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BTC 
ETH BitMine continues to increase its holdings in ETH, Strategy suspends BTC trading
Last week, BitMine purchased 27,180 ETH units, bringing its total treasury to 5.96 million ETH units. Meanwhile, Strategy (formerly MicroStrategy) did not conduct any Bitcoin transactions for the second consecutive week and currently holds 845,050 BTC. The strategic differences between the two are significant: BitMine's pledge of ether generates persistent income, while Strategy's Bitcoin holdings do not generate such passive income. In addition, Strategy has reallocated cash to buy back its STRC preferred shares and build U.S. dollar reserves.
BitMine Immersion Technologies (NYSE: BMNR) said it added 27,180 ETH units in the past week. As of September 13, the company held a total of 5.96 million Ethereum. As the world's largest holder of corporate bitcoin, Strategy (NASDAQ: MSTR) took the opposite action. Between September 8 and 13, it neither bought nor sold any Bitcoin, maintaining its position at 845,050 BTC. Instead, the company spent approximately $139.3 million to repurchase approximately 1.42 million STRC preferred shares.
The comparison highlights the growing division between the two largest cryptocurrency treasury companies: one is still accumulating assets at full speed, and the other is turning to managing its established balance sheet.
Why BitMine keeps buying while Strategy stays put
BitMine's current holdings account for approximately 4.9% of Ethereum's total supply of 122 million units, just one step short of its goal of owning 5% of all ETH. Chairman Tom Lee's single goal in building the company was clear, and weekly purchases were a mechanical manifestation of this goal. The company continues to issue shares, convert the proceeds into Ethereum, and pledge most of its positions.
This step is crucial. BitMine has pledged approximately 5.07 million ETH units, accounting for 85% of its positions. Based on the recent yield of 2.62%, its annualized pledge revenue is expected to be close to US$334 million. Pledge brings new Ethereum rewards to the company. These new tokens will compound interest based on existing positions, no additional financing is needed, and their value fluctuates in line with the ETH price, just like other assets in the treasury. In contrast, Bitcoin Treasury has no corresponding mechanism. Bitcoin does not support pledges, and the holder will not receive any return when it sits, so the return of every bitcoin Strategy owns depends entirely on the price increase.
Bitcoin cannot replicate pledge engine
BitMine's treasury has two revenue levers: asset appreciation and pledge income; Strategy has only one. In sideways or volatile markets, pledged ether can still generate revenue, and as long as BitMine can raise funds on acceptable terms, there is little reason to slow down the pace of purchases. Tom Lee has publicly proposed ETH target prices of US$6,000 and higher, but these are only predictions rather than predetermined results and fall within the scope of speculation. However, pledge revenue is not a forecast, but a structural feature of the asset.
Of course, this does not mean that the model is risk-free. BitMine's share price, which fluctuated from a low of $12.80 to a high of $65.60 in 52 weeks, is trading close to the value of the underlying assets rather than the high premium such companies once enjoyed. Previously, Strategy sold 3,588 BTC units in July and subsequently stopped buying operations.
Strategy's transformation: Six-step strategy
Strategy actively buys Bitcoin from the end of 2025 to the beginning of 2026, sometimes even at prices close to historical high prices. Since then, its strategy has shifted. The company disposed of 3,588 BTC units between June 29 and July 5 to help pay preferred stock dividend obligations, the first large sale in years. It briefly resumed buying at the end of August and then fell silent again. Funds originally used to buy coins now flow to preferred share buybacks and reserves.
- End of 2025: Active buying of BTC, including buying at near-record highs.
- April 2026: purchased 34,164 BTC for approximately $2.54 billion.
- June 29-July 5, 2026: Sale of 3,588 BTC to fund preferred stock dividends, the first meaningful sale in years.
- August 10, 2026: Sell 1,690 BTC to fund STRC buyback.
- August 24 - 30, 2026: bought 4,603 BTC.
- September 8 - 13, 2026:Suspension of BTC trading; repurchase of US$139.3 million worth of STRC preferred shares.
