Ethereum and Solana Attract Treasury Buying in a Soft September Market
BitMine, DeFi Development, and Strive expanded their positions in ETH, SOL, and BTC just before the Fed rate decision. Strategy, meanwhile, stayed on the sidelines and only bought back its own shares.
Key Takeaways
- BitMine bought 27,180 ETH and now holds 5.956 million ETH, equal to 4.9% of the circulating supply.
- DeFi Development Corp increased its SOL holdings by 2% since August 27 to 2.39 million SOL.
- Strive bought 469 BTC, while Strategy did not add any Bitcoin and bought back $139 million worth of its own shares.
Three publicly traded crypto treasury companies added more tokens last week, while Bitcoin, Ethereum, and Solana moved through a soft September market. The purchases came as investors looked ahead to the Federal Reserve's rate decision, while the market was already pricing in more uncertainty around risky assets.
BitMine Expands ETH Position
BitMine Immersion Technologies bought 27,180 ETH and brought its position to 5.956 million tokens. That works out to 4.9% of the circulating supply, just below the 5% target chairman Tom Lee has been aiming for for some time. About 5.07 million ETH are staked. BitMine values its combined crypto and cash holdings at $15.8 billion (€13.7 billion).
Tom DeMark, founder of DeMark Analytics and an adviser to the company, said Ethereum moved sideways in August without breaking lower. In his view, that suggests the earlier uptrend could resume. That is the company's market read, not a guaranteed outcome.
DeFi Development Corp, a Nasdaq-listed Solana treasury company, increased its SOL holdings by 2% since August 27 to 2.39 million SOL. The company also launched a $300 million (€260 million) at-the-market program for CHAD, its Solana-based preferred share.
Strive Buys, Strategy Waits
Strive, the fifth-largest public Bitcoin treasury firm, bought 469 BTC between September 8 and 11 at an average price of $77,954 (€67,500). The treasury now holds 25,000 Bitcoin. Strategy, the largest public Bitcoin holder, did not add any Bitcoin and instead bought back $139 million (€120 million) worth of its own STRC shares. The company's Bitcoin stash stayed at 845,050 BTC, with an average cost basis of $75,412 (€65,300).
The timing stands out because the purchases are happening just before a major Fed week. On September 16, the Federal Open Market Committee will announce its rate decision. On September 11, the market was pricing in an 85.6% chance of a 0.25 percentage point rate hike, up from 48.4% a month earlier.
Why This Matters
For European crypto followers, this shows that publicly traded treasury companies keep buying even when the crypto market looks weak. That matters because these companies often play a visible role in demand for Bitcoin, Ethereum, and Solana. At the same time, the mix of higher rates and more uncertainty around U.S. monetary policy makes it clear these purchases are happening in a tougher macro backdrop.
The broader context also helps make sense of the Bitcoin numbers. In May 2026, 174 publicly traded companies held about 1.19 million BTC combined, equal to more than 5% of total supply. In the second quarter, public companies added nearly 110,000 BTC, the biggest quarterly buy ever recorded. That shows how big the role of treasury companies has become in the crypto market.
