Corporate bitcoin treasury activity remained net positive in the week through Aug. 10 despite Strategy selling 1,690 BTC for about $109 million, according to SoSoValue data tracking listed companies excluding miners. The sale reduced Strategy’s reported bitcoin holdings to 840,447 BTC, while the company used the proceeds to repurchase 1,152,020 shares of its STRC preferred stock.
The transaction stands out because it redirected bitcoin liquidity into capital-structure management rather than adding to the company’s treasury. Strategy reported selling the coins at an average price of $64,262, effectively matching the $109 million spent on the STRC repurchase.
SoSoValue recorded net bitcoin purchases of $55.06 million among listed companies excluding mining firms as of 8 a.m. ET on Aug. 10, a 155.06% increase from the previous week. The figures indicate that purchases by several smaller corporate holders outweighed Strategy’s sale in dollar terms, even as one of the sector’s largest treasuries trimmed its position.
Listed companies held 1.14 million BTC
The companies tracked by SoSoValue collectively held 1,139,557 BTC, up 0.08% from a week earlier. At the prices used in the tally, those holdings were worth about $73.91 billion and represented 5.7% of bitcoin’s circulating market capitalization.
Four companies disclosed bitcoin purchases during the week. Strive said on Aug. 10 that it spent $9.53 million to acquire 147 BTC at an average price of $64,812, bringing its holdings to roughly 20,167 BTC.
H100 reported a much larger allocation relative to its prior holdings, spending about $154 million on 2,455.37 BTC at an average price of $62,900. The purchase brought its total to 3,506.4 BTC. OrangeBTC added 2 BTC for $128,600, paying an average of $64,299 and lifting its total to 3,950 BTC.
Bitmine disclosed an additional 1 BTC purchase after the prior reporting cutoff of Aug. 3, raising its bitcoin balance to 209 BTC. Metaplanet did not announce a bitcoin purchase for a fourth consecutive week.
The varied transactions show that public-company treasury strategies are becoming less uniform. Some firms are steadily accumulating bitcoin, while others are selling coins to support debt, preferred equity, operating liquidity, or other corporate priorities. That makes reported holdings a less reliable proxy for pure long-term accumulation than headline treasury totals can suggest.
Strategy’s sale follows earlier losses
Strategy reported $4.75 billion in cash, which it said would cover roughly 2.7 years of dividend payments. The substantial cash balance gives the company room to manage preferred-stock obligations without relying exclusively on new capital raises or bitcoin sales.
On-chain analyst Yu Jin reported that Strategy had sold 6,948 BTC since late June at an average price of $62,146. Based on an estimated average cost basis of $75,000, those sales would imply a realized loss of about $93.12 million.
The figures put Strategy’s latest transaction in a different light from its better-known bitcoin purchases. Selling at prices below the reported acquisition basis can reduce exposure and release capital, but it also crystallizes losses that remain unrealized while bitcoin stays on the balance sheet.
The supplied data also cited different market outcomes following earlier sales: a $2 million sale preceded a 4% weekly decline in bitcoin, while a later $216 million sale coincided with a 6% weekly rise. Those examples offer little evidence that Strategy’s transactions determine bitcoin’s direction. The company’s sales are large in corporate-treasury terms, but bitcoin trades in a global market with multiple sources of demand and liquidity.
Strive expands holdings while reporting a quarterly loss
Strive’s latest 147 BTC purchase follows a substantial expansion earlier in the year. The company said it added 6,236 BTC in the second quarter ended June 30 and increased its holdings by 12,237 BTC during the first half. It also reported adding 303 BTC between July 1 and Aug. 7.
Strive reported a 23.9% bitcoin yield in the second quarter and 37.7% in the first half, a metric commonly used by bitcoin treasury companies to measure growth in bitcoin exposure per share. The measure does not by itself establish a cash return, particularly when treasury growth is funded through new equity or preferred-share issuance.
The company posted a second-quarter GAAP net loss of $257.6 million. Strive attributed 94.1% of that loss to fair-value declines in its bitcoin and STRC stock positions. Its non-GAAP adjusted net loss attributable to common shareholders was $275 million.
As of Aug. 7, Strive reported $154.9 million in cash and equivalents, $48 million in fair value of STRC preferred stock, and no debt after repaying all short- and long-term borrowings. It also said it had paid 44 dividends through Aug. 7 under its SATA series perpetual preferred stock.
Other treasuries show the cost of leverage
Trump Media reported holding 9,477.16 BTC as of June 30, alongside 2,077.34 BTC pledged as collateral for an options strategy. The company later said it sold $159.6 million of bitcoin-related securities in July and purchased bitcoin, bringing holdings including pledged coins to about 14,139 BTC as of July 31. It valued the position at roughly $890.5 million.
Trump Media reported a second-quarter net loss of $238 million, including $190.4 million in unrealized losses across digital assets, staked digital assets and equity securities. The company also disclosed counterparty credit risk and potential recovery risk linked to lending and allocation arrangements.
Empery Digital took the opposite route, selling 1,635 BTC between July 1 and Aug. 6 for about $102 million. Its holdings fell to 1,279 BTC, of which 954 BTC was pledged against $35 million of debt. That left 325 BTC available for use, down from 1,375 BTC available at June 30.
The contrast between Empery’s pledged holdings and Strive’s debt-free position illustrates how financing choices can shape treasury decisions. Bitcoin held against borrowings may offer upside during a rising market, but it can sharply narrow a company’s flexibility when collateral requirements or liquidity needs increase.
Bitmine continues its Ethereum accumulation
Bitmine Immersion Technologies continued to build an Ethereum-focused treasury, reporting the addition of 7,391 ETH over the past week. Its total ether holdings reached 5,805,238 ETH, alongside 209 BTC, a $69 million equity stake in Eightco Holdings and Beast Industries shares valued at $180 million.
The company said it had staked 5,067,309 ETH valued at about $9.8 billion. Staking locks ether into Ethereum’s validation system in return for network rewards, though the assets remain exposed to changes in ETH’s market price. Bitmine later disclosed buying another 13,000 ETH for $24.36 million after a decline in ether’s price.
Chairman Tom Lee said Bitmine had acquired ETH for 58 consecutive weeks since adopting its ether treasury strategy on June 30, 2025. The company’s scale places its balance sheet increasingly alongside Ethereum’s staking economy, rather than simply treating ETH as a liquid reserve asset.
Corporate treasury activity is therefore producing two parallel effects: listed companies are adding to aggregate crypto holdings, while individual firms are increasingly using those holdings as working capital, collateral and balance-sheet tools. The latest week’s net bitcoin buying reflects continued demand, but the sales by Strategy and Empery show that corporate treasuries can also become a source of supply when financing priorities change.
Want deeper insight into Bitcoin’s role in corporate treasuries? Explore our guide on what Bitcoin is and how it works for long-term holders.
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