Public-company crypto treasury buying accelerated again during the week of September 28 through October 4, 2026—but the most important development was not simply that listed companies bought more digital assets.
The corporate treasury trade is becoming more diversified.
In the latest weekly disclosures, Strive purchased 2,000 BTC, Strategy added another 334 BTC, BitMine Immersion Technologies acquired 15,112 ETH, and DeFi Development Corp. increased its SOL and SOL-equivalent holdings by 26,203 tokens.
Using the companies’ disclosed acquisition costs and reference prices, those four balance-sheet additions were worth approximately $242 million.
That number is meaningful, but the composition is even more important.
Bitcoin treasury companies are still raising capital to accumulate a scarce monetary asset. Ethereum treasury companies are increasingly pairing asset accumulation with staking yield. Solana treasury companies are trying to combine token ownership with validator economics and onchain participation.
In other words, the listed-company crypto treasury model is no longer one trade.
It is becoming three different corporate-finance models built around BTC scarcity, ETH staking and SOL productive treasury infrastructure.
This article breaks down the latest purchases, compares how the companies are financing them, explains why public firms are still buying near multi-month crypto highs, and examines the biggest risk investors often overlook: a growing crypto treasury does not automatically mean the associated stock—or the underlying token—must keep rising.
Public Company Crypto Buying: Last Week at a Glance
| Company | Ticker | Asset | Weekly Addition | Approx. Value | Total Holdings After Update |
|---|---|---|---|---|---|
| Strive | ASST | BTC | +2,000 BTC | ~$168.8M | 29,462 BTC |
| Strategy | MSTR | BTC | +334 BTC | $28.7M | 848,000 BTC |
| BitMine Immersion Technologies | BMNR | ETH | +15,112 ETH | ~$41.2M | 6,016,414 ETH |
| DeFi Development Corp. | DFDV | SOL | +26,203 SOL | ~$3.2M | 2,564,212 SOL & equivalents |
Estimated total disclosed additions: approximately $241.9 million. Strive and Strategy values use reported acquisition costs; BitMine uses the company’s Oct. 4 ETH reference price of $2,726; DFDV’s addition is marked to SOL’s Oct. 4 market price of approximately $121.53. The figures therefore illustrate scale but are not a strict accounting comparison.
Chart: Where the ~$242M Went
Estimated Value of Weekly Treasury Additions
The chart uses disclosed purchase values or Oct. 4 reference prices. Strive accounted for roughly 70% of the tracked weekly additions.
Strive Was the Week’s Most Aggressive Bitcoin Buyer
The largest individual transaction came from Strive, Inc.
In an SEC Form 8-K filed on October 5, Strive said it purchased 2,000 BTC between September 28 and October 2 at an average price of approximately $84,422 per bitcoin, inclusive of fees and expenses.
That implies an acquisition cost of approximately $168.8 million.
The purchase lifted Strive’s total Bitcoin holdings to 29,462 BTC. It was also the company’s largest weekly Bitcoin purchase since June.
Source: Strive Form 8-K, October 5, 2026.
Before the latest addition, Strive held roughly 27,462 BTC. The purchase therefore increased its Bitcoin position by approximately 7.3% in a single week. That is a very different growth rate from Strategy, whose treasury is vastly larger but is currently expanding more incrementally.
How Strive Funded the Purchase
Strive’s treasury strategy shows how the corporate Bitcoin trade is evolving. Rather than depending only on common-stock issuance, Strive has been using a mix of preferred equity and other capital-market instruments. The company said its SATA preferred shares supplied a majority of the capital raised during the period, while warrant exercises also contributed capital.
The economic model is no longer simply “company has cash, company buys BTC.” It increasingly looks like:
raise capital in public markets → acquire digital assets → attempt to increase crypto per share → use equity-market valuation to access more capital.
That flywheel can be powerful when investors value the company above the net value of its crypto holdings. It can also reverse when the equity premium disappears.
Strategy Added 334 BTC—but the Context Matters
Strategy disclosed that it acquired 334 BTC between October 1 and October 4 for approximately $28.7 million, paying an average of $85,838.80 per BTC. That increased total holdings to exactly 848,000 BTC.
Source: Strategy Form 8-K, October 5, 2026.
