Treasury Firms Add 27,180 ETH and 469 BTC Amid Rate Uncertainty
Public crypto treasuries continued aggressive accumulation in September despite market volatility. BitMine and Strive increased holdings while Strategy paused purchases to repurchase equity.
BitMine Immersion Technologies added 27,180 ETH to its balance sheet last week. This purchase lifts the firm's total position to 5.956 million tokens. The holding now represents 4.9% of the circulating supply. The company remains just below the 5% target set by chairman Tom Lee. Roughly 5.07 million of these tokens are currently staked.
Strive, the fifth-largest public Bitcoin treasury, bought 469 BTC between September 8 and 11. The average purchase price was $77,954. Its total treasury now holds 25,000 coins. These actions occurred as digital assets faced uncertainty ahead of a Federal Reserve decision.
Strategy Halts Purchases
Strategy, formerly MicroStrategy, did not buy new Bitcoin. The firm repurchased $139 million of its STRC stock instead. Its Bitcoin stack remains at 845,050 coins. The average cost basis for these holdings is $75,412. This contrasts with the active buying seen at peer companies.
Solana Holdings Expand
DeFi Development Corp increased its Solana holdings by 2%. Its position grew to 2.39 million SOL since August 27. The firm also launched a $300 million at-the-market program. This program supports CHAD, its Solana-backed preferred stock. These moves align with broader corporate interest in Solana infrastructure.
Rate Hike Risks Loom
The Federal Open Market Committee delivers its decision on September 16. CME FedWatch data shows an 85.6% probability of a quarter-point rate hike. This expectation rose from 48.4% a month earlier. Higher rates increase the cost of holding non-yielding assets. As noted by GN markets/crypto (en-US), this environment pressures crypto prices. The coming weeks will test the resilience of these corporate treasuries.
