The two largest crypto treasury companies both announced additional purchases this week: Strategy bought 950 BTC worth $75.7 million, bringing its total to 846,000 BTC, just 1,363 BTC away from breaking its all-time record. Bitmine purchased an additional 27,562 ETH, raising its total to 5.98 million ETH (4.9% of the supply), completing 98% of its “Alchemy of 5%” target.

Strategy: Spends $174 Million to Buy Back STRC, Nearing Record

According to an 8-K filed on September 21, Strategy purchased 950 BTC at an average price of $79,670 per BTC (including fees), bringing its total holdings to 846,000 BTC, acquired for a total of $63.80 billion at an average of $75,416 per BTC. The previous record was 847,363 BTC on June 22, and Strategy is now just 0.2% away from breaking it. At this week’s buying pace, it will take only two more weeks to achieve.

Summer sales cut holdings to 840,447 BTC on August 10, the lowest level since May, and the company has bought back 5,553 BTC since then. This week’s average purchase price ($79,670) is $15,408 higher than the average selling price ($64,262) of the 1,690 BTC sold during the week of August 9.

Strategy also spent $174 million to buy back 1,771,238 STRC preferred shares, marking its largest buyback week since early September. Total expenditure from the USD Cash pool was $249.7 million, reducing it from $1.30 billion to $1.05 billion. The company did not sell any shares under its at-the-market (ATM) program during the week.

Bitmine: Buys 5.98 Million ETH, Declares Bull Market Has Begun

Bitmine, the world’s largest Ethereum treasury company, purchased an additional 27,562 ETH worth approximately $74 million, bringing its total to 5,983,940 ETH valued at around $16.1 billion at a reference price of $2,688 per ETH. This represents 4.9% of the total ETH supply, leaving it just 2% away from its “Alchemy of 5%” target.

Chairman Tom Lee declared that the crypto bull market began in late June, driven by capital rotating from AI stocks to crypto, an increasingly solid tokenization foundation, and the conclusion of the four-year cycle. Lee noted that ETH is the best-performing macro asset this quarter, outperforming the S&P 500 by 6,519 basis points, and predicted that underweight institutions will pour capital in during Q4.

Bitmine’s total assets, including cash and other investments, reached $17.1 billion: 212 BTC, $714 million in cash and securities, a $180 million stake in Beast Industries, and $105 million in Eightco Holdings. The company stakes 5,067,309 ETH (85% of holdings) through the MAVAN platform, projecting an annual revenue of approximately $357 million.

Bitcoin Surpasses $85,000, Liquidating $648 Million in Shorts

Both purchases occurred as Bitcoin surpassed $85,000 over the weekend, with over $648 million in short positions liquidated. Strategy remains the world’s largest crypto treasury company, followed by Bitmine in second place.

For observers, the two purchases show that treasury companies’ confidence in their assets remains strong, despite prices recovering significantly from their bottoms. Strategy is closing in on its record holdings, and Bitmine is nearing its 5% ETH supply target. Lee will deliver a keynote address at Korea Blockchain Week on September 30, where further details on the next strategy may be revealed.