Introduction: From “barbaric hoarding” to “refined capital operations”
On August 4, 2026, as we review yesterday’s US stock and overseas capital market announcements, the operational landscape of crypto treasuries is undergoing a qualitative leap. The market once generally believed that enterprise-level treasuries could only “buy in one way and never sell”; however, when the world’s largest Bitcoin-holding entity Strategy started selling off some spot Bitcoin to pay preferred stock dividends and to buy back STRC preferred shares, and BitMine aggressively accumulated nearly 5% of the total Ethereum supply, it’s clear that listed companies’ utilization of crypto assets has evolved from early-stage “asset accumulation” to a new phase of “refined restructuring of capital structure and balance sheet.”
1. Strategy’s $104.7 million ledger fine-tuning: Why selling coins is actually a capital structure safeguard
Yesterday, the 8-K filing submitted by Strategy ($MSTR) to the SEC drew wide attention on Wall Street.
Between July 27 and August 2, Strategy sold 1,638 BTC at an average price of $63,957, realizing $104.7 million in cash. The allocation of these funds was very clear: $52.4 million was used to pay preferred stock dividends, and $52.3 million went to repurchasing STRC preferred shares.
This fine-tuned move demonstrates extremely clear capital operation logic: while maintaining a dominating core position of 842,138 BTC (with a cost of around $63.51 billion), releasing liquidity in moderation to reduce the capital cost and equity dilution risk of preferred shares can provide a more solid financial cushion for the secondary market share price. Crypto spot holdings are thus not merely passive collateral, but have become a “liquidity reservoir” for highly flexible capital restructuring.
2. BitMine’s 5.8 million ETH ambition: The compound growth frenzy of PoS assets
Unlike Strategy’s fine-tuning and cashing out of its Bitcoin treasury, BitMine ($BMNR) has shown a nearly terrifying appetite for accumulating Ethereum in the yield-generating track.
Last week, another purchase of 10,399 ETH brought its total holdings to 5,797,813 ETH, occupying 4.8% of the total ETH supply. Under the PoS mechanism, controlling nearly 5% of total circulating tokens means BitMine locks in a very high proportion of validator nodes and staking rewards at the Ethereum network’s core. This monopoly-level holding, combined with previously disclosed annualized staking rewards of hundreds of millions of dollars, forms an exponential self-compounding flywheel of “holding growth — staking yield — further spot purchases.”
3. The DCA philosophy of European listed entities: Capital B and SWC’s steady progress
While US stock giants make bold moves, listed companies in the European capital market are demonstrating a different, resilient form of long-termism.
France’s Capital B ($ALCAP) bought another 1 BTC (bringing the total to 3,140), and the UK’s The Smarter Web Company ($SWC) added 9 BTC (with total holdings now at 2,712 BTC). Even though the individual purchases by both companies are not large in amount, this approach of steady, high-frequency DCA (dollar-cost averaging) shows how European tech and asset management entities have already fully incorporated Bitcoin into their routine cash flow management systems.
The actual ledgers of August 3 send a clear signal to the market: crypto concept stocks have thoroughly bid farewell to the era of blind, single-minded coin buying. Whether it’s Strategy leveraging spot liquidity to optimize preferred stock structures, BitMine’s pursuit of PoS asset scale monopoly, or the persistent DCA of European entities, listed companies are shaping a new form of digital treasury with both strong defensive and self-generating capacities according to their own capital attributes.
