BitMine’s Ethereum Strategy and MicroStrategy’s Bitcoin Approach: A Comparative Analysis

Abstract

The integration of digital assets into corporate treasury strategies has accelerated in 2025, driven by heightened macroeconomic uncertainty and growing institutional acceptance of blockchain-based financial instruments. This study provides a comparative assessment of BitMine Immersion Technologies Inc. (BMNR) and MicroStrategy Incorporated (MSTR), two firms that have adopted markedly different approaches to cryptocurrency-based treasury management. Using daily data from July 21 to October 31, 2025 – covering 74 trading observations – we examine the extent to which BMNR’s shift from mining operations toward largescale Ethereum (ETH) accumulation has influenced its stock performance. An ordinary least squares (OLS) model is estimated with BMNR’s daily stock price as the dependent variable and the USD value of ETH holdings, along with 30-day ETH price volatility, as predictors. Results indicate that ETH holdings significantly explain movements in BMNR’s stock price (β = 0.0267, p