Strategy crypto treasury pauses BTC, buys back STRC stock

Crypto treasury activity split this week as Strategy kept 845,050 BTC unchanged while Strive, Bitmine and DFDV added BTC, ETH and SOL.

Strategy uses cash for STRC

Strategy left its bitcoin balance at 845,050 BTC for a second straight week, according to the treasury update, keeping its core asset line flat while using cash elsewhere. The company repurchased $139.3 million of STRC preferred stock from cash reserves, putting balance-sheet management ahead of fresh bitcoin purchases during the period.

On the update's face, a second unchanged week records a pause rather than a sale. For a company whose public market identity is tied to bitcoin holdings, the choice shows that preferred-stock liabilities and liquidity management can shape weekly capital allocation as much as spot-token buying.

Strive reaches 25,000 BTC

Strive added 469 BTC for $36.6 million, taking its treasury to exactly 25,000 BTC, the update said. The purchase was funded entirely through SATA preferred stock, whose notional value has exceeded $1 billion, according to the same update.

That structure keeps common equity issuance out of the headline purchase figure, but it adds another fixed-income-like layer to the crypto treasury trade. For investors, the useful test is not only the coin count; it is whether the preferred claim remains attractive if bitcoin prices weaken or financing costs rise.

Bitmine pushes toward 6 million ETH

Tom Lee's Bitmine bought 27,180 ETH, raising its ether holdings to 5.96 million ETH, according to the update. Adviser Tom DeMark predicted a "sharp upward move" for ether in the coming weeks, a market call that remains a forecast rather than an operating result.

The ETH number is close to a round 6 million-coin threshold, which gives Bitmine's next disclosure a simple reference point for traders. If ether rises after the purchase, the added 27,180 ETH increases balance-sheet upside; if it falls, the same addition increases mark-to-market pressure.

DFDV adds Solana funding

DeFi Development Corp. increased its Solana treasury by 55,491 SOL to about 2.39 million SOL, the update said. The company also established a $300 million at-the-market program for CHAD preferred stock, with proceeds intended to support additional buying.

The Solana allocation puts DFDV in a narrower treasury category than bitcoin-heavy peers. Its financing plan links future SOL purchases to the market's willingness to absorb CHAD preferred stock, making demand for the security a practical constraint on token accumulation.

Preferred stock sets the path

The common thread is that preferred stock, not just spot-token conviction, is driving the latest changes. Strategy used cash to reduce STRC, Strive used SATA to buy bitcoin, and DFDV lined up CHAD capacity for possible Solana purchases.

If preferred-stock demand stays open, crypto treasury companies can keep adding coins without relying only on operating cash or common-share issuance. The global macro effect would run through risk appetite and liquidity conditions; at the company level, balance sheets would grow; across the sector, more issuers could copy the structure.

If that funding window narrows, the mechanism reverses. Tighter liquidity would show up through weaker appetite for yield-linked crypto paper, Strategy-like issuers would face harder trade-offs between buybacks and token purchases, and the wider industry would have fewer easy templates for treasury expansion.

The main uncertainty is durability: the update gives current holdings and financing actions, but not investor demand curves, coupon pressure or purchase prices for every future transaction. The next reports will show whether flat weeks for bitcoin buyers are pauses, reallocations or the first evidence of a funding bottleneck.