Corporate Bitcoin and Ethereum Accumulation Continues as Strategy and Bitmine Expand Holdings

Strategy Adds Over 1,200 Bitcoin in Year-End Purchase

Strategy announced its latest Bitcoin acquisition, purchasing 1,229 BTC between December 22 and December 28 for approximately $108.8 million ^[2][3]. The purchase was funded through at-the-market stock sales, with the company selling 663,450 shares of Class A common stock to generate the necessary proceeds ^[3].

The acquisition brings Strategy's total Bitcoin holdings to 672,497 BTC, with cumulative purchases totaling approximately $50.44 billion at an average cost of $74,997 per Bitcoin ^[2][3]. Led by co-founder and executive chairman Michael Saylor, Strategy began accumulating Bitcoin in 2020 and remains the largest corporate holder by a wide margin ^[2].

According to data from SaylorTracker.com, Strategy disclosed Bitcoin purchases in 41 separate weeks in 2025, significantly up from 18 purchases in 2024 and eight in 2023 ^[2]. The company ended 2024 holding 447,470 Bitcoin ^[2].

While this latest purchase ranks among Strategy's smaller acquisitions this year, the company made several multibillion-dollar buys throughout 2025. The largest came on March 31, when Strategy acquired approximately 22,049 BTC for roughly $1.92 billion, followed by purchases of about 21,021 BTC for $2.46 billion on July 29 and 20,356 BTC for $1.99 billion on February 24 ^[2].

Bitmine Launches Ethereum Staking Program

While Strategy focuses on Bitcoin, Bitmine has been aggressively expanding its Ethereum holdings and recently launched a staking program ^[1]. As of December 28, the company had staked more than 408,000 ETH in the network, generating ongoing staking rewards on a portion of its reserves ^[1].

At the current Ether price of around $2,950, Bitmine's treasury is valued at slightly more than $12 billion ^[1]. The company continues targeting a five percent stake in the total Ethereum supply.

Tom Lee, Chairman of Bitmine, explained the company's strategy: "Market activity tends to decline in the final weeks of a year. We are using this time to review our positions and adjust them if necessary. Our goal remains to achieve a five percent stake in the total Ethereum supply" ^[1].

Bitmine is developing its own validator infrastructure called the Made in America Validator Network (MAVAN), scheduled to launch in early 2026 ^[1]. The company plans to validate a significantly larger portion of its Ethereum holdings directly through this infrastructure.

Lee highlighted the substantial revenue potential: "At full capacity, when the entire Ethereum holdings are staked through MAVAN and our staking partners, annual staking revenues would be around $374 million" ^[1].

Growing Trend of Corporate Crypto Treasuries

Publicly traded companies now hold more than 1.08 million Bitcoin across 192 public companies, with the majority based in the United States, followed by Canada, the United Kingdom, and Japan ^[2]. MARA Holdings ranks second among public Bitcoin treasury companies with 53,250 BTC on its balance sheet ^[2].

Several companies launched or announced Bitcoin treasury strategies in 2025, including Twenty One Capital, which now holds more than 43,500 BTC and is backed by Cantor Fitzgerald, Tether, SoftBank, and Bitfinex ^[2]. Other notable entrants include Bullish with approximately 24,300 BTC, Bitcoin Standard Treasury Company with about 30,021 BTC, Trump Media & Technology Group with about 11,542 BTC, and GD Culture Group with about 7,500 BTC ^[2].