With Bitcoin (BTC) and Ethereum (ETH) prices facing significant corrections, the two largest publicly traded holders of these cryptocurrencies, Strategy (formerly MicroStrategy) and Bitmine Immersion, have taken substantial steps to strengthen their portfolios over the past week.
Strategy Resumes Bitcoin Acquisitions
On Monday Strategy announced that it had acquired 1,129 Bitcoin between December 22 and 28 at an average price of approximately $88,568 each, totaling approximately $108.8 million.
This latest purchase increased Strategy’s Bitcoin portfolio to 672,497 tokens, originally acquired for approximately $74,997 per token, bringing its total investment to approximately $50.44 billion.
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In addition to these acquisitions, the company sold $108.8 million of Class A common stock share offering on the marketleaving a large $11.7 billion available for future issuance and sale.
This follows the week after November 24, in which the company made no new crypto acquisitions and issued no securities. Notably, Strategy also halted its purchasing activities between December 15 and 21, ending a three-week series of acquisitions. During this time, it sold common stock totaling $747.8 million.
Bitmine stashes 4,110,525 Ethereum
On the other hand, Bitmine Immersion does have that revealed a significant increase in his Ethereum holdings, adding 44,463 ETH in the past week. This move brings the total supply to 4,110,525 ETH, which represents approximately 3.41% of the entire Ethereum supply. From this cache, Bitmine staked 408,627 ETH.
Tom Lee, the chairman of Fundstrat and a key figure at Bitmine, commented on the seasonal activity in the market, noting that trading tends to slow as the year comes to a close. He stated: “Bitmine added 44,463 ETH in the past week as we continue to be the largest ‘fresh money’ buyer of ETH in the world.”
Lee credited the downward pressure on cryptocurrency related shares to year-end tax loss sales, which typically peak between December 26 and December 30.
Lee emphasized Bitmine’s strategic focus, noting that the company remains committed to increasing shareholder value. This commitment includes positively acquiring ETH per share, optimizing returns and income from its Ethereum holdings.
Crypto market problems
Despite these acquisitions, both cryptocurrencies have failed to regain their key levels, with BTC consolidating below $90,000 at around $87,400 and ETH trading just above $2,920. On an annual basis, both ETH and BTC will close 2025 with losses of 12% and 6% respectively.
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Strategy’s stock, which trades under the ticker name MSTR, is currently priced at about $156 per share. This represents a significant decline of 71% from the all-time high of $540 reached in November 2024.
At the time of writing, Bitmine’s BMNR shares traded at $28.40, posting an even bigger loss than Strategy compared to its all-time high of $161. This represents an 82% loss for the company’s shares since July this year.
Featured image of DALL-E, chart from TradingView.com