Today, the dollar component has substantial weight. As of September 14, Strategy's dollar reserves and dollar cash were $5.1 billion and $1.3 billion, respectively, totaling the $6.4 billion in assets cited by Michael Saylor. This reserve serves two functions: one is to cover dividend and interest payments on the preferred stock series, and the other is to serve as "dry powder" on standby in case Bitcoin falls sharply to a level that attracts another purchase. If BitMine views cash as its next fuel purchase, Strategy views it as a cushion.
$53 billion vs.$15 billion: The gap in favor of Strategy
Ethereum Treasury
Bitcoin Treasury
Estimated annual revenue ~ US$334 million
Native revenue
No native revenue
Data and valuations are based on September 13-14, 2026, and values are approximate.
This is counter-evidence of any argument that BitMine has the advantage. Strategy's market value is close to $53 billion, much higher than BitMine's approximately $15 billion, and its Bitcoin stack is more than four times the size of BitMine's crypto position. It has first-mover brand advantages, the industry's deepest capital market capabilities, and the Bitcoin philosophy that many institutions still view as low-risk crypto exposure because it relies on the oldest and largest network. Scale brings liquidity, index inclusion eligibility and staying power. For a treasury company, these are advantages that cannot be ignored. Its basic software business's revenue last quarter was $122 million, a year-on-year increase of 6.9%, while an $8.2 billion non-cash bitcoin impairment resulted in a book loss for the period.
Why MSTR shares trade at 0.80 times its own Bitcoin value
The architecture Strategy uses to scale explains its current caution. Most of the company's stack is funded by convertible debt and multiple layers of preferred stock, all of which rank ahead of ordinary shareholders. On a corporate value basis, the stock trades at about 1.07 times its Bitcoin, but on a basic measure, the common stock price is close to 0.80 times, which means that once senior creditors 'equity is included, the equity is valued below the headline Bitcoin number. Buying back STRC at a below-target price can eliminate this outstanding selling pressure and reduce dividend bills. MSTR fell 4.7% last week and closed at $130.97 on Friday, still down about 71% from its 2025 high. Preferred stock buybacks and generous cash reserves suggest this is a company that is defending its stake, not a company that is racing to add coins.
Schiff alleges fraud, Burry warns of Enron: Bearishness on both sides
Both models have well-known skeptics, which contrasts with the bullish views of either side.
Peter Schiff has been criticizing Strategy for months. He accused Saylor of fraud and predicted that the company could become a source of continued selling pressure on Bitcoin. In previous posts, he believed MSTR would eventually go bankrupt and said its business model was fundamentally flawed. He also pointed out that the shift from a near-zero-cost convertible instrument to a high-yield preferred instrument suggests weakening upward demand for pure Bitcoin. Institutions such as Grayscale have publicly refuted his bearish views.
BitMine has also been criticized. Michael Burry issued an "Enron-style" warning about off-balance sheet risks, which Tom Lee countered as a misreading of how financial structures work. These criticisms go in different directions. Schiff questions whether leveraged bitcoin holders can survive deep retractions, while doubts about BitMine focus on accounting transparency and the persistence of its premium.
Analysts 'positioning of BMNR
- Cantor Fitzgerald: Increase its holdings, raising its target price from US$30.60 to US$63.60, citing the expansion of the Ethereum treasury and pledge base.
- B. Riley: Buy, raise the target price from US$25 to US$30, and the target corresponds to 140,000 ETH units. MSCI voting is scheduled for September 30.
For investors, this divergence provides a clear choice. BitMine provides leveraged Ethereum exposure with pledge gains and volatility due to stock prices close to net asset value. Strategy, which provides the balance sheet of the world's largest corporate Bitcoin, is currently operating more conservatively and has a reserve of dollars that can absorb shocks or fund the next bargain hunting. The trade-off between revenue-driven accumulation and protected size is the real choice, not just the choice between ether and bitcoin.
There are two dates to watch in the next few weeks. BitMine is about 140,000 ETH short of its 5% supply target, and at its current rate, it could cross that threshold within weeks. MSCI's consultation on what to do with Digital Asset Treasury, which ends on September 30, could reshape the index eligibility of the entire category, affecting the passive inflows on which the two stocks depend.
