CryptoSlate
Bitcoin climbed more than 20% toward $80,000 last week while Ethereum gained about 30%, its strongest weekly advance since May 2025. Falling Treasury yields, renewed US crypto optimism and short liquidations helped drive $2.6 billion in ETF inflows and multi-month highs for both assets. Strategy raised $2.01 billion and built $6.69 billion in liquidity without adding BTC, while BitMine bought 32,447 ETH and lifted holdings to 5.85 million.
Why it matters
That split is a clear capital-allocation signal. Strategy sold 18.26 million MSTR shares for $2.01 billion in net proceeds between Aug. 17 and Aug. 23, put $300 million into its USD Reserve and used $136.4 million to repurchase STRC shares. Most of the remainder went into USD Cash.
Of the $6.69 billion total, $5.10 billion was in reserve and $1.59 billion in cash. The reserve primarily covers preferred-stock dividends and interest, while cash can fund BTC purchases, security repurchases or debt repayment. Strategy held 840,447 BTC at an average acquisition price of $75,385 as Bitcoin moved back above that level. Strategy still had $516.6 million authorized for preferred-stock repurchases and a separate $1 billion authorization to buy back MSTR.
Market impact
BitMine kept buying into Ethereum's strength, reaching 5.85 million ETH, about 4.8% of circulating supply and close to its stated 5% goal. About 5.07 million ETH, or 87% of BitMine's treasury, is staked, with annualized staking revenue projected at $330 million.
That yield gives BitMine a different balance-sheet profile from Strategy, whose BTC generates no native yield. The market's next read is whether Strategy deploys its cash during a Bitcoin dislocation and whether BitMine maintains weekly accumulation after ETH's breakout.
Frequently asked questions
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How much liquidity did Strategy hold after its capital raise?
Strategy's dollar liquidity reached $6.69 billion as of Aug. 23, including $5.10 billion in USD Reserve and $1.59 billion in USD Cash.
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What did Strategy do with the $2.01 billion raised from MSTR sales?
It put $300 million into its USD Reserve, used $136.4 million to repurchase STRC shares and placed most of the remainder into USD Cash.
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How close is BitMine to its 5% Ethereum supply target?
BitMine held 5.85 million ETH, about 4.8% of Ethereum's circulating supply, putting it close to its stated 5% goal.
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How much of BitMine's ETH treasury is staked?
About 5.07 million ETH, or 87% of BitMine's treasury, is staked. Annualized staking revenue is projected at $330 million.
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What drove Bitcoin and Ethereum higher during the week?
Falling Treasury yields, renewed US crypto optimism and short liquidations helped drive the rally, which drew $2.6 billion in ETF inflows.
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