The scale of institutional crypto treasuries continues to expand. Latest data show that Strategy's Bitcoin holdings rose to 847,666 BTC, with Saylor signaling further purchases; Bitmine's Ethereum holdings surpassed 6 million ETH, while its staking scale reached $13.8 billion, approaching its target of 5% of total ETH supply. These two data points correspond to Bitcoin and Ethereum, the two major crypto assets, respectively, reflecting that large institutions are still advancing allocations to crypto asset reserves.
Of the two institutional entities involved, Strategy is a major institutional Bitcoin holder, with relatively large purchase volumes and high market attention; Bitmine is a major institutional Ethereum treasury entity, with holdings and staking scale expanding in tandem. Both items fall under the expansion of institutional crypto treasuries, but the metrics to watch differ. For Bitcoin treasuries, the focus is on changes in holdings; for Ethereum treasuries, in addition to holdings, the scale of staking and its share of total ETH supply also need to be tracked. This difference means the two institutional treasury items do not affect the market through entirely the same path.
On the Bitcoin side, Strategy raised its holdings to 847,666 BTC, while Saylor also signaled that further purchases are planned. Large institutional Bitcoin holdings continue to expand, with relatively large purchase volumes and high market attention; this change will affect expectations for BTC supply and demand. The rise in holdings thus becomes a reference indicator for observing institutional capital allocation. Saylor's hint at further purchases further directs attention to whether subsequent buying can continue. The pace and scale of additional purchases remain to be confirmed, and the market's judgment on BTC supply-demand expectations will still be based on existing holdings data.
On the Ethereum side, Bitmine's holdings surpassed 6 million ETH, and its staking scale reached $13.8 billion. The institution's Ethereum treasury and staking scale are expanding in tandem, approaching its target of 5% of total ETH supply. This change involves both holdings and staking: holdings are directly related to ETH supply-demand structure, while staking scale affects the staking ecosystem. Bitmine's expansion therefore affects ETH supply and demand as well as the staking ecosystem. As holdings and staking scale continue to approach the 5% target, the staking portion's share of total ETH supply will become a more direct metric to watch.
Together, the two institutional treasury items show that large institutions are expanding in both Bitcoin and Ethereum. Bitcoin treasuries affect supply-demand expectations through rising holdings, while Ethereum treasuries affect supply-demand and the staking ecosystem through dual expansion in holdings and staking. Institutional allocations to the two asset classes are not substitutes for each other; rather, they appear simultaneously in treasury data. Relatively large purchase volumes and high market attention are common features of both items, making institutional crypto treasury data an important reference for the market in judging changes in supply-demand structure.
The expansion of institutional crypto treasuries is drawing attention mainly because of its direct link to supply-demand expectations. Strategy's holdings update points to continued expansion of large institutional Bitcoin holdings, which will affect BTC supply-demand expectations; Bitmine's growing staking scale points to changes in the size of the Ethereum staking ecosystem. Although the two involve different assets, both reflect that the trend of institutions holding crypto assets in treasury form has not stopped.
Future attention will still revolve around two core threads. Whether Strategy's Bitcoin holdings continue to increase as Saylor hinted, and whether the purchases form a sustained trend, are direct observation points for whether BTC supply-demand expectations change further. Whether Bitmine's Ethereum holdings and staking scale can continue to expand and move toward its target of 5% of total ETH supply will affect the market's view of the Ethereum staking ecosystem. In the same period, there were also updates on regulatory and product developments, including the U.S. Treasury withdrawing a reporting rule for self-hosted wallets and mixers, Hong Kong's plan to introduce four types of licenses including crypto trading, and OKX teaming up with ICE to apply to launch tokenized U.S. stocks, but these are not directly related to the institutional crypto treasury theme.
Overall, the expansion of institutional crypto treasuries is continuing, with new holdings or staking data emerging for both Bitcoin and Ethereum. Strategy's Bitcoin holdings rose to 847,666 BTC, while Bitmine's Ethereum holdings surpassed 6 million ETH and its staking scale reached $13.8 billion, together reflecting continued action by large institutions in crypto asset allocation. Future updates to holdings and staking data will remain an important reference for observing institutional capital flows and the supply-demand structure of the crypto market.
