Strategy Cuts Convertible Debt By 18%, Bitmine Stakes $10B In ETH — MSTR And BMNR Move High

• Strategy repurchased $1.5 billion of 2029 convertible notes at an 8% discount, reducing debt from $8.2 billion to $6.7 billion.
• Bitmine had total holdings of $12.3 billion, anchored by 5.39 million ETH, or 4.47% of total supply.
• Sharplink said 427 ETH in staking rewards this week and will join the Russell 2000 and Russell 3000 indices on June 29.

Strategy Inc. (MSTR) and Bitmine Immersion Technologies (BMNR) rose in midday trade on Tuesday after each separately revealed the size of its digital asset holdings, underscoring a market dynamic in which a company’s treasury size is becoming an increasingly important factor in determining its equity value.

Strategy announced that it bought back $1.5 billion in total principal of its 0% Convertible Senior Notes due 2029 at a discount to par of around 8%. The company used $1.38 billion in cash and posted a $333 million gain on Bitcoin (BTC). This resulted in a reduction in convertible note obligations from $8.2 billion to $6.7 billion, a 18.3% reduction. 

Strategy’s stock was up over 4% in the early morning trade. On Stocktwits, the retail sentiment around MSTR remained in the ‘bearish’ zone, while chatter around it stayed in the ‘low’ levels during the past day.

MSTR issued $2 billion notional of its Variable Rate Series A Perpetual Stretch Preferred Stock and $84 million in Class A common stock during the quarter to support ongoing accumulation, and used the proceeds to purchase an additional 24,869 Bitcoin. The company, the largest corporate holder of Bitcoin, now owns 843,738 BTC, or almost 220,900 Bitcoin Per Share. 

Bitmine Applies Saylor Playbook To Ethereum

Bitmine shares rose to $19.82 after the company said it had $12.3 billion of total crypto, cash, and strategic holdings. The figure is backed by 5.39 million Ether (ETH) or 4.47% of the total Ethereum supply, worth nearly $11.5 billion at current prices, plus 203 Bitcoin, $444 million in cash, and equity stakes in Beast Industries and Eightco Holdings. Bitmine is the largest institutional owner of Ethereum. 

Bitmine’s stock was up almost 4% during early morning trade. On Stocktwits, the retail sentiment around BMNR remained in the ‘bearish’ zone, while chatter around it stayed in the ‘low’ levels during the past day.

CEO Tom Lee said as of Monday, Bitmine has staked 4.71 million ETH, or roughly $10.1 billion, making it the biggest ETH stake in the world. The position consists of more than 87% of total ETH holdings.

At scale, the company projects $276 million in annualized staking revenues, based on a 2.75% seven-day yield that’s already being generated on the Made in America Validator Network  (MAVAN) platform. Bitmine also owns $95 million of Eightco (ORBS), which is one of the few publicly listed equities in the world that allows investors indirect exposure to OpenAI.

Separately, Sharplink (SBET) also announced this week that it had added 427 ETH staking rewards this week, bringing its total staking rewards to 20,168 ETH. The company also said it will be added to the Russell 2000 and Russell 3000 indices on June 29, 2026.

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