This past weekend saw a rare commonality between the world’s two largest crypto treasuries: Strategy and BitMine both returned to buying additional digital assets. Both disclosed their transactions on the evening of August 31.

Strategy: buys back 4,603 BTC, ending 10-week streak on the sidelines

According to a statement from Strategy (formerly MicroStrategy), the company added 4,603 BTC, worth nearly $370 million, at an average price of $80,318 over the past week. This marks its first purchase following 10 consecutive weeks without accumulating, nearly offsetting the BTC it sold over the prior two months.

To finance the acquisition, Strategy sold $603 million worth of MSTR stock, using the remainder to repurchase $152 million worth of STRC shares and allocating $29 million to its STRC interest payment reserve, bringing the fund’s total to $5.1 billion. The company maintains an additional cash reserve of $1.61 billion that could be deployed for future purchases.

Strategy’s treasury has now climbed back to 845,050 BTC, valued at $65.8 billion. Compared to its aggregate portfolio cost basis of nearly $75,700, the company is sitting on gains of over $2.3 billion after six years of pursuing its accumulation strategy. Driven by BTC’s rally since mid-August, the company’s investment performance staged a dramatic turnaround, shifting from an unrealized loss of more than $9.5 billion earlier in the month to a profit of over $4.7 billion when the price touched $81,000 last week.

Even so, the reputation of Strategy and Chairman Michael Saylor has faced scrutiny following four BTC sales between June and early August totaling $432 million. Observers in the community pointed out an irony: the company offloaded 6,916 BTC at an average price of $62,081, only to buy back 4,603 BTC at a substantially higher price of $80,318. At the time of writing, BTC had not reacted strongly, remaining range-bound between $77,000 and $78,000.

BitMine: adds 53,501 ETH, closing in on 5% supply target

Meanwhile, BitMine Immersion Technologies (NYSE) accelerated its Ethereum acquisitions, picking up 53,501 ETH, valued at roughly $131 million over the past week—its largest single purchase of ETH since June.

BitMine’s Ethereum treasury now stands at 5,901,112 ETH, equivalent to about $14.8 billion (based on a reference price of $2,511 per coin), representing roughly 4.9% of Ethereum’s total supply (120.7 million ETH). The company is just 2% away from completing its goal of controlling 5% of the network, an objective BitMine refers to as the “Alchemy of 5%.” The accumulation streak has now stretched to 65 consecutive weeks since the treasury strategy was inaugurated on June 30, 2025.

Chairman Tom Lee stressed that Ethereum has been one of the top three performing assets alongside Bitcoin and Solana since June 30, with ETH outperforming the S&P 500 by 5,430 basis points this quarter. He highlighted the mid-September Clarity Act vote as a potential year-end catalyst.

BitMine’s total asset holdings have reached $15.6 billion, which includes 211 BTC, $541 million in cash and short-term securities, $180 million invested in Beast Industries, and $81 million in Eightco Holdings. Approximately 86% of its ETH holdings (5,067,309 ETH) are staked through the MAVAN platform, generating an estimated annual revenue of around $335 million. BitMine is the world’s largest corporate Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy.

The simultaneous resumption of buying by both major treasuries represents a notable psychological indicator for the market. However, both repurchased at price levels significantly higher than their previous sales, leading market participants to question their execution timing. The larger question is whether other institutional players will follow suit, as moves by the two marquee “treasury players” are routinely interpreted by the broader market as directional guidance.