BitMine said on June 29 that it supports Strategy’s new Digital Credit Capital Framework, calling it a structure that strengthens the relationship between capital markets and Bitcoin. The statement drew added attention because the two treasury companies are both sitting on large unrealized losses: Strategy holds 847,363 BTC with an unrealized loss of about $13.262 billion, or 20.7%, while BitMine holds 5,700,040 ETH with an unrealized loss of about $10.397 billion, or 53.6%.
A three-layer model built around Bitcoin, equity and credit
Under the framework introduced by Executive Chairman Michael Saylor, Strategy classifies Bitcoin as “digital capital,” MSTR common stock as “digital equity,” and STRC preferred shares as “digital credit.” The structure also includes a U.S. dollar reserve policy, a Bitcoin monetization program, and authorization for MSTR share repurchases. The stated goal is to improve the credit quality of its preferred stock series while preserving long-term Bitcoin exposure.
BitMine said in its commentary that the framework “strengthens the architectural relationship between capital markets and Bitcoin” and should improve investor confidence in Strategy’s broader approach. That endorsement stood out on its own.
STRC yield raised to 12% as scale reaches $8.5 billion
Among Strategy’s instruments, STRC has become the most closely watched preferred share product. The article said its annualized dividend yield will increase to 12.00% starting July 1, 2026, with the aim of keeping the security trading in a $99 to $100 range, near par value. After only nine months on the market, STRC has reached $8.5 billion in size, and was described in the source as one of the largest and most liquid preferred share products globally.
BitMine’s Ethereum position is under heavier pressure
BitMine has built its treasury strategy around Ethereum, following a logic similar to Strategy’s Bitcoin-focused treasury model. The loss profile is far worse. Based on the figures cited in the source, BitMine’s average ETH acquisition cost is $3,399, versus a current price of about $1,577. Strategy’s average Bitcoin cost was listed at $75,651, against a current price near $60,000, leaving it with a smaller percentage drawdown.
That contrast helps explain why BitMine’s public support attracted notice. A company carrying a deeper unrealized loss on its own crypto treasury position chose to endorse a capital structure developed by a peer built around another asset. The source framed this as a sign that single-asset crypto treasury companies may be converging around a shared narrative.