Strive, BitMine and MicroStrategy each disclosed fresh crypto purchases on Monday. The two Bitcoin buyers alone spent more than $500 million in a single week.

Buying high is the business model, not a failure of it. These firms turn share sales into coins, and shares sell best when coins are rising.

What the Three Firms Bought

Strive, run by chief executive Matt Cole, added 1,800 bitcoin (BTC) at an average of $79,431. Its stack reached 23,156 BTC, worth about $1.83 billion on Monday.

The filing shows the mechanism plainly, after Strive issued 3,579,147 new Class A shares that week, and its cash still climbed $11.6 million to $183.5 million.

BitMine is playing a different game. Its…