Two Largest Digital‑Asset Treasury Firms Accelerate Crypto Accumulation
By [Your Name] – March 9 2026
The two most prominent digital‑asset treasury (DAT) managers—Michael Saylor’s Strategy and Tom Lee’s Bitmine Immersion Technologies—reported markedly larger weekly purchases of Bitcoin (BTC) and Ethereum (ETH) respectively. The moves come amid a broader re‑evaluation of crypto exposure by institutional players and could signal renewed confidence in the leading blockchain assets.
Strategy’s Bitcoin Buy‑up
On Monday, Strategy disclosed that it added 17,994 BTC to its balance sheet during the week ending March 8. The acquisition was made at an average price of roughly $70,946 per coin, a level close to Bitcoin’s current market price.
- The purchase is almost six times larger than the firm’s prior‑week acquisition of 3,015 BTC.
- The added BTC lifts Strategy’s total holdings to 738,731 BTC, valued at about $50.6 billion at today’s spot price.
- Strategy remains the largest public Bitcoin treasury, with the next biggest holder, MARA Holdings, tracking far behind at roughly 53,800 BTC.
Bitmine’s Ethereum Surge
Bitmine Immersion Technologies, the leading Ethereum‑focused DAT, announced a purchase of 60,976 ETH during the same period, taking its treasury to 4,534,563 ETH.
- The weekly volume exceeds Bitmine’s recent average buying range of 45,000‑50,000 ETH and the 51,000 ETH bought the week before.
- Of the total ETH, 3,040,483 ETH (≈ 67 %) are presently staked, generating network‑level rewards while remaining under Bitmine’s control.
Sharplink’s Contrasting FY‑2025 Results
In a separate filing, Sharplink—a smaller yet noteworthy Ethereum DAT—released its full‑year 2025 financials. The company posted a $734.6 million net loss, of which $616.2 million stemmed from unrealized losses on its ETH position.
- Sharplink holds 864,840 ETH, accumulated at an average cost of $3,588 per ETH, according to public data aggregators.
- The firm’s ETH valuation has been hit by the volatile price path of the token, which peaked near $5,000 in August 2025 before falling to roughly $2,000 at the time of reporting.
Market Context
- Bitcoin: Strategy’s average purchase price aligns closely with the spot market, suggesting the firm is willing to acquire at current levels rather than waiting for a dip. The scale of the buy underlines a long‑term bullish stance from one of the most visible corporate Bitcoin custodians.
- Ethereum: Bitmine’s out‑of‑trend acquisition, coupled with a high staking ratio, may reflect a strategy to earn yield while cementing a sizable on‑chain presence. The firm’s purchase comes as ETH prices consolidate near the $2,000 mark, offering a relatively inexpensive entry point compared with the token’s 2025 peak.
- Industry: The stark contrast between Bitmine/Strategy’s aggressive accumulation and Sharplink’s sizable paper losses highlights a divergence in risk tolerance and treasury management approaches across the DAT landscape.
Analysis
- Re‑affirmed Confidence in Core Assets – The sizeable weekly buys suggest that the biggest DATs view BTC and ETH as durable stores of value, even amid broader market volatility. By locking in price now, they hedge against possible future price appreciation.
- Staking as a Yield‑Enhancement Tool – Bitmine’s decision to stake a large fraction of its ETH aligns with a growing trend among institutional treasuries to capture on‑chain rewards, effectively reducing the net cost of holding the asset.
- Potential Market‑Making Impact – While the purchases represent a small fraction of total circulating supply (≈ 0.09 % of Bitcoin’s 19 M supply and 0.5 % of Ethereum’s 115 M supply), the public nature of these trades may influence sentiment and provide upward price pressure in the short term.
- Risk Divergence Among DATs – Sharplink’s sizeable unrealized loss demonstrates that not all treasury managers share the same appetite for exposure. The firm’s higher average acquisition cost and lower current price expose it to larger paper losses, which may prompt future rebalancing or additional purchases at lower prices.
Key Takeaways
- Strategy added nearly 18 k BTC, a six‑fold increase over the previous week, bringing its holdings to over 738 k BTC (≈ $50 bn).
- Bitmine bought ~61 k ETH, pushing its treasury past 4.5 million ETH, with roughly two‑thirds of the tokens currently staked.
- Sharplink reported a $734 m net loss for 2025, largely driven by a $616 m unrealized loss on its 864 k ETH position.
- The purchases occur at a time when BTC trades around $70 k and ETH near $2 k, offering both firms a price‑aligned entry point for future upside.
- Increased buying by the leading DATs may bolster market confidence, while divergent results across smaller treasuries underscore varied risk strategies within the crypto‑asset management sector.
All figures are based on publicly disclosed data and market prices as of March 9 2026.
Source: https://thedefiant.io/news/tradfi-and-fintech/strategy-bitmine-increase-crypto-purchases
