Two publicly listed firms have recently taken significant steps to grow their Bitcoin treasuries, reflecting the continued adoption of cryptocurrency as a corporate reserve asset. Strategy Inc. (NASDAQ: MSTR) added approximately 10,000 BTC using proceeds from its latest preferred stock issuance, while BitMine Immersion Technologies (NYSE American: BMNR) finalized the purchase of over 150 BTC following a common stock offering.
BitMine Immersion Technologies Completes $16.3M Bitcoin Treasury Acquisition Following Public Stock Offering
BitMine Immersion Technologies, Inc. (NYSE American: BMNR), a publicly traded Bitcoin network infrastructure and investment company, has officially completed the deployment of all net proceeds from its recent equity raise into direct Bitcoin purchases, reinforcing its long-term strategy to build a Bitcoin-centric treasury model.
In an announcement released Tuesday, the company revealed it had finalized the acquisition of 154.167 Bitcoin at an average price of $106,033 per coin, using $16.347 million—a sum that nearly mirrors the $16.340 million in net proceeds raised from its offering of common stock, which closed on June 6, 2025.
A Bitcoin-First Corporate Treasury
CEO Jonathan Bates commented on the milestone, saying, “We are very excited to establish our Bitcoin Treasury and fulfill our commitment to invest 100% of the transaction proceeds into Bitcoin,” said Bates. “This is not just a financial strategy—it’s a fundamental part of our identity as a Bitcoin-native business.”
This direct investment marks one of the most aggressive treasury conversions to Bitcoin among US-listed public companies in 2025, aligning BitMine with the likes of Strategy and other Bitcoin-forward enterprises that have prioritized the digital asset over traditional fiat reserves.
BitMine has differentiated itself from other crypto mining firms by blending traditional immersion cooling-based Bitcoin mining with emerging services in the synthetic hashrate and Bitcoin-denominated financial product sectors.
The company operates mining sites in low-cost energy regions, including Trinidad, Pecos, Texas, and Silverton, where it can scale operations while minimizing energy expenditure—a critical component in maintaining profitability, especially in an increasingly competitive post-halving mining environment.
Additionally, BitMine offers Bitcoin advisory services to public companies interested in navigating the complexities of earning and holding Bitcoin, either through direct mining or hashrate-related financial instruments.
Market Context and Institutional Confidence
The announcement comes at a time when institutional confidence in Bitcoin continues to rise, fueled by the success of spot Bitcoin ETFs, a growing list of corporate adopters, and renewed global interest in decentralized assets amid monetary policy uncertainty.
Bitcoin is currently trading around $105,000, making BitMine’s average entry price relatively close to market.
BitMine’s Bitcoin allocation strategy mirrors the broader corporate shift toward hard assets amid inflationary concerns and currency debasement. It also reflects the company's intent to treat Bitcoin not merely as a speculative asset, but as a strategic treasury reserve and operational foundation.
As with all crypto-facing companies, BitMine has acknowledged the risks in its forward-looking statements. These include the volatility of Bitcoin, regulatory developments, and the company’s ability to adapt to a fast-evolving technology and financial landscape.
Investors are reminded that future performance could vary based on a wide array of factors, including competition, energy pricing, the global economic climate, and the evolving valuation of Bitcoin itself.
The company filed its latest Form 10-K with the SEC on April 3, 2025, and notes that all forward-looking statements are subject to the risks and disclosures outlined in those filings.
Strategy Inc. Nears 600,000 Bitcoin as It Converts $1B in Preferred Stock Sales into Massive BTC Purchase
In related news, corporate Bitcoin treasury firm Strategy Inc. (NASDAQ: MSTR) has acquired approximately 10,000 additional bitcoins for $1 billion, bringing its total holdings to a staggering 592,100 BTC—just shy of the 600,000 BTC milestone.
This monumental purchase cements Strategy’s dominance as the largest publicly traded holder of Bitcoin and underscores its long-term conviction in the digital asset as a superior treasury reserve. The company’s relentless Bitcoin accumulation has drawn widespread attention from both institutional investors and regulatory observers alike.
Top 10 largest corporate Bitcoin holders (Source: BitcoinTreasuries)
The latest acquisition was primarily funded by the $1 billion upsized IPO of the firm’s newly launched Stride (STRD) perpetual preferred stock, which offers a 10% non-cumulative fixed dividend and is non-convertible. The offering drew strong institutional interest and marks another key pillar in the company’s innovative financing ecosystem.
Additional funding for the purchase was sourced from the at-the-market (ATM) sales of two other perpetual preferred stock programs: Strike (STRK) and Strife (STRF). STRK offers an 8% fixed dividend and is convertible, while STRF provides a 10% cumulative dividend and is non-convertible.
According to TD Cowen analysts, this structured approach “establishes a channel for future high-yield funds flows into Bitcoin,” providing Strategy with scalable, long-term funding sources that minimize dilution to common shareholders while maximizing Bitcoin exposure.
The Bigger Vision: “42/42” and Long-Term Leverage
The latest round of buying is part of Strategy’s aggressive and ambitious “42/42” plan, which seeks to raise $84 billion in equity and convertible debt offerings by 2027, all earmarked for Bitcoin acquisitions. The firm, led by Bitcoin evangelist and Executive Chairman Michael Saylor, has become synonymous with the institutionalization of Bitcoin.
On a recent earnings call, Saylor outlined the firm’s target leverage ratio of 20%–30%, calculated as total debt and preferred stock divided by the market value of Strategy’s Bitcoin holdings. As of now, the firm sits on $63 billion in Bitcoin and $11.6 billion in total liabilities (including preferred shares), which analysts say supports a strong balance sheet.
Analysts at TD Cowen remain bullish, reaffirming their “Buy” rating on Strategy stock and setting a $590 price target for MSTR shares. In a note published Tuesday, the bank emphasized the relative safety of Strategy’s junior securities given the firm’s asset base and modest debt load.
The perpetual nature of the preferred stock means the capital raised can remain on the balance sheet indefinitely, offering the firm consistent liquidity without the looming burden of debt maturity—making it a highly flexible instrument for Bitcoin acquisition.
Strategy’s Role in Institutionalizing Bitcoin
Strategy Inc.'s actions are seen as a watershed moment for Bitcoin’s integration into traditional corporate finance. By issuing fixed-income-style securities tied to a Bitcoin accumulation strategy, the firm is effectively creating a new model for capital markets to interface with crypto assets.
This model allows yield-hungry investors to access Bitcoin exposure through income-generating instruments, while enabling Strategy to accumulate BTC without shareholder dilution. It also sends a strong message to Wall Street: Bitcoin is not just a hedge or an asset—it's a treasury standard.
With this latest purchase, Strategy now holds more Bitcoin than most countries and is rapidly approaching the symbolic 600,000 BTC mark. As the price of Bitcoin continues to climb, the company’s holdings represent a significant portion of the total circulating supply, amplifying its influence in the crypto and financial sectors.
