Bitcoin surges past $80K as Ethereum gains 30% on yield decline
In brief
- Bitcoin climbed 20% to near $80K; Ethereum surged 30% above $2,400
- MicroStrategy raised $2.01B in share sales, held Bitcoin position steady
- BitMine purchased 32,447 ETH, reaching 4.8% of circulating supply
- Rally fueled by falling Treasury yields, crypto optimism, short liquidations
MicroStrategy Raises Cash, Holds Bitcoin Position
MicroStrategy sold 18.26 million MSTR shares for about $2.01 billion in net proceeds between Aug. 17 and Aug. 23. The company directed $300 million into its existing USD Reserve and used $136.4 million to repurchase STRC preferred shares, with $1.43 million shares retired during the capital raise.
Despite the strong market conditions, MicroStrategy did not add to its Bitcoin position during the week. The company currently owns 840,447 BTC acquired for about $63.36 billion, with an average acquisition price of $75,385. MicroStrategy's dollar liquidity reached $6.69 billion as of Aug. 23, including $5.10 billion in its USD Reserve and $1.59 billion in a new cash pool.
The company still has $516.6 million authorized for additional preferred-stock repurchases and a separate $1 billion authorization to buy back MSTR shares.
"Strategy said the additional liquidity would allow it to respond more quickly to market conditions, including 'dislocations' in Bitcoin and its own securities." — MicroStrategy
BitMine's Ethereum Buying Streak Accelerates
While MicroStrategy paused Bitcoin purchases, BitMine bought another 32,447 ETH during the week of Aug. 17–23. This brought BitMine's ETH holdings to 5.85 million tokens as of Aug. 23, representing about 4.8% of Ethereum's circulating supply.
BitMine's holdings now sit close to its stated goal of controlling 5% of all ETH. The company launched its Ethereum treasury strategy in June 2025 and has maintained a buying streak that continues every week. Ethereum's price rose above $2,400 following the rally.
What Drove the Surge
The rally forced billions of dollars in bearish positions out of the market. Falling Treasury yields and renewed US crypto optimism created momentum, while short liquidations compounded the move higher. The divergence in strategy between MicroStrategy and BitMine reflects different views on market timing—Saylor's team chose to build dry powder, while Lee's firm kept buying into strength.
