Wall Street Crypto Treasuries Are Buying Bitcoin and Ethereum Again. Why?
Strive, BitMine and MicroStrategy each disclosed fresh crypto purchases on Monday. The two Bitcoin buyers alone spent more than $500 million in a single week.
Buying high is the business model, not a failure of it. These firms turn share sales into coins, and shares sell best when coins are rising.
What the Three Firms Bought
Strive, run by chief executive Matt Cole, added 1,800 bitcoin (BTC) at an average of $79,431. Its stack reached 23,156 BTC, worth about $1.83 billion on Monday.
Strive acquired an additional 1,800 BTC for $143M at an average cost of $79,431 per bitcoin, bringing total holdings to ₿23,156.$ASST $SATA pic.twitter.com/6ztKhC4PFF
— Matt Cole (@ColeMacro) August 31, 2026
The filing shows the mechanism plainly, after Strive issued 3,579,147 new Class A shares that week, and its cash still climbed $11.6 million to $183.5 million.
BitMine is playing a different game. Its 53,501 ether (ETH) marked a 65th consecutive week of buying, a streak running back to June 2025.
Yield is the distinction, given BitMine has staked 5,067,309 ETH, or 86% of the pile, through MAVAN, its American validator network.
Chairman Tom Lee projects $335 million to $390 million a year from that. The company now holds 4.9% of ether supply, leaving it 133,888 tokens short of the 5% target Lee set.
Congrats on reaching 5.9 million $ETH…
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) August 31, 2026
➡️ just 100k away from ‘alchemy of 5%’
👏👏👏👏 https://t.co/h25esmoJVm
MicroStrategy was the third buyer. Its 4,603 coins ended a 10-week pause, and unlike BitMine it publishes an average cost per coin, currently $75,412.
ETF Money Turned Before the Treasuries Did
So why now? The answer starts with fund flows. US spot bitcoin funds absorbed more than $3.3 billion in August, according to SoSoValue data. In June they bled $4.5 billion.
Ether funds traced the same arc, adding roughly $1.75 billion after two months of withdrawals. Prices answered, and Bitcoin climbed 25.7% over the month and ether rose 33.3%.
That sequence is the engine, seeing as fund demand lifts coins, coins lift the treasury stocks, and selling those stocks buys more coins.
What Else Changed in August
Crypto funds drew $3.2 billion in inflows last week, marking their largest weekly intake since October 2025, according to Bank of America. This suggests growing optimism in the market.
BREAKING: Crypto funds attracted +$3.2 billion in inflows last week, their largest weekly intake since October 2025.
— The Kobeissi Letter (@KobeissiLetter) August 31, 2026
The largest crypto ETF, $IBIT, attracted +$928 million last week, following +$1.3 billion in the prior week, its biggest 2-week inflow since October 2025.
As a… pic.twitter.com/RMRQVwZotK
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% and Korea’s KOSPI shed 22%. August was kinder, with the Nasdaq 100 up 4.2%.
The rotation shows elsewhere, as foreign investors pulled 10.17 trillion won from Korean equities in August. Volumes on Upbit, the country’s largest exchange, jumped roughly eightfold.
America also helped, after 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 also 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% before settling back at 5.25%.
Bitcoin traded near $78,818 on Monday. What halts these companies is not a falling coin price. It is a closed financing window.