Four crypto treasury companies, four different approaches to growing shareholder exposure. The October 26 disclosures from @BitMNR, @Strategy, @defidevcorp and Strive show how differently these companies are allocating capital. α/ BitMine (BMNR) > ETH holdings: 6.05M > Weekly accumulation: +10,452 $ETH > Weekly buybacks: 2.04M shares > 2026 buybacks: $399.6M BitMine is accumulating $ETH while repurchasing common shares. It also has 5.23M $ETH staked, generating additional $ETH rewards. β/ Strategy (MSTR) > $BTC holdings: 848,517 > Weekly purchases: 0 $BTC > STRC repurchases: $204.9M > USD reserve: $4.83B Instead of buying more $BTC, Strategy is retiring preferred capital to reduce outstanding senior claims and future dividend obligations. γ/ DeFi Development Corp. (DFDV) > $SOL holdings: 2.60M > Weekly increase: +5,346 $SOL > CHAD dividend: 13% → 14% on Nov. 2 DFDV combines $SOL accumulation and staking with preferred financing, avoiding immediate common dilution at the cost of recurring dividends. δ/ Strive (ASST) > $BTC holdings: 43,000 > Weekly accumulation: +6,182 $BTC > Diluted shares: 126.79M → 130.04M > Gross $BTC per diluted share: +13.9% Strive increased $BTC holdings by 16.8% while its diluted share count grew only 2.6%. That’s measurable gross per-share accretion, although preferred claims still need to be considered. … The distinction is in how each company improves its capital structure. BitMine reduces common shares. Strategy retires preferred capital. DFDV uses preferred financing to expand its SOL treasury. Strive grows )BTC holdings faster than its diluted share count. Each approach has different financing costs and implications for shareholders. A larger treasury doesn’t automatically mean greater economic exposure per common share.