevailing Bitcoin price of around $84,300, Strategy’s average purchase price of $85,681 sits slightly above market, but remains significantly lower than its overall cost basis of $75,437.