Corporate Bitcoin buying slowed sharply in the week ended 8 a.m. Eastern on Oct. 12, with listed companies outside the mining sector recording net purchases of just $22.5 million, according to SoSoValue. The figure was down 90.6% from two weeks earlier, and nearly all of the week’s disclosed buying came from Strategy.
Strategy purchased 250 BTC for about $22 million, paying an average price of $86,194 per coin. The acquisition lifted its reported Bitcoin balance to 848,250 BTC, leaving the company responsible for almost the entire reported weekly increase among major public-company treasury buyers.
The slowdown arrived even as corporate Bitcoin reserves remained historically large. SoSoValue put total listed-company holdings, excluding miners, at 1,163,359 BTC, up 0.3% over two weeks. At the dataset’s estimated valuation of $96.57 billion, those reserves represented about 5.8% of Bitcoin’s circulating market capitalization.
The figures show that corporate exposure to Bitcoin remains heavily concentrated among a small number of established treasury holders, while fresh buying has become more selective. A $22 million purchase would have looked modest against earlier waves of corporate accumulation, yet it accounted for almost all reported net buying during the latest week.
Strategy dominates a quieter week for Bitcoin treasury buyers
Other disclosed purchases were comparatively small. Bitcoin Japan said it acquired 5.8847 BTC on Oct. 7 at an average price of $84,706.34, taking its holdings to 17.8035 BTC.
Bitmine reported buying one Bitcoin after 8 a.m. Eastern on Oct. 5. The company said it held 214 BTC after the purchase but did not disclose the price or value of that transaction.
Metaplanet, one of the more closely watched listed Bitcoin treasury companies, reported no purchases during the week. Its latest quarterly filing nevertheless showed a more active trading period through the end of September.
For the third quarter of its fiscal year ending in December 2026, Metaplanet said it made net Bitcoin purchases of 1,000 BTC, raising its holdings to 44,000 BTC as of Sept. 30. The net change followed the sale of 10,000 BTC and a repurchase of 11,000 BTC during the quarter.
That trading pattern differs from a simple buy-and-hold treasury strategy. Metaplanet’s reported activity suggests it was willing to reposition a substantial part of its reserve during the quarter while retaining a larger overall Bitcoin balance. Its absence from the latest weekly buying data also contributed to the steep decline in net corporate purchases.
Ether treasuries are emphasizing staking income
While Bitcoin buying cooled, Bitmine Immersion Technologies reported further expansion of its Ethereum reserve and a large commitment to staking. The company said on Oct. 12 that it held about 6.03 million ETH, or roughly 4.9% of Ether’s total supply, after adding 12,532 ETH during the previous week.
Bitmine said its combined crypto assets, cash, marketable securities and other investments totaled $16.2 billion. Of its Ether holdings, 5,067,309 ETH had been staked, with a stated value of about $12.9 billion. That represented roughly 84% of the company’s Ether reserve.
Staking locks or delegates ETH to help operate Ethereum’s proof-of-stake network in return for protocol rewards. For a corporate treasury, the approach can produce yield on an asset that would otherwise remain idle, though it also adds operational, liquidity and market risks that do not apply to holding cash or short-term government securities.
Bitmine reported a seven-day staking yield of 2.61%. It also said its perpetual preferred shares, trading under the ticker BMNP, closed at $99.53, compared with an $80 issue price.
A price forecast attributed to Lee projected Ether could exceed $5,000 by the end of 2026 and potentially reach about $7,500 if Bitcoin rises above $100,000. The same material said market-implied pricing assigned a 4% probability to Ether reaching $5,000 by the end of 2026, underscoring the gap between the bullish projection and derivatives-market expectations.
Solana treasury companies keep adding reserves
DeFi Development, a Nasdaq-listed Solana treasury company, said it bought about 22,070 SOL over the prior week, bringing its reserve to approximately 2.5862 million SOL. The company valued the holdings at about $302 million.
The company said its SOL and SOL-equivalent reserve had grown about 12% since it released second-quarter results on Aug. 12. It cited a $300 million at-the-market equity program known as the “CHAD ATM,” which gives the company a mechanism to issue shares into the market and use proceeds for treasury expansion.
HSDT also disclosed financing aimed at building its Solana position. In early October, the company said it completed a $15 million equity offering priced at a 5% premium to net asset value and including warrants. HSDT said proceeds could be used for additional SOL purchases or share repurchases. Its reported SOL holdings stood at about 2.3 million tokens, valued at approximately $274 million.
The Solana treasury activity contrasts with the latest Bitcoin data in one respect: smaller public companies are still using equity financing to acquire digital assets, but the strategy is spreading across networks rather than remaining confined to Bitcoin.
Tokenized equities remain a small trading market
The International Monetary Fund said tokenized U.S. equities remain small and fragmented despite growing interest in putting traditional securities on blockchain-based rails. More than half of trading occurs outside regular market sessions, according to the IMF, while about 80% of trades involve less than one share.
The IMF also found that more than 85% of overnight price changes in tokenized equities are reflected in conventional stock prices within the first five minutes after the market opens. The data suggests tokenized versions of U.S. shares are so far functioning mainly as an additional trading wrapper rather than as a separate venue with independent price discovery.
Elsewhere, First Digital agreed to merge with Nasdaq-listed CSLM Digital Asset Acquisition Corp III at a pre-transaction valuation of $250 million. The transaction is expected to close in the first half of 2027, subject to regulatory approval and other conditions. First Digital said FDUSD’s cumulative trading volume had exceeded $4.7 trillion as of June 30, 2026, while its revenue for the fiscal year ended June 30, 2025 was about $87 million.
Universal Safety Products said it will rename itself DeFi Capital Markets and begin trading under the ticker DCM on Oct. 19. The company plans to wind down its legacy product business and shift toward asset tokenization, digital assets, market making, quantitative trading and blockchain-focused financial markets.
Travala, meanwhile, said it added 228,600 AVA to its strategic reserve through a monthly buyback-match program, lifting the reserve to 598,500 AVA. Together, the recent disclosures show corporate crypto strategies becoming more varied: large Bitcoin holders are buying more cautiously, while Ethereum and Solana-focused companies are pairing reserve accumulation with staking and capital-markets programs.
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