Major crypto treasury companies are ramping up their crypto holdings as Greenlane unveils BERA Treasury.
Corporate crypto treasury activity picked up this week, with major digital asset treasury (DAT) companies increasing their holdings and others forging new strategic partnerships.
Ethereum-focused BitMine Immersion Technologies Inc. (NYSE AMERICAN: BMNR) increased its ETH holdings by over 203,000 tokens (worth over $800 million), while Strategy Inc. (formerly MicroStrategy) added 168 Bitcoin (BTC) to its balance sheet.
Meanwhile, Greenlane Holdings announced a new initiative with the Berachain Foundation to build the first-ever company, BERA DAT.
The move highlights the continued evolution of corporate digital asset adoption, with DAT increasingly treating Bitcoin (BTC), Ethereum (ETH), and even new tokens like BERA as balance sheet assets.
BitMine Immersion expands Ethereum Holdings
BitMine Chairman Thomas ‘Tom’ Lee said on Monday that the company purchased 203,826 ether (ETH) last week, bringing its total holdings to 3,236,014 ETH (approximately 2.7% of Ethereum’s total circulating supply) and an average price per token of $4,022.
“We are now more than halfway towards our original pursuit of ETH’s ‘5% Alchemy,'” Lee said, according to a press release.
Following the announcement, BMNR stock rose 7% to trade at $53. The company’s total crypto and cash holdings currently exceed $12.9 billion, including positions in ETH, BTC, and various stocks.
This update comes days after an October 16 Fortune article said Lee’s DAT bubble may have already burst.
More specifically, approximately 80% of crypto assets are likely trading below their actual value, Lee said. However, he pointed out that this is not necessarily a crisis, as companies can take steps to protect or convert their holdings.
This interview took place amidst a sharp decline in the overall cryptocurrency market on October 10th and in the days that followed. ETH is currently trading around $3,946, down 2% on the day and 5.5% for the week.
Strategy Inc. adds Bitcoin
Meanwhile, Bitcoin’s largest corporate holder, Strategy Inc. (NASDAQ: MSTR), acquired 168 BTC for $18.8 million on Monday, increasing its total holdings to 640,418 BTC, according to a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC).
This move solidifies Strategy’s position as the corporate Bitcoin finance arm. BTC is currently trading around $111,000, up 2% on the day but down 4% for the week.
Meanwhile, STRA stock rose 4% on the day to $300 following the announcement.
Greenlane and Berachain launch BERA Treasury
In other DAT news, Greenlane Holdings (NASDAQ: GNLN) on Monday announced a $110 million private placement to fund the new BERA DAT, with support from the VeraChain Foundation.
Greenlane is a global company that develops smoking and e-cigarette devices. Berachain, on the other hand, is a layer 1 blockchain that uses proof-of-liquidity consensus, with BERA serving as the native token.
The investment was led by Polychain Capital with participation from other institutional and crypto investors including Blockchain.com, Kraken, North Rock Digital, CitizenX, and dao5.
“We believe BERA’s key differentiator is its yield source. In contrast to established PoS chains like Ethereum and Solana, BERA’s yield is supported by block reward monetization,” said Ben Eisenberg, incoming chief investment officer at BeraStrategy. “Overall, we see untapped potential for VeraChain’s organic growth.”
Following the announcement, GNLN stock fell 11.4% to $3.41, while the BERA token rose 7% to $1.99.