Lookonchain’s latest weekly report shows that during the week of May 18 to 24, purchasing activity among corporate crypto treasuries diverged. Strategy, the most closely watched entity, did not increase its Bitcoin holdings, and BitMine also added no new Ethereum positions. However, four other companies collectively purchased 612 Bitcoin, valued at approximately $47.5 million according to the report’s metrics.
Strategy: Do not buy again this week.
The Strategy, which had been consistently adding to its position, did not acquire any additional Bitcoin this week. The report noted that Michael Saylor stated on X that the company purchased bonds rather than Bitcoin during the week. Additionally, according to prior reports, the Strategy has advanced a repurchase arrangement for nearly $1.5 billion in convertible bonds.
Despite the temporary pause in buying, the Strategy remains the publicly traded company with the largest Bitcoin holdings. According to the data provided, the company holds 843,738 BTC, with a market value exceeding $65 billion.
BitMine has paused its Ethereum accumulation.
Similar to Strategy, BitMine did not continue purchasing Ethereum during the same week. Previously, the company rapidly expanded its ETH reserves, but recent purchasing activity has slowed.
The report noted that, in the week leading up to May 12, BitMine purchased 26,659 ETH, significantly lower than the over 100,000 ETH per week purchased in each of the three preceding reporting periods. According to prior disclosures, BitMine has accumulated more than 5.2 million ETH, representing approximately 4.31% of Ethereum’s circulating supply.
Four companies continue to increase their Bitcoin holdings.
While the two leading treasury firms remain inactive, Strive, The Smarter Web Company PLC, DDC Enterprise Limited, and Hyperscale Data continue to increase their holdings.
- Total BTC bought this week: 612
- Valued at approximately $47.5 million according to the stated figures.
- Total open interest has risen to 21,525 BTC
According to the estimate in the text, the total value of the above holdings is approximately $1.67 billion. This indicates that corporate exposure to Bitcoin has not been interrupted by the pause of major buyers; new demand is gradually spreading from a single large corporation to a broader range of smaller and mid-sized public companies.
Strive has also recently garnered significant attention. According to prior reports, Strive’s SATA raised sufficient funds in one week to purchase 537 bitcoins, demonstrating that some smaller treasury platforms are also increasing their bitcoin exposure through capital markets.
Stablecoin market cap decreased by $687 million
In addition to changes in corporate holdings, Lookonchain’s weekly report noted that the total market capitalization of stablecoins decreased by $687 million during the same period, and trading volumes on decentralized exchanges for both spot and perpetual contracts also declined.
Under this context, the article notes that Bitcoin and Ethereum prices moved lower in tandem. At the time of writing, Bitcoin was trading at approximately $76,559, and Ethereum at approximately $2,089. Overall, corporate treasury buying continues, but market liquidity has weakened compared to earlier levels.