This article is reprinted with permission from Bitpush, author: Bitpush, copyright belongs to the original author.
Strategy and BitMine are both leading players in the digital asset treasury game for their respective assets. However, while Michael Saylor's company pioneered the Wall Street path of turning Bitcoin (BTC) into balance sheet alchemy, Tom Lee's bold and explosive promise to conduct billions of dollars in transactions to accumulate Ethereum (ETH) in record time is equally noteworthy.
Strategy is continuously accumulating Bitcoin through complex financial engineering, while BitMine is making strides with a more streamlined model and has much to prove. Both companies are playing the exact same game but are using entirely different strategy manuals.
Today, we will compare Strategy with BitMine Immersion Technologies and analyze the differences between these two crypto treasury giants, Bitcoin and Ethereum.
Once upon a time, MicroStrategy defined itself as a business intelligence company selling analytics software to corporations and institutions. Today, this reborn "Strategy" is a massive Bitcoin holding tool, with a valuation that has repeatedly surpassed its peak during the tech bubble of the 2000s, with its most sought-after product being financial engineering.
The core method for financing Bitcoin purchases at Strategy was initially through "at-the-market (ATM)" stock sales and convertible notes, but in this bull market, Strategy has shifted to hybrid exotic fixed-income and preferred stock issuances.
In 2025, Strategy expanded its product line to include STRK (convertible preferred stock with an 8% dividend), STRF (senior perpetual fixed-income product with a 10% dividend), STRD (junior perpetual fixed-income product with an optional 10% dividend), and STRC (variable-rate perpetual preferred stock with an initial dividend rate of 9%).
While the numerous distinctions between these new-era Strategy products are undoubtedly dazzling, for the purposes of this article, we can overlook these details; more importantly, each tool works in synergy to raise funds from investors with different risk and return preferences.
For example, investors seeking a yield far above the market level of 10%, with priority claims only subordinate to convertible note holders, can purchase STRF; meanwhile, those wanting a slightly lower 8% yield with some upside exposure to MSTR stock can buy STRK.
These exotic perpetual preferred stock markets are smaller than MSTR stock itself, but Strategy has succeeded through these channels, raising over $5.5 billion through this product suite since the beginning of this year.
Notably, these products seem to have replaced Strategy's convertible notes, as the company has not issued any new zero-coupon debt since February 2025. Additionally, the vast majority of the funds raised have come from the initial issuance of these securities, with only 14% coming from subsequent public market sales.
In its second-quarter earnings call on July 31, Strategy established new common stock dilution guidelines, prohibiting "at-the-market" stock sales when MSTR trades below a multiple of 2.5 times its Bitcoin holdings, unless for paying debt interest and funding preferred stock dividends.
In a down market, Strategy may issue new preferred stock to repay debt, but if financing channels truly close, mandatory MSTR sales will ultimately reduce the amount of Bitcoin represented per share.
Rewinding time nearly five years back to Strategy, if you swap Bitcoin for Ethereum, you get BitMine Immersion Technologies (BMNR)! This former Bitcoin mining company began a cryptocurrency buying spree after announcing its Ethereum treasury strategy in late June; as of this writing, it holds 1.15 million Ethereum worth $5.2 billion.
Unlike Strategy post-2025, which now relies on a complex exotic preferred stock portfolio to raise cash, BitMine is still in its "classic" era, relying on "at-the-market" stock sales and convertible notes as its primary financing tools.
Both Strategy and BitMine are publicly traded companies that bundle themselves with a single token. The only significant difference is that BitMine focuses on smaller market cap assets and may have a more prominent public image, with its chairman Tom Lee being a familiar face to daytime investor television network audiences.
Thanks to Strategy's normalization of crypto treasury companies, BitMine has achieved tremendous success in its early growth phase, accumulating crypto assets worth more than what Strategy accumulated in its first six months within its first month of operation.
Both Strategy and BitMine stand out as high-beta proxies for the cryptocurrencies they represent. Both have made a series of bold bets on a single crypto asset, with Strategy playing the role of the seasoned veteran and BitMine as the rapidly rising challenger.
Strategy's long-term dominance in the crypto treasury space, combined with its ability to leverage multiple sources of financing, gives it greater selectivity in responding to adverse market conditions. In contrast, BitMine's smaller scale may offer greater investment upside potential.
Despite their design differences, the ultimate rise and fall of both Strategy and BitMine will depend on the strength of the assets they choose.
Related: Michael Saylor states that Strategy will buy Bitcoin (BTC) on dips.
Original text: “Bankless: The Showdown Between Strategy and BitMine”
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