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Two of the biggest players in the cryptocurrency world, Micro Strategy and Bitmine, have just escalated a quiet war of accumulation. One is doubling its commitment to Bitcoin, and the other is expanding its control over Ethereum.
Each step seems routine at first glance, but the scale and timing reveal something more important unfolding beneath the surface.
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MicroStrategy Accelerates Bitcoin Purchase as Pressure Mounts
Micro Strategy bought 8,178 BTC last week for about $835.6 million at an average price of $102,171 per coin. The company now owns 649,870 BTC, bought for $48.37 billion at an average cost of $74,433, according to an update. certain Shared by Michael Saylor and Strategy Inc.
The aggressive move came just days after Saylor promised the market would soon be surprised.
“We buy a lot … people will be happy and surprised,” he said. He indicated in addition The “always buy” strategy now controls 3.1% of the Bitcoin network.
While MicroStrategy’s BTC return for 2025 is 27.8%, the purchase sparked an immediate wave of comments and controversy.
Discover Loconchain realization Even after the recent decline, the company is sitting on $12.88 billion in unrealized profits (+27%). But the cryptocurrency community remains divided. On the one hand, analysts argue that the microstrategy structure is sound.
“Even if BTC goes down by -70%, Saylor won’t be forced to sell…no margin call,” said analyst Miles Deutscher. signal.
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Jeff Dorman added that concerns about forced sales are “not even remotely a concern,” in martyrdom With its low interest rate, positive cash flow, and Saylor’s 42% ownership, it prevents activist interference.
On the other hand, critics like Peter Schiff criticize The strategy is fragileand Dom Kwok, a popular X user, echoes this sentiment.
“MSTR will be forced to sell their BTC to make interest payments… either sell BTC or collapse,” he said in a permit.
Even market watchers questioned the rollout. Leading IP analyst Kwai Dong It is strategic He published, then deleted, his ad in a few minutes, calling it “unprofessional”, andPointing MSTR fell 3% in pre-market trade despite bullish buying.
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BitMine’s acquisition of Ethereum signals a corporate race to control the treasury
As MicroStrategy expands its Bitcoin empire,… Bitmain by Tom Lee A parallel strategy is implemented on Ethereum, but on an even larger scale. Bitmain now has about 3.6 million ETH tokens, representing 2.9% of the total, according to its official update in November. The company acquired 54,156 ETH in one week.
Under current valuations, the company holds $11.8 billion in a mix of cryptocurrency, cash, and “bump jump” investments, including 3,559,879 ETH, 192 BTC, $607 million in cash, and strategic investment positions.
Fanstrat data powered by the StrategicETHReserve.xyz dashboard confirms that Bitmain is now the global leader in Ethereum treasury and second in overall cryptocurrency treasury, after MicroStrategy.
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In his November letter, Lee said that the peak of the cryptocurrency cycle is still 12 to 36 months, breaking from the traditional forecast of four years. He noted that the recent weakness reflects a market producer under financial stress, a temporary form of “QT” for the cryptocurrency system.
“Cryptocurrency prices haven’t recovered since the October 10 liquidation event…the continued weakness bears the signs of a market maker suffering from a compromised balance sheet,” Lee said. came In an excerpt from the ad.
He added that tokenization on Ethereum represents a “huge opening” and compared current regulatory moves, such as the GENIUS Act and the SEC’s Project Crypto, to the end of an era. Bretton Woods In 1971.
The shares of BitMine reflect the growing interest of the founders, with the trading volume of $ 1.4 billion per day, ranking 48th in the United States, ahead of DoorDash.
MicroStrategy’s strategy in building Bitcoin and BitMine’s strategy in accumulating Ethereum constitute the most obvious trend for 2025, as cryptocurrencies become a battleground for corporate treasurers.
With Saylor aiming for a deeper control of Bitcoin and BitMine pushing towards the “Alchemy of 5%”, the market may be entering the first real era of multi-chain enterprise accumulation, driven not by sales cycles, but by financial data, liquidity channels and long-term conviction.
