Smaller Public Companies Buy $47.5M of Bitcoin as MicroStrategy and BitMine Hit Pause

MicroStrategy and BitMine stepped back from fresh crypto purchases last week, but corporate Bitcoin demand stayed alive. Four smaller listed companies bought a combined $47.5 million in BTC, according to Lookonchain's weekly report covering May 18–24, 2026. Liquidity conditions softened during the week. Stablecoin liquidity fell by $687 million, while both spot and perpetual volumes on decentralized exchanges declined as markets slipped. MicroStrategy (labeled "Strategy" in the report) made no Bitcoin additions between May 18 and May 24. CEO Michael Saylor wrote on X that the firm bought bonds instead of BTC. crypto.news also reported the company moved to repurchase nearly $1.5 billion of convertible notes. Despite the pause, MicroStrategy still holds about 843,738 BTC—valued at more than $65 billion—after years of steady accumulation, pointing to a tactical pause rather than a strategic reversal. BitMine also halted new Ethereum purchases after an aggressive buying streak. Earlier reporting indicated BitMine's weekly buying pace had already slowed: a May 12 snapshot showed 26,659 ETH purchased that week, down from more than 100,000 ETH in each of the prior three weeks. Its public treasury now tops 5.2 million ETH (about 4.31% of circulating supply), with more than 4.7 million ETH staked, suggesting a cooldown in buying activity rather than selling. Even with those pullbacks, four publicly traded buyers—Strive, The Smarter Web Company PLC, DDC Enterprise Limited, and Hyperscale Data—added 612 BTC in total (about $47.5 million). Collectively, the group now holds 21,525 BTC, valued at roughly $1.67 billion. Strive stood out after its raised vehicle, SATA, funded the purchase of 537 BTC in a single week, underscoring how smaller treasury strategies are tapping capital markets to build crypto exposure. Why it matters MicroStrategy and BitMine rank among the most closely watched corporate treasuries in crypto, and their buying patterns often shape market narratives. Lookonchain's data suggests corporate demand is broadening: smaller public firms continue to accumulate even as the largest buyers pause to prioritize debt and capital management. With stablecoin liquidity weakening and DEX volumes falling, near-term volatility may remain elevated. Market levels at the time of the report Bitcoin ≈ $76,559 Ethereum ≈ $2,089 Bottom line: the slowdown from headline buyers last week appeared tied to balance-sheet actions and a temporary cooling in accumulation—not a wider capitulation. Smaller public treasuries kept adding BTC, signaling that corporate crypto demand remains active and evolving.