USDStrategy Nears BlackRock in Bitcoin as BitMine Tops 4% of Ethereum Supply
Treasury buying pushes two corporate crypto holdings to new milestones
TL;DR
- Strategy bought 13,927 BTC for about $1 billion, raising its holdings to 780,897 BTC.
- BitMine reported 4,874,858 ETH, equal to 4.04% of Ethereum’s circulating supply.
- Both companies tied the updates to treasury strategy, with Strategy emphasizing financing and BitMine emphasizing staking and scale.
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Strategy said it bought 13,927 Bitcoin between April 6 and April 12 for about $1 billion, lifting its treasury to 780,897 BTC, while BitMine Immersion Technologies said its Ethereum holdings reached 4,874,858 ETH, equal to 4.04% of Ethereum’s circulating supply. The disclosures mark new scale milestones for two separate corporate crypto treasury strategies, one centered on Bitcoin accumulation and the other on Ethereum ownership and staking.
Strategy said the Bitcoin purchase was made at an average price of $71,902 per coin. The company said its total Bitcoin holdings were acquired for roughly $59 billion at an average cost basis of $75,577. At the market levels cited, the reserve was worth about $55.3 billion to $55.4 billion, leaving Strategy about $3.6 billion below aggregate purchase cost while holding about 3.8% of Bitcoin’s circulating supply.
Strategy said the purchase was funded through sales of STRC perpetual preferred stock rather than common equity. The company said it sold 10,028,363 STRC shares for about $1 billion during the week, with about $21.6 billion of STRC issuance capacity still available as of April 12 and about $27.1 billion remaining under its MSTR at-the-market common-stock program.
Michael Saylor described the financing threshold in a statement that said, “Our BTC Breakeven ARR is ~2.05%.” He added that if Bitcoin compounds faster than that pace, Strategy could fund its dividend burden without issuing new MSTR shares.
Strategy closes in on BlackRock’s ETF holdings
Strategy’s latest purchase was described as its largest Bitcoin acquisition in nearly a month. Its Bitcoin stockpile was cited at roughly 9,000 BTC below BlackRock’s spot Bitcoin ETF, which was reported at about 790,000 BTC.
STRC was described as central to Strategy’s funding mix because it pays 11.5% in monthly dividends and has helped the company raise $3.55 billion since launch. That structure also leaves Strategy with about $1.2 billion in annual dividend obligations, even after the company previously built a $2.25 billion cash reserve to support it.
Strategy shares were reported down about 2.5% after the open to $125.50. Over the previous six months, the common stock had fallen 57%, and the company had already recorded a $14.46 billion unrealized Bitcoin loss in the first quarter of 2026.
BitMine reports Ethereum treasury above 4% of circulating supply
BitMine Immersion Technologies said that, as of April 12, it held 4,874,858 ETH, equal to 4.04% of Ethereum’s 120.7 million circulating supply. The company said the latest week’s increase included 71,524 ETH valued at about $157 million, which was described as its biggest Ethereum purchase since December.
BitMine said the company had reached roughly 81% of the way toward its stated goal of owning 5% of Ethereum’s circulating supply, a target it calls the “alchemy of 5%.” The company also said its combined crypto, cash and “moonshot” equity holdings totaled $11.8 billion, including $719 million in cash, while its ETH treasury alone was valued at more than $10.7 billion at around $2,208 per ETH.
BitMine said 3,334,637 ETH worth about $7.3 billion to $7.4 billion had been staked, generating about $212 million in annualized staking revenue at current levels. Chairman Tom Lee said BitMine expects that figure to exceed $300 million annually once the full treasury is staked.
Tom Lee said, “ETH is now the best performing asset since the start of the war,” and cited a 17.4% gain and 1,830 basis points of outperformance versus the S&P 500. He also said ETH’s strength versus gold shows it is becoming a “wartime store of value.”
BitMine said it has accelerated Ethereum buying for four straight weeks, recently launched its MAVAN staking infrastructure, uplisted BMNR to the New York Stock Exchange on April 9, and expanded its authorized share repurchase program to $4 billion. BMNR shares were reported up about 1.7% on Monday to roughly $21.64, though the stock remained down about 63% over the previous six months.
FAQ
What did Strategy buy?
Strategy bought 13,927 BTC between April 6 and April 12.
How much Bitcoin does Strategy hold now?
Strategy said its total treasury reached 780,897 BTC.
How much Ethereum does BitMine hold?
BitMine said it held 4,874,858 ETH as of April 12.
What is BitMine’s stated Ethereum goal?
BitMine said it aims to own 5% of Ethereum’s circulating supply.
This article has been refined and enhanced by ChatGPT.
