Three corporate treasuries poured more than $500 million into Bitcoin and Ethereum last week, the clearest sign yet that the equity-financing loop is back.
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Corporate treasuries buy $500M in Bitcoin as ETF flows return
Three corporate treasuries poured more than $500 million into Bitcoin and Ethereum last week, the clearest sign yet that the equity-financing loop is back.
Strive, BitMine and MicroStrategy disclosed fresh crypto purchases Monday, with the two Bitcoin buyers alone spending more than $500 million in a single week.
"Buying high is the business model, not a failure of it," Tom Lee, chairman of BitMine, said. "These firms turn share sales into coins, and shares sell best when coins are rising."
Strive, run by chief executive Matt Cole, added 1,800 bitcoin at an average of $79,431, lifting its stack to 23,156 BTC worth about $1.83 billion Monday. The filing shows the mechanism plainly: Strive issued 3,579,147 new Class A shares that week, and its cash still climbed $11.6 million to $183.5 million. BitMine's 53,501 ether marked a 65th consecutive week of buying, a streak running back to June 2025. The company has staked 5,067,309 ETH, or 86 percent of the pile, through MAVAN, its American validator network, and now holds 4.9 percent of ether supply — 133,888 tokens short of the 5 percent target Lee set. MicroStrategy added 4,603 coins, ending a 10-week pause, at an average cost of $75,412.
The engine is fund flows. US spot bitcoin funds absorbed more than $3.3 billion in August, according to SoSoValue data, after bleeding $4.5 billion in June. Ether funds added roughly $1.75 billion after two months of withdrawals. Prices answered: Bitcoin climbed 25.7 percent over the month and ether rose 33.3 percent.
ETF Money Turned Before the Treasuries Did
Crypto funds drew $3.2 billion in inflows last week, their largest weekly intake since October 2025, according to Bank of America. One popular story says money fled a wobbling AI bubble, but the calendar disagrees. July did that damage, where the Philadelphia Semiconductor Index fell 20.6 percent and Korea's KOSPI shed 22 percent. August was kinder, with the Nasdaq 100 up 4.2 percent.
The rotation shows elsewhere. Foreign investors pulled 10.17 trillion won from Korean equities in August, while volumes on Upbit, the country's largest exchange, jumped roughly eightfold.
What Else Changed in August
America also helped. President Donald Trump pressed Congress on August 19 to pass the CLARITY Act, and a Senate vote is expected on September 15. In tandem, the Treasury widened long-dated bond buybacks that day, from $2 billion to at least $4 billion per operation. That relief proved thin: the 30-year yield dipped to 5.19 percent before settling back at 5.25 percent.
Bitcoin traded near $78,818 on Monday. What halts these companies is not a falling coin price. It is a closed financing window — and with ETF money returning and a Senate vote on the calendar, that window is open again.
This article is for informational purposes only and does not constitute investment advice.
