USDStrategy and BitMine Expand Bitcoin and Ethereum Treasury Positions
TL;DR
- Strategy bought 4,871 BTC for $329.9 million, raising holdings to 766,970 BTC.
- BitMine added 71,252 ETH, bringing its total to over 4.8 million ETH, or 3.98% of supply.
- Strategy reported a $14.46 billion unrealized loss, while BitMine emphasized staking-driven yield.
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Strategy increased its Bitcoin holdings while BitMine Immersion Technologies expanded its Ethereum position, pushing both firms deeper into crypto treasury strategies despite ongoing market pressure and macroeconomic uncertainty.
Strategy expands Bitcoin holdings while reporting losses
Strategy’s latest purchase took place between March 31 and April 5, following a brief pause in buying activity at the end of March. The acquisition lifted total Bitcoin holdings to 766,970 BTC accumulated at an average cost of $75,644 per coin, compared with the most recent purchase price of $67,718.
The company reported a first-quarter unrealized digital asset loss of $14.46 billion alongside a $2.42 billion deferred tax benefit. It also recorded a $1.73 billion deferred tax asset tied to unrealized losses, offset by an equal $1.73 billion valuation allowance, and expects to establish an additional $0.5 billion valuation allowance as Bitcoin’s fair value remains below cost.
Strategy continued to accumulate through the downturn, adding roughly 54,000 BTC since Feb. 2, including 41,362 BTC in March. First-quarter 2026 purchases reached 89,316 BTC for about $6.3 billion.
To fund continued buying, the company introduced new capital programs, including a $21 billion Stretch stock offering and a $21 billion Common A stock offering, while terminating its previous Strike offering and launching a new $2.1 billion Strike program.
Recent share sales included approximately 2.28 million Stretch shares and 582,550 Common A shares sold during March 30–31 for about $299.3 million in net proceeds, followed by another 1 million Stretch shares and 593,294 Common A shares sold from April 1–5 for about $174.6 million.
BitMine builds Ethereum position with staking strategy
BitMine expanded its Ethereum holdings with a 71,252 ETH purchase, bringing total holdings to more than 4.8 million ETH valued at about $10.3 billion. The position represents 3.98% of circulating Ethereum supply.
The company has positioned its Ethereum exposure as yield-generating, with 69% of holdings already staked. A separate figure of 3,334,637 staked ETH aligns with that ratio, and total holdings including cash reached $11.4 billion. Fully staking the Ethereum position is estimated to generate about $282 million in annual revenue.
Tom Lee, chairman of BitMine, said, “The war has placed downward pressure on global markets, so it is impressive to see ETH as one of the few to rise on an absolute basis.” He added, “This is a great harbinger, as we expect ETH leadership to strengthen investors and eventually take cash off the sidelines.”
Lee also said, “Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains.”
Ethereum rose 5.4% over 24 hours to around $2,145 after reaching a weekly high of $2,165, gained more than 8% over the past month, and outperformed the S&P 500 and Nasdaq, which declined 2% and 1.80% over the same period.
BitMine’s shares increased about 6% to $20.64, extending a one-month gain of more than 9%, although the stock remained down 67% over six months as Ethereum traded nearly 57% below its all-time high of $4,946.
FAQ
What did Strategy buy?
Strategy bought 4,871 BTC between March 31 and April 5.
What did BitMine buy?
BitMine added 71,252 ETH last week.
How large is BitMine’s Ethereum share?
Its holdings equal 3.98% of circulating Ether supply.
What market risks were cited?
CPI, Fed rate expectations, U.S.-Iran talks, and Bitcoin’s on-chain support zone.
This article has been refined and enhanced by ChatGPT.