The weekly purchase increased holdings by only about 0.04%, but one week earlier Strategy disclosed a much larger purchase of 1,665 BTC for $142.7 million. The company therefore added nearly 2,000 BTC across two consecutive disclosure periods while Bitcoin traded around its strongest levels in months.
Strategy is not waiting for deep bear-market prices to accumulate. Its capital-allocation framework is designed to acquire Bitcoin whenever management believes its securities and liquidity position make the transaction strategically attractive.
Strategy’s Treasury Is Now a Balance-Sheet System
Strategy’s treasury architecture now includes common equity issuance, multiple preferred-stock classes, a U.S. dollar reserve for interest and preferred dividends, USD cash available for broader treasury purposes, and both Bitcoin purchases and securities repurchases.
The company increasingly operates like a Bitcoin-focused capital-markets platform whose liabilities, preferred securities, equity issuance and cash reserves are managed around a massive BTC position.
At 848,000 BTC, Strategy holds more than 4% of Bitcoin’s currently circulating supply based on early-October market data. That degree of concentration makes Strategy relevant not only to equity investors, but also to Bitcoin market structure.
BitMine Added 15,112 ETH—and 84% of Its ETH Is Staked
BitMine Immersion Technologies said it acquired another 15,112 ETH during the week through October 4, increasing total holdings to 6,016,414 ETH.
At the company’s stated reference price of $2,726 per ETH, the weekly addition was worth approximately $41.2 million, while the total ETH treasury was worth roughly $16.4 billion.
BitMine says its position now represents approximately 4.9% of Ethereum’s circulating supply.
Source: BitMine October 5 treasury update.
The more interesting number is staking. BitMine reported that 5,067,309 ETH—roughly 84% of its ETH balance—was staked through its MAVAN platform and staking partners.
Why This Changes the Treasury Model
Bitcoin is a non-yielding bearer asset at the protocol level. Ethereum is different. ETH can be deployed into proof-of-stake validation and potentially earn protocol rewards. That means an Ethereum treasury can attempt to generate native yield while retaining long exposure to the asset.
raise capital → buy ETH → stake ETH → earn staking rewards → potentially compound the treasury.
This is one reason the Ethereum digital-asset treasury model should not be valued exactly like a Bitcoin treasury. Its upside includes productive yield, while its risk set expands to include validator performance, staking infrastructure, liquidity constraints and changes in Ethereum staking economics.
DFDV Added 26,203 SOL: The Productive Treasury Model Goes Further
On October 5, DeFi Development Corp. said it had added approximately 26,203 SOL since September 28, increasing total holdings to about 2,564,212 SOL and SOL equivalents. The company valued the total position at approximately $302 million.
Source: DeFi Development Corp. October 5 update.
Importantly, DFDV describes its growth as coming from both continued purchases and organic accumulation. The company deploys treasury SOL through staking, validator operations and onchain infrastructure. Its token balance can therefore grow through a combination of capital deployment and network participation.
Bitcoin vs. Ethereum vs. Solana Treasury Economics
| Model | Primary Asset | Core Thesis | Native Yield? | Key Additional Risk |
|---|---|---|---|---|
| Scarcity Treasury | BTC | Accumulate a fixed-supply monetary asset | No protocol-native yield | Financing cost / dilution / BTC volatility |
| Staking Treasury | ETH | Hold strategic asset + earn staking rewards | Yes | Validator / staking / liquidity risk |
| Validator Treasury | SOL | Own asset + participate in network economics | Yes | Validator economics / concentration / SOL volatility |
Chart: Weekly Treasury Growth Was Fastest at Strive
Approx. Weekly Growth in Crypto Holdings
Growth is measured against each company’s immediately preceding disclosed token balance. The percentages measure treasury expansion, not stock returns.
Why Are Listed Companies Still Buying Near Higher Crypto Prices?
Bitcoin ended October 4 around $86,480, Ethereum near $2,726, and Solana around $121.53. BTC had already rebounded sharply from its earlier-2026 lows.
Source: CoinMarketCap historical snapshot — October 4, 2026.
Buying at higher prices can appear counterintuitive, but corporate treasury companies are often optimizing a different variable from a normal discretionary investor. They are not necessarily trying to call the local bottom.
