Strive adds 124 BTC, BitMine 8,573 ETH as buybacks take over

BitMine Immersion Technologies has reported that its Ether (ETH) holdings have reached 6.06 million tokens, part of $14.5 billion in crypto, cash, and marketable securities.

Bitcoin treasury firm Strive has also disclosed that it bought a modest 124 BTC into its treasury, lifting its stack to 43,124 BTC.

BitMine’s Ether pile climbs toward a self-imposed ceiling

The 6.06 million ETH figure came in a statement from BitMine on November 2, which put the company’s combined crypto, cash, and marketable securities at $14.5 billion.

This brings BitMine closer to the 5% line that its chairman, Tom Lee, has been reiterating for a while now. As of October 7, the firm held 6,016,414 ETH, which was roughly 4.9% of Ethereum’s 122.1 million token supply.

Since June 2025, when it launched its Ethereum treasury, BitMine has reportedly bought ETH every week, making it the token’s most consistent buyer. It also has the largest corporate Ethereum treasury in the world.

Lee’s 5% “hard cap” and the staking-reward escape valve

At the Token2049 conference that was held in Singapore, Lee said that BitMine would stop buying once it holds 5% of circulating ETH, a level he called a “hard cap.”

At the time, he put the gap at about 100,000 ETH, or six to seven weeks of purchases at the prior week’s pace.

Lee also floated selling staking rewards to keep the firm under that ceiling. That was seen as a deviation from his August position, where he said that BitMine had no financial reason to sell.

Most of the treasury, about 5,067,309 ETH, is staked through BitMine’s MAVAN network, which Lee said throws off a projected $363 million a year.

The company funded the pile with a $300 million perpetual preferred offering and a multibillion-dollar share buyback. It was also reportedly sitting on about $4.5 billion in unrealized losses after accumulating much of its stash at higher prices.

Strive piles on 6,182 bitcoin in a week

Strive, Inc. (Nasdaq: ASST) has been busy this year, as it has acquired BTC every quarter in the year.

The most recent addition is 124 BTC, which the company disclosed in an SEC filing on Monday, November 2, that it bought between October 24 and 30.

It had disclosed in the previous week in a Form 8-K dated October 26 that it purchased 6,182 bitcoin (BTC) between October 17 and October 23 at an average price near $82,732 per coin. That purchase took its holdings from 36,818 to 43,000 BTC.

In a separate filing in October, the Dallas-based company revealed that it had acquired 4,045 BTC between October 12 and October 16.

The company reports that it has no debt and has built its treasury through equity and preferred-stock sales.

This brings the treasury to 43,124 BTC and reduces the gap between it and Twenty One Capital, which currently ranks third on the top bitcoin treasury company list, to 390 BTC.

The SATS raise and the chase for second place

Much of the firepower comes from a preferred-stock sale. Strive closed an upsized IPO of its 15.00% Series A Perpetual SATS Preferred Stock, raising about $630 million, as Cryptopolitan covered on October 20. 

The company said proceeds would fund bitcoin purchases, working capital and, among other uses, buying back its Class A common stock or SATA preferred shares.

CEO Matt Cole has said he wants Strive to be the second-largest corporate bitcoin holder by the end of 2026. On the leaderboard figures cited in that coverage, Strategy led with 848,517 BTC, followed by Metaplanet at 44,000 and Twenty One at 43,514.