Corporate Crypto Treasury Boom: Strive Enters Top Five Bitcoin Holders as Bitmine Nears 5% of ETH Supply

Corporate demand for cryptocurrencies is accelerating again, with companies stepping up purchases of Bitcoin and Ethereum as digital-asset prices recover from a prolonged downturn.

Strive, a publicly traded asset manager focused on Bitcoin treasury operations, purchased 1,800 Bitcoin for approximately $143 million last week, while Bitmine Immersion Technologies added more than 53,500 Ether to its holdings. The acquisitions highlight the increasingly aggressive strategies companies are using to build large crypto reserves.

Strive climbs into top five Bitcoin holders

Strive acquired the 1,800 BTC between August 24 and August 28 at an average price of approximately $79,431 per Bitcoin, including transaction fees and other expenses, according to CEO Matt Cole.

The purchase lifted the company's Bitcoin holdings from 21,356 BTC to 23,156 BTC in just one week.

The latest acquisition follows another major purchase earlier in August, when Strive added 1,110 BTC for approximately $81.5 million at an average price of $73,409 per coin.

Together, the purchases show how quickly Strive has accelerated its Bitcoin accumulation. Its holdings increased by roughly 8.4% over just five business days following the latest buying spree, according to industry observers.

The latest acquisition also moved Strive ahead of Bullish, making it the fifth-largest publicly traded corporate holder of Bitcoin, according to Bitcoin treasury data.

The company now sits behind a small group of major corporate holders, led by Michael Saylor's Strategy.

Strategy returns to the Bitcoin market

Strive's aggressive accumulation comes as corporate Bitcoin buying appears to be gaining momentum alongside the broader crypto market recovery.

Strategy, the world's largest publicly traded corporate Bitcoin holder, also announced a fresh purchase on August 31. The company acquired 4,603 BTC for approximately $370 million at an average price of $80,318 per Bitcoin.

The acquisition pushed Strategy's Bitcoin holdings back above 845,000 BTC.

Strategy had paused its Bitcoin purchases since June, making the latest acquisition another indication that large corporate buyers are becoming more active as market conditions improve.

Bitcoin has recovered strongly since August 19, when an announcement from the US Treasury regarding plans to expand certain long-term bond buybacks contributed to lower Treasury yields and improved sentiment across risk assets.

Bitcoin subsequently climbed more than 23%, reaching above $81,000 during the recovery.

Bitmine approaches 5% of Ethereum

While Bitcoin treasury strategies continue to expand, Bitmine is pursuing an equally ambitious approach with Ethereum.

The company added 53,501 ETH last week, extending its Ether accumulation streak to 65 consecutive weeks.

The purchase brought Bitmine's holdings to more than 5.9 million ETH, worth approximately $14.8 billion based on an Ether price of $2,511 as of Sunday.

That gives the company control of roughly 4.9% of Ethereum's circulating supply, putting it close to its stated target of owning 5% of all ETH.

Bitmine Chairman Tom Lee said Ethereum, Bitcoin and Solana have been the strongest-performing major crypto assets since June 30, with Ether leading their gains.

He argued that the recent performance could encourage institutional investors to increase their exposure to digital assets after crypto outperformed several other major macro assets during the third quarter.

Large purchases come with significant paper losses

Bitmine's strategy, however, has not been without substantial unrealized losses.

Despite its expanding Ethereum holdings, the company is estimated to be carrying around $5.1 billion in paper losses on its Ether position, according to market data from DropsTab.

The losses reflect the company's decision to continue accumulating ETH through a prolonged market downturn that began in late 2025 and pushed cryptocurrency prices significantly lower.

Bitmine's stock has nevertheless performed strongly alongside the recent crypto recovery. Shares of the NYSE-listed company were trading around $24.09 on Monday morning, up approximately 1.3% on the day and on track for a monthly gain of nearly 40%.

A new phase for corporate crypto treasuries?

The moves by Strive, Strategy and Bitmine point to a broader evolution in corporate treasury strategies.

Rather than treating cryptocurrencies solely as speculative investments, an increasing number of publicly traded companies are building substantial digital-asset reserves and making accumulation a central part of their corporate strategy.

Strive's rapid rise into the top five corporate Bitcoin holders and Bitmine's near-control of 5% of Ethereum's supply illustrate just how large these positions can become.

The strategy carries significant risks, particularly when companies continue buying through market downturns and face billions of dollars in unrealized losses. At the same time, the recent recovery in Bitcoin and Ethereum is giving corporate crypto treasuries a fresh tailwind.

Whether these strategies ultimately deliver sustainable shareholder value remains a question for the longer term. For now, however, corporate demand is once again becoming a major force in the digital-asset market.