Crypto Treasuries Resume Bitcoin and Ethereum Purchases

On Monday, Strive, BitMine, and MicroStrategy all announced new cryptocurrency acquisitions. The two Bitcoin-focused purchasers alone spent more than $500 million in a single week.

Purchasing at elevated prices is part of their strategy, not a mistake. These companies convert equity offerings into digital assets, and the stocks sell most easily when crypto prices are climbing.

What the Three Firms Bought

Strive, headed by CEO Matt Cole, acquired 1,800 BTC at an average price of $79,431. The firm's total holdings rose to 23,156 BTC, valued at roughly $1.83 billion on Monday.

Strive acquired an additional 1,800 BTC for $143M at an average cost of $79,431 per bitcoin, bringing total holdings to ₿23,156.$ASST $SATA pic.twitter.com/6ztKhC4PFF

— Matt Cole (@ColeMacro) August 31, 2026

The regulatory filing makes the process clear: Strive had issued 3,579,147 new Class A shares that week, and its cash reserves still increased by $11.6 million, reaching $183.5 million.

BitMine is pursuing a different approach. The company's purchase of 53,501 ETH represented its 65th straight week of acquisitions, a streak that began in June 2025.

The difference is yield: BitMine has staked 5,067,309 ETH, which accounts for 86% of its holdings, via MAVAN, its U.S.-based validator network.

Chairman Tom Lee estimates annual revenue of $335 million to $390 million from that staking. BitMine now owns 4.9% of all ether, needing 133,888 more tokens to reach the 5% goal Lee had established.

Congrats on reaching 5.9 million $ETH…

➡️ just 100k away from ‘alchemy of 5%’

👏👏👏👏 https://t.co/h25esmoJVm

— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) August 31, 2026

MicroStrategy rounded out the trio. Its purchase of 4,603 coins broke a 10-week hiatus, and unlike BitMine, the firm discloses its average cost per coin, which stands at $75,412.

ETF Money Turned Before the Treasuries Did

What prompted the buying? The explanation begins with ETF flows. U.S. spot bitcoin ETFs took in over $3.3 billion in August, per SoSoValue data. That compares with $4.5 billion in outflows in June.

Ether ETFs followed a similar pattern, attracting about $1.75 billion following two months of redemptions. Prices responded: Bitcoin rose 25.7% during the month, and ether gained 33.3%.

This cycle acts as the mechanism: ETF demand pushes up crypto prices, which boosts the value of treasury holdings, and selling those shares funds further crypto purchases.

What Else Changed in August

Last week, crypto funds saw $3.2 billion in inflows, the biggest weekly figure since October 2025, according to Bank of America. The data points to increasing market confidence.

BREAKING: Crypto funds attracted +$3.2 billion in inflows last week, their largest weekly intake since October 2025.

The largest crypto ETF, $IBIT, attracted +$928 million last week, following +$1.3 billion in the prior week, its biggest 2-week inflow since October 2025.

As a… pic.twitter.com/RMRQVwZotK

— The Kobeissi Letter (@KobeissiLetter) August 31, 2026

A common narrative holds that capital fled a shaky AI bubble, but the timeline contradicts that. July saw the damage: the Philadelphia Semiconductor Index dropped 20.6% and Korea's KOSPI lost 22%. August was more benign, with the Nasdaq 100 rising 4.2%.

The shift is visible elsewhere: foreign investors withdrew 10.17 trillion won from Korean stocks in August. Trading volumes on Upbit, South Korea's biggest exchange, surged about eight times.

The U.S. also contributed, as President Donald Trump urged Congress on August 19 to pass the CLARITY Act, with a Senate vote anticipated on September 15.

On the same day, the Treasury expanded its long-dated bond buybacks, raising the minimum per operation from $2 billion to $4 billion. The easing was short-lived. The 30-year yield fell to 5.19% but later returned to 5.25%.

Bitcoin was trading around $78,818 on Monday. A declining crypto price does not stop these firms. What does halt them is the inability to raise capital.