Public companies outside the bitcoin-mining sector bought a net $75.49 million worth of BTC last week, an 85.2% decline from the previous week, according to SoSoValue data measured at 8 a.m. Eastern Time on Nov. 2. The sharp fall left Strategy responsible for most of the reported purchases, showing how concentrated corporate bitcoin accumulation has become as broader markets turn cautious ahead of U.S. election results.
Bitcoin traded largely between $76,000 and $78,000 during the period, while U.S. equities weakened in the final session before voting. The S&P 500 fell about 0.51%, the Nasdaq declined roughly 1.07%, and the Philadelphia Semiconductor Index dropped more than 3%. Brent crude reversed an earlier decline after reports concerning U.S. strikes near Iran's Qeshm Island added another source of uncertainty to already fragile markets.
The slowdown in listed-company bitcoin buying came as large asset managers reassessed risk in technology-linked assets. BlackRock Investment Institute cut its view on U.S. equities to neutral from overweight and increased its allocation to short-term U.S. Treasuries. The institute cited the potential for spending on artificial-intelligence infrastructure, and the financing required to sustain it, to increase near-term volatility.
Strategy accounted for most of the week's bitcoin buying
Strategy purchased 811 BTC for about $65.5 million at an average price of $80,846 per coin, taking its holdings to 849,327 BTC, according to an SEC Form 8-K filed by the company. The purchase represented almost 87% of the $75.49 million in net acquisitions recorded across tracked non-mining public companies.
The filing said Strategy funded the purchase through sales of Class A common stock under its at-the-market, or ATM, share-sale program between Oct. 26 and Nov. 1. The company sold 1,178,552 shares and raised about $164 million, leaving approximately $18.62 billion in remaining ATM capacity.
Strategy's financing operations also showed the cost of maintaining its capital structure while expanding a bitcoin treasury. During the same period, it used dollar reserves to repurchase nearly 2.10 million shares of STRC preferred stock for about $208.2 million and paid roughly $43.4 million in preferred dividends.
As of Nov. 1, Strategy reported about $4.79 billion in dollar reserves, including $132.7 million in cash. Its cumulative bitcoin acquisition cost stood at about $64.1 billion, or an average of $75,451 per BTC. With bitcoin trading below Strategy's latest purchase price during the reported period, the company's continued purchases underline its willingness to keep accumulating through volatility rather than attempting to time short-term price movements.
Strive, an asset manager with a separate bitcoin treasury strategy, bought 124 BTC at an average price of $80,526, spending about $9.99 million. Its total holdings rose to approximately 43,124 BTC. Japan-listed Metaplanet, another closely watched corporate buyer, did not report a bitcoin acquisition during the week.
SoSoValue put total bitcoin held by tracked listed companies excluding miners at 1,168,864 BTC, up 0.09% from two weeks earlier. Those holdings were valued at about $91.16 billion and represented 5.8% of bitcoin's circulating market capitalization. The figures illustrate the scale of corporate treasury ownership, but the latest weekly purchases show that the buying pace can drop quickly when market conditions become less predictable.
AI spending debate reaches digital-asset markets
The pressure on equity markets was closely tied to renewed debate over whether AI-related capital expenditure can continue at its current pace without increasing corporate financing risks.
Executives at PIMCO, Bain Capital and Franklin Templeton have previously warned that AI valuations and infrastructure spending may be stretched. Morgan Stanley Chief Executive Officer Ted Pick and Goldman Sachs Chief Executive Officer David Solomon have taken a different view, arguing that markets may be able to absorb the substantial financing needs associated with the buildout.
That dispute matters for crypto markets because bitcoin, ether and large smart-contract tokens have increasingly traded alongside technology shares during periods of changing liquidity expectations. A move by major institutions toward short-dated Treasuries can reduce appetite for assets whose valuations are especially sensitive to growth assumptions and broader risk sentiment.
Concerns surrounding tokenized equities added another complication. Opposition among public companies to tokenized versions of their shares has reportedly expanded, with Nvidia, Costco, Nike and Micron among companies cited as objecting to such issuance. The pushback places legal and corporate-governance limits around a market that platforms associated with OKX and Intercontinental Exchange have sought to develop.
Ether treasuries pursue staking income
Corporate accumulation was more active in ether, where Bitmine reported buying 8,573 ETH during the week and reaching total holdings of 6,060,506 ETH as of Nov. 1. The company said its ether balance represented about 4.9% of Ethereum's total supply.
Bitmine valued its cryptocurrency, cash and other investments at roughly $14.5 billion. The portfolio included $498 million in cash and marketable securities, 216 BTC, about $180 million in Beast Industries equity, and an $82 million investment in Eightco Holdings.
The company reported that it had staked 5,227,037 ETH, equal to 86% of its ether holdings. Using an ETH price of $2,261, Bitmine valued the staked position at approximately $11.8 billion and estimated annualized staking income of about $358 million. Staking allows holders to commit ETH to help secure Ethereum's network in exchange for protocol rewards, though returns can vary and the assets remain exposed to ether's price movements.
Onchain Lens separately reported that Bitmine acquired another 5,000 ETH from Kraken, valued at about $11.37 million. The company's approach differs from bitcoin treasury strategies because it combines token exposure with a potential source of onchain yield.
DeFi Development Corp. also continued building its Solana position, adding 5,336 SOL to bring its holdings to 2.6 million SOL. The company linked the accumulation to its view that tokenization could support Solana's longer-term development.
The diverging treasury strategies leave public companies with different forms of exposure as markets await election results and reassess technology spending: bitcoin buyers are relying largely on balance-sheet appreciation, while ether-focused firms such as Bitmine are also seeking staking revenue to support their holdings.
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