Bitcoin Miners, Strategy and Bitmine Add to Crypto Holdings as August Rally Continues
Crypto’s August rally is testing corporate conviction across the digital asset market, with Bitcoin miners regaining momentum, Strategy and Strive adding more BTC to their treasuries, Bitmine moving closer to its Ether target and 21 major financial institutions advancing a stablecoin plan. The moves highlight how companies are responding differently to the latest recovery, with some increasing direct crypto exposure while others build payment-focused digital dollar products. According to Cointelegraph, Bitcoin’s August rally lifted mining stocks sharply and renewed investor interest in companies with direct exposure to BTC, even as AI-linked infrastructure names showed mixed performance. BlocksBridge Consulting said Bitcoin’s roughly 23% rally in late August outpaced most AI-related stocks, while several miners with heavier AI and high-performance computing exposure were flat or lower. The newsletter attributed the move to expanded US Treasury liquidity-supporting buybacks, renewed regulatory optimism after a White House crypto meeting and a short squeeze that liquidated more than $1.6 billion in positions. The report also noted that the sector still faces risks tied to the high cost of building AI data-center capacity.
Strive and Strategy also increased their Bitcoin holdings in the final week of August. Strive bought 1,800 BTC for approximately $143 million between Aug. 24 and Aug. 28, bringing its total to 23,156 BTC and making it the fifth-largest publicly traded corporate Bitcoin holder. The company said it paid an average of $79,431 per BTC, including fees and expenses, after purchasing 1,110 BTC the prior week at an average price of $73,409. Strategy resumed buying as well, acquiring 4,603 BTC at an average price of $80,318 and lifting its holdings above 845,000 BTC after four sales since May. The purchases came as the broader digital asset market recovered beginning Aug. 19, following the US Treasury’s announcement that it planned to double certain long-term bond buybacks.
In traditional finance, a consortium of 21 major institutions, including Bank of America, Goldman Sachs and Citi, plans to create a new company to develop and issue stablecoins. The group intends to launch a US dollar-denominated stablecoin in the first half of 2027, then expand to other G7 currencies, starting with a euro offering. The stablecoin is aimed at wholesale, institutional and retail use for cross-border payments and digital asset settlement. The venture builds on an initiative announced last October by 10 banks exploring a 1:1 reserve-backed digital money model on public blockchains. The consortium now spans North America, Europe, East Asia, the Middle East and Africa, and says it plans to comply with both the US GENIUS Act and the EU’s MiCA regulation.
Bitmine is also continuing its Ether accumulation, extending its buying streak to 65 consecutive weeks after adding 53,501 ETH last week. The purchase brought its holdings to more than 5.9 million ETH, giving it 4.9% of Ethereum’s 120.7 million circulating supply and putting it close to its stated 5% goal. Bitmine chairman Tom Lee said Ether, Bitcoin and Solana have been the three best-performing major assets since June 30, with ETH leading the gains. He said the performance could encourage institutions to add to their crypto holdings. Despite the accumulation, Bitmine is sitting on roughly $5.1 billion in unrealized losses on its Ether holdings, according to DropsTab data, reflecting buying through the downturn that began in late 2022.
