Strategy and BitMine paused their weekly Bitcoin purchases during the May 18-24 period, according to Lookonchain's weekly report. Strategy bought no Bitcoin last week as Michael Saylor's firm focused on bonds instead, with the company moving to repurchase nearly $1.5 billion in convertible notes during the same period. BitMine also made no new Ethereum purchases after slowing its ETH accumulation pace, having previously bought 26,659 ETH in the prior week, down from more than 100,000 ETH in each of the three earlier weekly periods. Despite these pauses, Strategy remains the largest public Bitcoin treasury company with 843,738 BTC worth more than $65 billion after years of steady accumulation.
While the two largest treasury names paused, four public companies added 612 Bitcoin worth approximately $47.5 million during the same week. The buyers included Strive, The Smarter Web Company PLC, DDC Enterprise Limited, and Hyperscale Data. Together, these four firms held 21,525 BTC valued at about $1.67 billion after the purchases. Strive has drawn attention in recent Bitcoin treasury coverage, with its SATA raising enough capital to buy 537 BTC in one week, demonstrating how smaller treasury vehicles are using capital markets to build Bitcoin exposure. This shift matters for market watchers because treasury demand is no longer limited to Strategy, with smaller public firms continuing to add Bitcoin even when the largest buyer pauses.
Lookonchain's weekly report showed that stablecoin market cap fell by $687 million during the May 18-24 period, while DEX spot and perpetual trading volumes also declined. The weaker liquidity backdrop came as Bitcoin traded near $76,559 and Ethereum near $2,089 at the time of writing. BitMine's slowdown appears tied to a slower buying phase rather than a new sale, as the company had previously built one of the largest Ethereum treasuries among public companies with more than 5.2 million ETH, equal to about 4.31% of Ethereum's circulating supply, and had staked more than 4.7 million ETH. The staking rewards made staking rewards part of its treasury model, with the company having previously built one of the largest Ethereum treasuries among public companies.
