Strategy and BitMine Keep Buying Crypto While Miner MARA Sells $1.9 Billion of Bitcoin

The biggest corporate crypto holders kept buying last week, even as prices fell. But one of the largest Bitcoin miners is going the other way — selling coins to pay its debts.

Strategy adds more Bitcoin

Strategy, the company led by Michael Saylor, bought 1,036 BTC between November 2 and 8 for $81.9 million, at an average price of $79,012 per coin, according to its SEC filing. It now holds 850,364 BTC.

Since 2020, Strategy has spent $64.2 billion on Bitcoin at an average price of $75,456. With Bitcoin near $75,000 today, its giant stack is worth roughly what it paid.

The company spent even more — $188.3 million — buying back its own preferred shares (STRC) that same week.

BitMine nears its 5% goal

BitMine, the company led by Fundstrat's Tom Lee, bought 9,587 ETH last week. It now owns 6.07 million ETH — 4.97% of all Ether in existence. Lee has said the company will stop buying once it reaches 5%.

Most of that Ether — 5.23 million ETH — is staked, meaning it is locked up to help run the network in exchange for rewards. That is expected to earn BitMine about $309 million a year.

MARA heads for the exit

MARA, one of the largest public Bitcoin miners, has sold nearly 27,000 BTC for about $1.9 billion since the start of the year. In its latest quarter it sold 13,597 BTC for around $1.1 billion, while its revenue fell 35%.

Much of the money went to repaying $750 million in Bitcoin-backed loans. That freed up 17,477 BTC that had been held as collateral.

Why it matters

When big holders buy, they take coins off the market. When miners sell, they add supply. Right now both are happening at once — a sign that the falling price is squeezing miners hard, while treasury companies still treat the dip as a chance to buy.