I recently came across a data comparison showing that the operational strategies of two leading crypto asset management firms are completely different, with such a stark contrast that it’s a bit eye-opening.

Strategy is making a big move, currently holding 687,000 BTC with a market value of about $62.3 billion, and unrealized gains have surged to $10.55 billion. Last week, they continued to increase their holdings, spending $1.25 billion to buy 13,600 BTC at an average price of $91,500. This clearly indicates a bet on a one-sided rise in BTC.

BitMine, on the other hand, seems to be in a bit of a tough spot. They hold 4.167 million ETH, with a nominal value of $12.9 billion, but due to an entry average price of $3,862, they are now sitting on an unrealized loss of $3.225 billion. Interestingly, despite knowing they are underwater, they still increased their holdings by 24,000 ETH last week, with a new average price of $3,122, which suggests they are adding to their position at a low point.

The difference in their strategies is quite obvious. One is purely betting on price appreciation, while the other is focused on ETH’s staking yields and long-term value. In the short term, BTC’s momentum does seem more stable, but institutional accumulation of ETH at low levels is also significant. The key point to watch is whether BitMine can gradually offset their losses and narrow the discount on their holdings through staking yields, which warrants ongoing observation.