Bitcoin News
By Steven Anderson
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Staking Versus Sitting: The Bitcoin Treasury Gap. Bitmine's approach puts it in a pretty different lane from Bitcoin treasury companies.
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Strategy Pauses Bitcoin Buys, Pivots to Preferred Stock. Meanwhile, Michael Saylor's Strategy went another week without buying Bitcoin.
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Bitmine Immersion Technologies is betting big on Ethereum. The company now holds more than 5.95 million ETH — worth roughly $15.4 billion — and has staked over 5.
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That's not a small number. Bitmine's Ether stash alone equals about 4.9% of ETH's entire circulating supply, which puts it in rare company.
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Bitmine's approach puts it in a pretty different lane from Bitcoin treasury companies. Bitcoin doesn't have native staking.
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For a rough comparison: the Grayscale Ethereum Staking ETF, known as ETHE, reports 84.6% of its Ether holdings as staked. That's almost exactly in line with Bitmine's 85% figure.
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Bitmine's shares are trading just below $25. They're up 38% over the past month, which sounds great until you see that they're still lagging year-to-date.
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Meanwhile, Michael Saylor's Strategy went another week without buying Bitcoin. Two consecutive weeks now with no new BTC purchases.
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What Strategy has been doing instead: buying back its own preferred stock. From September 8 to 13, the company repurchased 1.42 million shares of its STRC preferred stock for $139.
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Read also: Bitmine Invests $68 Million in Ethereum to Reach 5% Portfolio Target
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That's a shift worth paying attention to. Strategy built its entire brand on aggressive, relentless Bitcoin accumulation.
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The preferred stock angle is interesting on its own. Buying back STRC shares can reduce the dividend burden on the company and support the stock's value.
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Both companies are navigating real pressure. Crypto markets have been volatile, yields from staking fluctuate, and the cost of carrying a massive treasury — whether in ETH or BTC…
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And those are genuinely different philosophies. Not just different assets — different ideas about what a crypto treasury company is supposed to do with its capital when it's not…
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Read also: Symbiosis Recovers $1.15 Million in Bitcoin After Massive 46 Billion Token Exploit
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