Treasury Crypto Firms Continue Accumulating BTC, ETH, SOL Amid September Volatility

Three listed cryptocurrency treasury firms continued adding tokens to their portfolios last week. Despite Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experiencing declines in September, accumulation persisted.

The market faced uncertainty as the Federal Reserve's interest rate decision loomed, yet buying activity continued. However, MicroStrategy (formerly Strategy) was an exception; it repurchased its preferred shares without changing its Bitcoin holdings.

Bitcoin Mining and DFDV expanded their crypto treasury holdings. Bitcoin Mining Emergent Technologies added 27,180 ETH last week, increasing its total holdings to 5.956 million tokens—4.9% of the circulating supply, nearing Tom Lee's target of 5%. Approximately 5.07 million tokens are staked, with the company valuing its combined crypto and cash assets at $15.8 billion.

Nasdaq-listed Solana treasury firm DeFi Development Corporation increased its SOL holdings by 2% since August 27, totaling 2.39 million SOL. It also launched a $300 million ATM program for CHAD, the Solana-based preferred stock.

Strive, the fifth-largest Bitcoin treasury firm, purchased 469 BTC between September 8 and 11 at an average price of $77,954, bringing its total holdings to 25,000 BTC. Meanwhile, MicroStrategy (formerly Strategy) did not add any new Bitcoin purchases this month. It repurchased $139 million worth of STRC shares, maintaining a Bitcoin holding of 845,050 tokens with an average cost basis of $75,412.

The recent buying activity comes ahead of a pivotal week for the crypto industry as the Federal Open Market Committee will announce its interest rate decision on September 16. Market expectations have shifted toward a higher likelihood of a 0.25% rate hike, with CME FedWatch indicating an 85.6% probability as of September 11—up from 48.4% one month prior.

Rising interest rates increase the burden of holding non-yielding assets. As seen during previous tightening cycles, crypto prices may face additional pressure if rates rise. This situation presents a true test for these treasury firms: despite price declines, accumulation continues, and it remains to be seen whether buying will persist amid potential further drops over the next few weeks.