Corporate digital asset treasury firms kept expanding their positions even as bitcoin and the wider crypto market opened the week with a modest pullback. The buying underscores a structural trend that has persisted through 2026: publicly listed companies treating bitcoin and ether as core balance-sheet assets rather than short-term trades.
Strategy (NASDAQ: MSTR), the company chaired by Michael Saylor, disclosed that it acquired 1,665 bitcoin between September 21 and 27 at an average price of roughly $85,681, bringing its total holdings to 847,666 BTC.
The same filing showed the firm also retired about $152 million of its STRC preferred stock and held $6.02 billion in dollar assets as of September 27.
The purchases were funded through sales of common stock under an existing at-the-market program.
Bitmine Immersion Technologies (NYSE: BMNR), chaired by Tom Lee, reported a parallel move on the ether side.
The firm added 17,362 ETH last week, lifting its holdings to just over 6 million tokens—approximately 4.9 percent of circulating supply and 98 percent of the way toward its stated “Alchemy of 5 percent” target.
Combined with cash, bitcoin, and other investments, Bitmine’s total holdings now stand near $17.2 billion.
Lee described the milestone as a “tremendous achievement” reached in under 15 months and reiterated his view that a crypto bull market has been under way since late June.
The announcements landed as prices eased.
Bitcoin slipped toward the $83,000 area after recently testing levels above $87,000, while ether traded near $2,700.
Traders pointed to two overlapping sources of caution: renewed tension around the Iran conflict and lingering questions about the economic return on the enormous capital spending tied to artificial intelligence.
US equities felt the same pressure.
After finishing Friday higher—the S&P 500 closed at 7,743.41, the Dow at 51,828.62 and the Nasdaq Composite at 27,068.72—the major indexes opened Monday lower by roughly half a percent to 0.7 percent.
Rising oil prices and Treasury yields that have hovered near multi-year highs weighed on risk appetite; semiconductor and other AI-linked names were among the weaker groups.
Inflation remains a central constraint.
August consumer prices rose 0.4 percent from July and 3.4 percent from a year earlier, with energy costs contributing a large share because of Middle East supply disruptions.
Core inflation excluding food and energy stood at 2.4 percent annually.
The Federal Reserve’s preferred PCE gauge for August is due September 30 and will influence whether markets continue to price a high probability of another rate increase in October.
The November 3 midterm elections add political uncertainty. President Trump’s approval ratings have stayed low amid dissatisfaction over the Iran campaign and household costs.
Forecasting models currently give Democrats a strong chance of taking the House and a competitive opportunity in the Senate.
A change in congressional control could affect fiscal policy, digital-asset regulation and energy strategy—all variables that feed into both traditional markets and crypto.
Geopolitically, the Iran conflict that began with US and Israeli strikes in February continues to keep oil prices elevated and the Strait of Hormuz under scrutiny.
Mediated talks were scheduled in New York this week, but President Trump has publicly rejected several Iranian proposals.
Higher energy costs feed inflation, support a stronger dollar and raise real yields—conditions that historically compress valuations for both equities and digital assets.
At the same time, questions about whether hyperscaler AI spending will produce the expected profits have prompted some rotation out of crowded technology trades.
Lee has argued that this rotation is already supporting crypto.
These forces cut both ways. Elevated yields and geopolitical risk typically reduce appetite for volatile assets.
Persistent inflation delays monetary easing. Yet corporate treasury buying provides a persistent bid that can limit downside.
Regulatory clarity after the midterms or any de-escalation in the Middle East would likely be received as positive for risk assets.
October has historically been a constructive month for bitcoin, with positive closes in 10 of the last 13 years—the origin of the “Uptober” nickname.
Seasonality is not destiny, especially after already-strong gains in August and September.
Sustained ETF inflows, a contained PCE print and calmer headlines would favor continuation.
A hotter inflation reading or renewed military escalation could keep prices range-bound. Treasury companies or DATs, for now, appear to be treating the current dip as an accumulation opportunity rather than a reason to pause.