Strategy and Bitmine Immersion Technologies added to already large cryptocurrency treasuries in early November, even as U.S. spot Bitcoin and Ether ETFs recorded heavy withdrawals. The contrast places publicly traded treasury companies at the center of a market where long-term corporate accumulation is continuing but fund flows and technology equities have turned more defensive.
Strategy disclosed on Nov. 9 that it bought 1,036 BTC between Nov. 2 and Nov. 8 for about $81.9 million, including fees. The purchase price averaged $79,012 per bitcoin, according to the company's filing, bringing its reported holdings to 850,364 BTC.
Bitmine Immersion Technologies, meanwhile, said it added 9,587 ETH during the prior week. The company reported holdings of 6,070,092 ETH as of Nov. 8, equal to roughly 4.97% of Ether's approximately 122.2 million-token supply. Using a $2,234 Ether price cited by the company, the holdings were valued at about $13.6 billion.
Etf withdrawals contrast with corporate buying
U.S. spot Bitcoin ETFs recorded net outflows of $1.282 billion between Nov. 2 and Nov. 6, according to SoSoValue. BlackRock's iShares Bitcoin Trust, trading under the ticker IBIT, accounted for $1.209 billion of that amount, its largest weekly withdrawal since June in SoSoValue's data.
Spot Ether ETFs also remained under pressure. The products posted a combined $365 million in net withdrawals over the same five-day period, extending their run of weekly outflows to six consecutive weeks, according to SoSoValue.
The diverging activity reflects different forms of crypto exposure. ETF flows can change quickly as traders react to market volatility, portfolio rebalancing and broader risk sentiment. Treasury companies generally make purchases through corporate financing strategies, cash reserves, equity issuance or other capital-market tools, tying their crypto positions more directly to their balance sheets.
Strategy's latest filing illustrates that structure. The company sold 2,051,348 Class A common shares through its at-the-market, or ATM, program and raised approximately $283.8 million in net proceeds. About $81.9 million funded the Bitcoin purchase, while $188.3 million was used to repurchase 1,887,464 shares of STRC preferred stock. Strategy allocated another $13.6 million to U.S. dollar cash.
The company also paid about $21.1 million in preferred dividends in cash during the period. As of Nov. 8, Strategy reported $4.77 billion in U.S. dollar reserves and about $146.2 million in cash, while retaining roughly $18.34 billion in Class A stock capacity under its ATM program.
Strategy said its cumulative Bitcoin purchases cost about $64.16 billion, producing an average acquisition cost of approximately $75,456 per BTC. Based on a Nov. 9 closing share price of $125.59, the company's market capitalization stood near $53.04 billion, below the referenced market value of its Bitcoin holdings. That simple comparison excludes debt, preferred stock and other corporate obligations, so it does not represent a full net-asset valuation.
Bitcoin treasuries remain concentrated in Strategy
Strategy remains far larger than its publicly listed peers. BitcoinTreasuries data cited by Bitcoin News showed that 199 public companies held a combined 1.2664 million BTC as of Nov. 2, equivalent to 6.03% of Bitcoin's 21 million maximum supply. Strategy's reported 849,300 BTC at the time represented roughly two-thirds of that corporate total.
Other companies have continued to add smaller amounts. Strive reported in a Nov. 9 Form 8-K that it purchased 29 BTC between Oct. 31 and Nov. 6 for about $2.2 million, or an average of roughly $75,721 per coin including fees. Its holdings increased to 43,153 BTC.
Strive also reported $487.6 million in cash and equivalents as of Nov. 6, alongside 505,000 shares of Strategy's STRC preferred stock with a reported fair value of approximately $50.42 million. The combination gives Strive both direct Bitcoin exposure and a financial link to the largest corporate Bitcoin holder.
BitcoinTreasuries data listed Metaplanet, Twenty One and Strive with holdings in the range of 43,000 to 44,000 BTC. The same dataset estimated that ETFs and exchanges held 1.6 million BTC, while governments held about 646,000 BTC.
Ether treasury approaches stated target
Bitmine's Ether position has become one of the largest single-company concentrations in any major digital asset. The company said it had completed about 99% of a stated goal to accumulate 5% of Ether supply since beginning its Ether treasury strategy on June 30, 2025.
A holding of that size concentrates substantial market exposure within one public company, while also raising the stakes for its financing decisions, custody arrangements and any future decision to stake or sell tokens. Ether's supply is not fixed in the same way as Bitcoin's, and a treasury holding does not necessarily mean tokens are permanently unavailable to the market. Yet Bitmine's reported position places it among the most consequential corporate participants in Ether's market structure.
Bitmine shares closed at $18.61 on Nov. 9, down 0.80% for the session, giving the company a market capitalization of roughly $11.22 billion based on the figures it reported. The valuation was lower than the company's stated value for its Ether holdings, though that comparison also omits liabilities and other balance-sheet items.
Other crypto treasury strategies are extending beyond Bitcoin and Ether. DeFi Development Corp said in a Nov. 9 Form 8-K that it increased its Solana holdings and equivalents by 8,881 SOL between Nov. 2 and Nov. 6, reaching 2,609,829 SOL. The company has described a strategy involving staking, validator operations and on-chain treasury infrastructure.
Hyperliquid Strategies reported that it raised $911 million during the third quarter through a committed equity financing facility and used about $785 million to purchase approximately 9.10 million HYPE tokens. Its HYPE holdings rose to 38.50 million as of Sept. 30 from 29.30 million at the end of June. Based on the company's estimate of 238 million circulating HYPE tokens on Oct. 29, that position represented roughly 16% of circulating supply.
Equity volatility adds pressure to crypto markets
Crypto fund withdrawals arrived alongside a volatile period for U.S. equities, particularly technology and semiconductor shares. Citi's strategy team cut U.S. equities and global technology to neutral from overweight, citing unstable sentiment around artificial intelligence and room for Nasdaq positioning to reset. The team raised Europe excluding the United Kingdom to overweight, pointing to the region's lower technology exposure and the effect of weaker oil prices.
Goldman Sachs' strategy team noted that AI-related companies account for about 15% of the STOXX 600, compared with roughly 40% of the S&P 500. That gap has made European equities a potential alternative for managers reducing concentrated exposure to U.S. technology stocks.
The U.S. labor market remains part of the backdrop for risk assets. The Bureau of Labor Statistics reported on Nov. 6 that nonfarm payrolls increased by 165,000 in October and that the unemployment rate stood at 4.1%. The 10-year U.S. Treasury yield traded around 4.86% following the release, keeping financing costs elevated for companies that depend on equity issuance or capital-market funding to expand token treasuries.
Corporate buyers have therefore continued to accumulate crypto in an environment where the cost of capital, equity-market appetite and ETF flows are all moving in less accommodating directions. Whether those balance-sheet strategies remain durable will depend less on daily token price swings than on the companies' ability to fund holdings, manage dilution and withstand a prolonged period of uneven market liquidity.
Wondering what drives big treasury buys during ETF outflows? Deepen your insight with our guide on crypto market sentiment.
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