Digital Asset Treasury Firms Continue to Buy Bitcoin and Ethereum. That's Why I'm Bullish on These Two Cryptocurrencies. - AOL.com

Even after many smaller peers abandoned their digital asset treasury strategies over the past year, the largest DAT companies continue to accumulate Bitcoin and Ethereum. Their persistent buying reduces the available supply of these cryptocurrencies for other potential buyers, creating a supply constraint that could support prices.

In the week ending November 1, Strategy purchased 811 Bitcoin, while Bitmine Immersion Technologies acquired 8,573 Ethereum. While their buying pace has slowed compared to a year ago, their continued accumulation represents significant demand in the market.

Strategy's Bitcoin Accumulation

Strategy, the pioneer of the digital asset treasury business model, has sold some Bitcoin this year to fund preferred dividends and stock buybacks, totaling $431.8 million in sales. Despite these sales, the company remains a net buyer, holding 849,327 BTC as of November 5, representing approximately 4% of Bitcoin's total 21 million coin supply.

In the second quarter of 2026, Strategy's Bitcoin holdings grew by 83,901 BTC, which was 205% of the total Bitcoin mined during that period. By Q3, this growth slowed to 1,666 BTC, still representing about 4% of new supply. This persistent buying pressure, especially as Bitcoin's mining rewards decrease due to halving events, creates a supply constraint that could drive prices higher.

Bitmine's Ethereum Strategy

Bitmine, the largest Ethereum treasury company, holds 6,060,506 ETH as of November 5, representing 4.9% of Ethereum's total supply. The company has been purchasing Ethereum weekly since June 30, 2025, with its October purchases accounting for 44% of Ethereum's net new weekly supply.

Unlike Bitcoin, Ethereum has no supply cap, with approximately 0.8% new supply created annually through staking rewards. However, transaction fees are partially burned, which helps offset supply dilution. Bitmine's significant accumulation, combined with Ethereum's growing network activity and DeFi ecosystem, creates multiple pathways for price appreciation.

Market Implications

The continued buying by major treasury firms reduces available supply and creates competition among buyers, particularly as new mining rewards decrease for Bitcoin and network activity fluctuates for Ethereum. This supply dynamic could support long-term price appreciation for both cryptocurrencies.

At least a dozen businesses that launched Bitcoin treasuries in 2025 have since sold all their coins, mostly to repay debt or return cash to shareholders. However, the persistence of major players like Strategy and Bitmine suggests confidence in the long-term value of these digital assets.