《 Strategy vs BitMine: How long can listed companies' coin buying flywheels last? How to translate Recently, the news of Strategy selling a small amount of BTC directly ignited market panic. This concern quickly spread to market sentiment, with BTC falling to around $61350 at one point today. Although the amount of BTC sold was not large, it broke the market's impression of the micro strategy of "only buying, not selling" - if it can be sold this time, will there be a second or third time in the future? On the other hand, BitMine is buying a large amount of ETH, pledging ETH, and continuing to expand through capital market financing. So the question is: Will Strategy continue to sell BTC in the future? Will BitMine transform from an ETH buyer to a potential seller? Strategy：BTC Treasury one ️⃣ How many BTC do you currently hold? What is the value? Strategy is currently the most typical BTC Treasury company in the world. Its core asset is BTC, and the company's valuation logic, financing capabilities, and market narrative are almost all centered around BTC. As of now, Strategy holds 843706 BTC. Based on approximately $64245 in BTC, the value of its BTC holdings is approximately $54.2 billion. The average BTC cost disclosed on the Strategy website is approximately $75699, with a total cost of approximately $63.867 billion. That is to say, at the current BTC price, Strategy's BTC holdings have a floating loss of approximately $9.66 billion on their books. two ️⃣ How did it continue to buy BTC? The buying method of Strategy is not simply using the company's operating cash flow to buy BTC. Its real strength lies in turning the US stock capital market into its own financing tool. The core model is to raise funds from the capital market through tools such as stocks, convertible bonds, and preferred stocks, and then continuously convert the funds into BTC. As long as the market is willing to give MSTR a premium, it can continuously raise funds, buy BTC, and turn BTC holdings into the core support of the company's valuation. Simply understand the core flywheel of Strategy: BTC rises → MSTR stock price rises → company's financing ability strengthens → continued buying of BTC → increase in BTC content per share → market continues to offer premium. In a bull market, this pattern is very strong. Because the rise in BTC prices will simultaneously drive up the company's net asset value and market sentiment, Strategy can obtain funds at a lower cost and continue to invest in BTC. Once BTC falls, MSTR's stock price will come under pressure, financing costs will rise, and the market will no longer be willing to offer high premiums. This flywheel will slow down and even exert reverse pressure. three ️⃣ Why does it sell BTC? In the past, the impression left by Strategy on the market was very clear: continue to buy BTC, hold it for the long term, and never sell. But in the last financial report, Strategy has already sent a more realistic signal: if necessary, the company may choose to sell a portion of BTC. The core criterion for Strategy's judgment is the premium of MSTR relative to BTC's net assets, which is mNAV. There is a key line here: 1.22 times, which is equivalent to the dividing line for Strategy to determine whether it is worthwhile to continue issuing stocks and buying BTC. If mNAV is higher than approximately 1.22 times, it indicates that the market's valuation of MSTR is still high enough. At this point, Strategy issues common stock and uses financing to buy BTC. Even if the share capital is diluted, there is still a chance to increase the BTC content per share. But if the mNAV is below about 1.22 times, it won't be as cost-effective to continue issuing stocks. Due to insufficient premium, the dilution caused by the addition of new stocks may offset the thickening effect of buying BTC. At this point, instead of issuing common stocks at a low price, it is better to sell a small amount of BTC to pay dividends, fulfill debts, and even repurchase MSTR at extreme discounts. So, the logic behind Strategy selling BTC is not to 'sell when BTC falls', but to look at the valuation range of MSTR: If it is higher than 1.22 times, give priority to issuing stocks to buy BTC; Selling BTC payment obligations or repurchasing stocks below 1.22 times may be more reasonable than continuing to issue stocks. four ️⃣ Will we continue to sell BTC in the future? This is also the most concerning issue in the market: since Strategy has already sold BTC once, will it continue to sell and even put pressure on BTC prices in the future? From the perspective of the mNAV framework, there is indeed a possibility of continuing small-scale sales. Based on current data, Strategy holds approximately 843706 BTC. Calculated at approximately 63879 US dollars in BTC, its BTC holdings are worth approximately 53.9 billion US dollars. And MSTR's current market value is about 42.26 billion US dollars, corresponding to only about 0.78 times mNAV. This means that if Strategy still needs to pay preferred stock dividends, handle debt, or replenish cash in the future, it would be more reasonable to continue selling a small amount of BTC than to issue common stocks at a low price. But from a cash perspective, Strategy has not yet reached the point where it must sell a large amount of BTC. The company previously established a USD Reserve to pay preferred stock dividends and debt interest. As of the end of May, Strategy's USD Reserve balance was approximately $900 million. If calculated based on the estimated annual cash cost of approximately 1.489 billion US dollars by the media, a reserve of 900 million US dollars can cover approximately 7 months of related expenses. So, Strategy is not currently