Strategy Adds 1,031 BTC to Reserve, BitMine Accelerates Ethereum Accumulation, H100 to Triple Bitcoin Treasury

Strategy Keeps Stacking Bitcoin Despite Market Turbulence

Strategy (formerly MicroStrategy) purchased 1,031 BTC for approximately $76.6 million during the week starting March 16, paying an average price of $74,326 per coin. The acquisition brings the firm's total bitcoin treasury to 762,099 BTC.

«Strategy has acquired 1,031 BTC for ~$76.6 million at ~$74,326 per bitcoin. As of 3/22/2026, we hodl 762,099 $BTC acquired for ~$57.69 billion at ~$75,694 per bitcoin. $MSTR $STRC» — Strategy (@Strategy), original post

The company funded the purchase by selling 509,111 shares of MSTR common stock for $76.5 million. Strategy has now spent a cumulative $57.69 billion building its reserve at an average cost of $75,694 per bitcoin.

The timing proved unfavorable once again. Over the weekend following the purchase, bitcoin plunged below $69,000 amid escalating conflict in Iran. Prices partially recovered on Monday, March 23, after the U.S. president announced a pause in airstrikes, reaching approximately $71,140 at the time of reporting. Strategy's unrealized loss on its digital gold holdings stands at roughly $3.4 billion, while its market capitalization of ~$46.4 billion trails the value of its bitcoin treasury by about $10 billion.

This pattern of buying before dips has recurred multiple times — similar purchases took place in December, January, and February. At the end of 2025, the firm held 675,497 BTC at an average cost of $74,997.

BitMine Ramps Up Ethereum Accumulation

BitMine Immersion Technologies acquired 65,341 ETH over the past week, a notable acceleration from its prior weekly pace of 45,000–50,000 ETH.

«🧵1/ BitMine provided its latest holdings update for March 23, 2026: $11.0 billion in total crypto + "moonshots": — 4,660,903 ETH at $2,072 per ETH (@coinbase) — 196 Bitcoin (BTC) — $200 million stake in Beast Industries @MrBeast — $95 million stake in…» — Bitmine (NYSE-BMNR) $ETH (@BitMNR), original post

As of March 23, BitMine held 4.66 million ETH on its balance sheet, acquired at an average price of $2,072. The current market value of those crypto assets is approximately $9.9 billion.

BitMine Chairman Tom Lee noted that cryptocurrencies — especially ETH — have outperformed the broader equity market since the start of the Iran conflict: Ethereum gained 18% and outpaced stocks by 2,450 basis points. He drew a sharp contrast with gold, the traditional safe haven, which fell more than 15%. Lee characterized crypto as an effective store of value during "wartime."

The company has staked 3.14 million ETH, generating an estimated annual income of $184 million. If all accumulated tokens were staked, the theoretical annual yield would rise to $272 million. Over approximately eight months, BitMine has accumulated about 3.86% of Ethereum's circulating supply, firmly ranking second among corporate crypto treasuries behind Strategy.

Beyond ETH, BitMine's portfolio includes:

• 196 BTC;
• A $200 million stake in Beast Industries;
• A $95 million stake in Eightco Holdings;
• $1.1 billion in cash.

Total assets exceed $11 billion against a market cap of ~$9.4 billion.

H100 Group Targets European Bitcoin Treasury Leadership

Swedish firm H100 Group, which provides institutional access to bitcoin, has signed a preliminary agreement to acquire two Norwegian companies — Moonshot AS and Never Say Die AS. The deal would be structured as a share exchange based on the ratio of each party's corporate bitcoin reserves.

A definitive agreement is expected by April 22, 2026. If completed, the acquisition would grow H100's bitcoin treasury from 1,051 BTC to approximately 3,500 BTC — positioning it among the largest corporate bitcoin holders in Europe.

Why This Matters

Three separate developments in a single week underscore an accelerating trend: corporate treasuries are converting traditional assets into cryptocurrency at an increasing pace. Strategy continues buying despite sitting on $3.4 billion in unrealized losses. BitMine demonstrates that the corporate treasury model is expanding beyond bitcoin into Ethereum. And H100 Group signals the emergence of consolidation in the bitcoin treasury sector, with companies acquiring peers specifically to scale their reserves.

Against the backdrop of geopolitical instability — the ongoing Iran conflict — crypto's relative performance versus traditional gold may serve as a powerful argument for additional institutional participants considering similar strategies.