Digital assets experienced a sharp upward move last week, driven by falling Treasury yields, renewed US crypto optimism, and short liquidations. Bitcoin climbed more than 20% to approach $80,000, while Ethereum gained approximately 30% to move back above $2,400, marking its strongest weekly advance since May 2025. The market activity brought in $2.6 billion in ETF inflows and pushed both assets to multi-month highs.
The breakout highlighted contrasting approaches between the entities managing crypto's largest corporate treasuries. While Strategy utilized the market strength to raise capital without expanding its Bitcoin reserves, BitMine Immersion Technologies continued to accumulate Ethereum.
Strategy Grows Liquidity to Record Levels
Strategy used the Bitcoin rally to execute one of its largest capital raises, bringing its dollar liquidity to $6.69 billion as of Aug. 23. Between Aug. 17 and Aug. 23, the company reported selling 18.26 million MSTR shares for about $2.01 billion in net proceeds.
Rather than purchasing more Bitcoin, Strategy allocated $300 million to its USD Reserve, used $136.4 million to buy back preferred shares, and placed the majority of the remainder into a newly established USD Cash account. The company's total liquidity breaks down into $5.10 billion in its reserve—primarily designated for preferred-stock dividends and interest obligations—and $1.59 billion in the cash pool, which can be deployed for debt repayment, share repurchases, or future cryptocurrency acquisitions.
Despite Bitcoin's price rising above Strategy's average acquisition price of $75,385, the company chose not to add to its existing position of 840,447 BTC, which was acquired for about $63.36 billion. Management noted that the accumulated liquidity provides flexibility to respond to future market dislocations in either Bitcoin or the company's own securities.
BitMine Extends Ethereum Accumulation Streak
Conversely, BitMine Immersion Technologies expanded its digital asset holdings during Ethereum's 30% weekly surge. The company acquired an additional 32,447 ETH during the week, raising its total treasury to 5.85 million tokens as of Aug. 23.
This purchase brings BitMine's holdings to approximately 4.8% of Ethereum's circulating supply, nearing its stated target of controlling 5% of all ETH. The acquisition continues an uninterrupted weekly buying streak that began when the company initiated its Ethereum treasury strategy in June 2025.
Chairman Tom Lee framed the continued buying as part of a broader market breakout, noting historical instances where comparable weekly gains were followed by larger multi-month advances. To offset holding non-yielding assets, BitMine has staked approximately 5.07 million ETH, representing roughly 87% of its treasury. The company projects annualized staking revenues at $330 million, contrasting with Strategy's Bitcoin holdings which generate no native yield.
