Two of the largest corporate players in cryptocurrency, MicroStrategy and BitMine, have just escalated a quiet accumulation war. One is doubling down on Bitcoin, the other is expanding its grip on Ethereum.
While each move looked routine at first glance, the scale and timing reveal something far more consequential building beneath the surface.
MicroStrategy Accelerates Bitcoin Buying as Pressure Mounts
MicroStrategy snapped up 8,178 BTC last week for roughly $835.6 million at an average price of $102,171 per coin. The firm now holds 649,870 BTC, acquired for $48.37 billion at an average cost basis of $74,433, according to a confirmed update shared by Michael Saylor and Strategy Inc.
The aggressive move comes just days after Saylor promised that the market would be pleasantly surprised.
“We’re buying quite a lot… people will be pleasantly surprised.” He added that Strategy is “always buying” and now controls 3.1% of the Bitcoin network.
While MicroStrategy’s BTC yield for 2025 stands at 27.8%, the purchase sparked an immediate wave of commentary and controversy.
Lookonchain verified that the company sits on $12.88 billion in unrealized profit (+27%), even after the latest dip. But the crypto community remains split. On one side, analysts argue that MicroStrategy’s structure is sound.
“Even if BTC drops -70%, Saylor still won’t have to sell… There’s no margin call,” analyst Miles Deutscher noted.
Jeff Dorman added that concerns about forced selling are “not even remotely a concern,” citing low interest expense, positive cash flow, and Saylor’s 42% ownership, which prevents activist intervention.
On the other hand, critics like goldbug Peter Schiff argue that the strategy is fragile, with Dom Kwok, a popular user on X, echoing the sentiment.
“MSTR will be forced to sell its BTC to make interest payments… it’s sell bitcoin or bust,” he claimed.
Even market watchers questioned the rollout. Analyst AB Kuai Dong highlighted that Strategy posted, then deleted, its announcement within minutes, calling it “amateurish,” and noting that MSTR fell 3% in pre-market despite the bullish purchase.
BitMine’s Ethereum Grab Signals a Corporate Race for Treasury Dominance
As MicroStrategy expands its Bitcoin empire, Tom Lee’s BitMine is executing a parallel strategy on Ethereum, but at an even larger scale. BitMine now holds almost 3.6 million ETH tokens, representing 2.9% of the total supply, according to its official November update. The firm purchased 54,156 ETH in a single week.
At current valuations, the company holds $11.8 billion in a combined mix of crypto, cash, and “moonshot” investments, including 3,559,879 ETH, 192 BTC, $607 million in cash, and strategic equity positions.
Fundstrat data, corroborated by the StrategicETHReserve.xyz dashboard, confirms BitMine is now the leading Ethereum treasury globally and the second crypto treasury overall, behind MicroStrategy.
Corporate ETH Reserves. Source: StrategicETHReserve.xyz
In his November message, Lee argued that the crypto cycle peak is still 12–36 months away, breaking from traditional four-year expectations. He said the recent weakness reflects a market maker undergoing balance sheet stress, a temporary form of “QT” for the crypto ecosystem.
“Crypto prices have not recovered since the liquidation event on October 10… The lingering weakness has the hallmarks of a market maker suffering from a crippled balance sheet,” read an excerpt in the announcement, citing Lee.
He added that tokenization on Ethereum is a “major unlock” and compared current regulatory moves, such as the GENIUS Act and the SEC’s Project Crypto, to 1971’s end of the Bretton Woods era.
BitMine’s stock reflects rising institutional attention, with trading volume of $1.4 billion per day, ranking 48th in the US, ahead of DoorDash.
Together, MicroStrategy’s BTC build and BitMine’s ETH accumulation mark the clearest trend of 2025, that crypto is becoming a battlefield for corporate treasuries.
With Saylor targeting deeper Bitcoin control and BitMine pushing toward the “Alchemy of 5%,” the market may be entering its first true multi-chain corporate accumulation era, one driven not by retail cycles, but by balance sheets, liquidity channels, and long-duration conviction.