They are trying to increase crypto holdings per share, staking or validator income, balance-sheet exposure to the chosen asset, market relevance within the treasury category and the ability to raise future capital around a differentiated equity story.
If a treasury company can issue securities on favorable terms and convert the proceeds into more crypto per share, management may view purchases as attractive even when the token price is near a recent high. This is why the cost of capital can matter as much as the crypto price itself.
The Treasury Flywheel: Why Equity Premiums Matter
The most important concept for understanding digital-asset treasury companies is mNAV, or market value relative to net asset value.
If a company owns $1 billion of crypto but its equity market capitalization is $1.5 billion, investors are valuing the business at a premium to the raw asset value. If the company can issue shares near that premium and use the proceeds to buy more crypto, it may increase digital assets per share despite dilution.
premium equity valuation → cheaper capital → more crypto purchases → greater treasury scale → stronger market narrative → continued access to capital.
But this is not a perpetual-motion machine. If the stock falls below NAV, issuing common equity can become much less attractive. Preferred dividends and debt interest can continue even when crypto prices decline. Capital-market access can tighten precisely when the treasury asset is falling.
Strive vs. Strategy: The BTC Treasury Race Is Becoming More Competitive
Strategy remains dominant with 848,000 BTC, but the most interesting weekly signal came from Strive. Strive’s 2,000 BTC purchase was almost six times Strategy’s 334 BTC addition during the overlapping period.
That does not threaten Strategy’s absolute leadership—Strategy still owns almost 29 times as much BTC as Strive—but it shows that smaller treasury firms can expand much faster on a percentage basis.
This competitive dynamic can matter to Bitcoin because companies may be incentivized to keep raising capital and accumulating in order to preserve their position in the treasury hierarchy.
But shareholders should be careful. A corporate race to own more Bitcoin can increase demand for BTC while simultaneously increasing dilution, preferred-stock obligations or balance-sheet complexity at the company level.
What is bullish for the token is not automatically bullish for every treasury stock.
BitMine Nears Its 5% ETH Supply Goal
BitMine’s scale introduces another issue: concentration. The company says its 6.016 million ETH represents approximately 4.9% of Ethereum supply, leaving it close to its stated “Alchemy of 5%” objective.
On the bullish side, a large long-term holder can reduce immediately tradable supply, while staking further limits the portion available for sale at any given time.
On the risk side, concentrated ownership makes investors more sensitive to any future change in BitMine’s capital-allocation policy. A company that can accumulate millions of ETH can also become a material source of supply if its strategy changes.
Metaplanet Adds Another Layer: Treasury Assets as Credit Collateral
A separate disclosure on October 5 adds another dimension to the trend.
Tokyo-listed Metaplanet said it ended the third quarter with 44,000 BTC after selling 10,000 BTC and later buying 11,000 BTC—a net increase of 1,000 BTC during the quarter.
The company said the sale and reacquisition exercise was designed in part to demonstrate the liquidity of its Bitcoin reserve as it develops a broader credit and capital-allocation framework.
Source: Metaplanet disclosures.
This transaction is not included in the approximately $242 million weekly total because it reflects Q3 activity rather than only the September 28–October 4 window.
What the Weekly Buying Means for BTC, ETH and SOL
Bitcoin: Corporate Demand Is Becoming More Distributed
Strategy still dominates, but last week Strive was the largest tracked buyer by dollar value. That matters because the corporate Bitcoin demand story becomes more resilient if accumulation is spread across multiple issuers rather than depending on a single company.
For deeper context on the current Bitcoin bull case, see Bitcoin’s Path to $250,000: Inside the Bull Case Driving This Week’s Rally.
Ethereum: Staking Turns Treasury Demand Into Potential Supply Lockup
BitMine is not only buying ETH; it has staked most of its position. The relevant metrics are therefore not only weekly purchases, but also the percentage staked, staking yield and whether rewards are retained or sold.
Solana: The Treasury Can Behave Like Infrastructure
DFDV’s model combines holding SOL with validator and staking activity. That aligns the corporate treasury more closely with Solana network usage and economics.
For more on the SOL market backdrop, see Solana Nears $120 Amid 12 Weeks of ETF Inflows.
The Biggest Risk: Treasury Buying Can Be Reflexive
Corporate crypto accumulation is often presented as one-way institutional adoption. That framing is incomplete.
