MicroStrategy and BitMine paused fresh crypto buys last week, but corporate demand for Bitcoin didn’t grind to a halt — four smaller public firms scooped up $47.5 million worth of BTC, according to Lookonchain’s weekly report covering May 18–24, 2026.
Key takeaways
- Stablecoin liquidity dropped by $687 million during the week, and spot and perpetual trading volume on decentralized exchanges also declined — creating a softer liquidity backdrop as markets slipped.
- MicroStrategy (referred to in the report as “Strategy”) did not add any Bitcoin between May 18 and May 24. CEO Michael Saylor said on X the company purchased bonds rather than BTC, and crypto.news reported MicroStrategy moved to repurchase nearly $1.5 billion of convertible notes. MicroStrategy still holds about 843,738 BTC — worth more than $65 billion — after years of steady accumulation, so last week’s pause appears tactical rather than a shift in strategy.
- BitMine likewise paused new Ethereum purchases following a period of heavy accumulation. Earlier reporting showed BitMine’s weekly buys had slowed (a May 12 snapshot recorded 26,659 ETH bought that week, down from more than 100,000 ETH in each of three prior weeks). BitMine’s public treasury now exceeds 5.2 million ETH (roughly 4.31% of circulating supply), with more than 4.7 million ETH staked — suggesting the pause reflects a cooldown in buying, not selling.
- Despite those pauses, four publicly traded buyers — Strive, The Smarter Web Company PLC, DDC Enterprise Limited and Hyperscale Data — added a combined 612 BTC (about $47.5 million). Together those firms now hold 21,525 BTC, valued at roughly $1.67 billion. Strive in particular drew attention after a vehicle it raised (SATA) funded the purchase of 537 BTC in a single week, highlighting how smaller treasury plays are using capital markets to build crypto exposure.
Why it matters
MicroStrategy and BitMine are two of the most-watched corporate treasuries in crypto; their buying patterns strongly influence market narratives. That said, the Lookonchain data show corporate demand is diversifying — smaller public firms continue to accumulate even when the biggest corporate buyers pause to focus on debt and capital management. Combined with weakening stablecoin liquidity and falling DEX volumes, the environment may keep near-term volatility elevated.
Market levels at time of the report
- Bitcoin ≈ $76,559
- Ethereum ≈ $2,089
Bottom line: last week’s lull from marquee buyers looked driven by balance-sheet moves and a temporary cooldown in accumulation, not a broader capitulation. Meanwhile, smaller public treasuries kept adding BTC, underlining that corporate demand for crypto remains active and evolving.
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