Woofun AI reports that a sharp strategic divergence emerged between crypto's two largest corporate treasuries as Bitcoin climbed more than 20% toward $80,000 and Ethereum gained about 30%, marking its strongest weekly advance since May 2025.

While capital markets enabled Strategy to raise more than $2 billion from common shareholders, the firm chose not to add to its BTC holdings during this rally. Instead, the company prioritized liquidity accumulation over immediate asset acquisition, contrasting with the aggressive buying patterns seen elsewhere in the sector.

Woofun AI data shows Strategy directed $300 million into its existing USD Reserve, used $136.4 million to repurchase STRC preferred shares, and placed the remainder into a new USD Cash account. This allocation pushed total dollar liquidity to $6.69 billion as of Aug. 23, comprising $5.10 billion in the reserve and $1.59 billion in the cash pool. The firm stated this flexibility allows rapid response to market 'dislocations' in Bitcoin and its own securities. Currently holding 840,447 BTC acquired for about $63.36 billion, Strategy also retired 1.43 million STRC shares, signaling a capital-allocation strategy extending beyond simple equity issuance for Bitcoin purchases.

Conversely, BitMine Immersion Technologies continued accumulating Ethereum, buying another 32,447 ETH during the week. This purchase lifted its holdings to 5.85 million tokens as of Aug. 23, representing about 4.8% of Ethereum's circulating supply. The move leaves BitMine close to its stated goal of controlling 5% of all ETH, reinforcing its position as the largest ETH holding company.

BitMine has committed most of its existing holdings to staking, with about 5.07 million ETH, or roughly 87% of its treasury, currently active. Lee noted that annualized staking revenues are now projected at $330 million. This yield generation provides BitMine more room to remain aggressive compared to Strategy, whose Bitcoin holdings generate no native yield and whose growing preferred-stock and debt obligations require significant dollar liquidity. BitMine reported just $308 million in cash and marketable securities, reflecting a balance sheet heavily tilted toward Ethereum.