Many digital-asset treasury strategies depend on a feedback loop between the token price, the treasury company’s stock price, its premium or discount to NAV, access to common or preferred equity, the cost of debt or structured capital, and investor appetite for treasury exposure.
When all of those move favorably, buying can accelerate. When they reverse together, the flywheel can slow sharply.
Five Metrics to Track for Corporate Crypto Treasury Stocks
| Metric | Why It Matters |
|---|---|
| Crypto per diluted share | Shows whether capital raising actually increases asset exposure per share |
| mNAV premium / discount | Determines whether equity issuance can be accretive or destructive |
| Funding mix | Common stock, preferred equity and debt create different dilution and cash-flow risks |
| Yield on treasury assets | Critical for ETH and SOL models using staking or validators |
| Fixed obligations | Preferred dividends and interest must be serviced even in crypto drawdowns |
Why the Latest Week Is More Important Than the $242M Headline
The roughly $242 million of disclosed additions is not huge relative to the combined market capitalizations of BTC, ETH and SOL. Its importance is structural.
Four public companies were adding three different crypto assets at the same time, using four different treasury frameworks.
That suggests corporate digital-asset adoption is broadening from a single question—“Will companies hold Bitcoin?”—into a much larger capital-markets experiment:
- Can Bitcoin become a strategic reserve asset?
- Can staked Ethereum become a productive corporate treasury?
- Can Solana validators turn a token reserve into an operating asset?
- Can listed companies issue securities specifically to acquire crypto?
- Can digital assets improve access to credit and structured finance?
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Final Analysis: The Corporate Crypto Treasury Trade Is Splitting Into Three Models
The most important conclusion from last week’s disclosures is not that listed companies bought another $242 million of crypto. It is that the corporate treasury trade is becoming economically differentiated.
Strategy and Strive are building Bitcoin scarcity treasuries. BitMine is building a massive Ethereum treasury in which most of the asset base is staked. DeFi Development Corp. is building a Solana treasury that participates directly in staking, validator and onchain economics.
These models may all benefit from higher token prices, but their financial structures are not interchangeable.
For the underlying crypto market, the trend is constructive because it creates another source of demand outside ETFs and native crypto funds. For treasury-stock investors, the conclusion is more nuanced.
More crypto on the balance sheet is only valuable if the company acquires it with a sustainable cost of capital and increases economic exposure per share.
That is the metric that will separate durable treasury platforms from companies that simply accumulate tokens during a bull market.
FAQ
How much crypto did public companies add last week?
Across Strive, Strategy, BitMine and DeFi Development Corp., disclosed additions during or covering September 28–October 4 were worth approximately $242 million using reported acquisition costs and reference prices.
Which public company bought the most Bitcoin last week?
Among the companies tracked in this analysis, Strive was the largest buyer. It acquired 2,000 BTC for approximately $168.8 million at an average price of $84,422.
How much Bitcoin does Strategy own now?
Strategy reported 848,000 BTC as of October 4, 2026 after purchasing another 334 BTC for $28.7 million.
How much Ethereum does BitMine own?
BitMine reported 6,016,414 ETH as of October 4, 2026, equivalent to approximately 4.9% of Ethereum’s circulating supply according to the company.
Is BitMine staking its Ethereum?
Yes. BitMine said 5,067,309 ETH—roughly 84% of its total ETH holdings—was staked through MAVAN and other staking partners.
How much Solana does DeFi Development Corp. hold?
DFDV reported approximately 2,564,212 SOL and SOL equivalents after adding 26,203 SOL since its September 28 update.
Why do companies issue stock to buy crypto?
If a treasury company’s shares trade at a premium to the net value of its crypto holdings, issuing new securities can sometimes allow it to buy additional crypto while increasing asset exposure per share. The strategy becomes less attractive if that premium disappears.
Are corporate crypto purchases always bullish for BTC, ETH or SOL?
No. Corporate purchases create demand, but the impact depends on their size relative to market liquidity and whether the buying persists. Treasury firms can also become future sources of supply if capital-allocation strategies change.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment, legal or financial advice. Digital assets and crypto-linked equities are highly volatile. Company treasury balances, financing terms, market prices and staking arrangements can change rapidly. Data are based on public disclosures available through October 6, 2026.