in a cash crisis, but the cash buffer is not particularly thick, which is why Micro Strategy chooses to sell Bitcoin. However, this does not mean that Strategy will sell BTC on a large scale. The reason is also simple: BTC is the core asset of Strategy and the basis for MSTR valuation. If it continues to sell BTC on a large scale, the market will begin to doubt the entire BTC Treasury narrative, and MSTR's valuation will further come under pressure. This is not cost-effective for Strategy itself. BitMine: Copy BTC Treasury gameplay to ETH one ️⃣ How much ETH do you currently hold? What is the value? If Strategy is the representative of BTC Treasury, then BitMine is becoming the representative of ETH Treasury. As of May 31, 2026, BitMine holds 5416901 ETH. If calculated at $1800/ETH, the value of its ETH holdings is approximately $9.75 billion. The official disclosure of BitMine does not directly provide a clear average purchase cost like Strategy. If referring to third-party dashboards http://BMNR.rocks The estimated average ETH price is approximately $3308. That is to say, if calculated at the current price of $1800/ETH, BitMine's ETH holdings are worth approximately $9.75 billion, resulting in a book loss of approximately $8.17 billion compared to estimated costs. More importantly, BitMine already holds approximately 4.49% of the total ETH supply, and has achieved approximately 90% of its proposed 'Alchemy of 5%' target. two ️⃣ How does it continue to buy ETH? The buying method of BitMine essentially turns the US stock capital market into a financing gateway. It does not rely on its original business profits to slowly buy ETH, but obtains funds through stock financing, institutional investment, preferred stocks, and other methods, and then continuously exchanges these funds into ETH. The investor base behind BitMine is also strong, including ARK, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, as well as Tom Lee's personal investments. This is very similar to the pattern of Strategy, both of which are: Financing of listed companies → Purchase of core cryptocurrency assets → Expand balance sheet → Use market narrative to support stock valuation → Continue financing. But the difference of BitMine is that it has an additional layer of staking narrative. Because ETH can be pledged, BitMine can not only "hold ETH", but also tell the story of staking profits, validators, and on chain infrastructure. This makes it look like it's not just buying coins, but turning ETH into a treasury asset that can generate returns. three ️⃣ Will BitMine sell ETH? Like Strategy, what the market is really concerned about is not how much ETH BitMine bought, but whether it will change from a buyer to a seller if ETH continues to fall? At least from the current actions, BitMine has not shown any signs of actively selling ETH. On the contrary, it continues to raise funds for ETH Treasury. Today, BitMine announced plans to issue Series A perpetual preferred stock and apply for listing on the New York Stock Exchange under the code BMNP. The annualized dividend yield of this batch of preferred stocks is 9.5%, and if approved for listing, it is expected to begin trading within 30 days after the initial issuance. This action indicates that BitMine is continuing to raise funds through the capital market to maintain the expansion logic of ETH Treasury. So, in the short term, BitMine is unlikely to actively sell ETH. It is still financing, holding, and pledging ETH, and the main focus is still to continue expanding the ETH Treasury. In conclusion The market used to treat companies like Strategy and BitMine as' stable buying '. As long as they can raise funds, they will continue to buy BTC/ETH. Their pattern is a bit like "floating profit plus position": when the coin price rises, it drives the value of the company's holdings to increase; After the stock price rises, the company is more likely to raise funds; Continue to buy BTC or ETH after financing; Buying strengthens market confidence. During the uptrend cycle, this flywheel runs very smoothly. The higher the price, the more financing can be obtained; The more financing you can get, the more you can buy; The more they buy, the more the market believes they will continue to buy. But the problem is that prices cannot keep rising. Once the coin price falls, the stock price and financing ability will also decrease. If the company still needs to pay preferred stock dividends, debt, or maintain cash flow, it may have to sell a portion of BTC or ETH. However, this does not mean that Strategy will explode like a contract account. It does not have an automatic liquidation mechanism, and the real risk is a weakening of financing capacity, a decline in mNAV, an increase in cash pressure, and ultimately being forced to do balance sheet management. From a cash perspective, Strategy is not currently in a cash crisis. The company previously established a USD Reserve specifically for paying preferred stock dividends and debt interest. At the beginning of February 2026, this reserve reached 2.25 billion US dollars, which can cover approximately 2.5 years of related expenses; As of the end of May, the balance of the USD Reserve remained at approximately $900 million. So, Strategy is currently more like entering a stress zone rather than standing on the edge of a cliff. What we really need to worry about is that if BTC continues to fall, MSTR's mNAV remains below the critical line for a long time, common stock financing is no longer cost-effective, and preferred stock dividends and debt interest must continue to be paid, then micro strategies may sell small amounts of BTC more frequently to supplement cash or payment obligations.