Bitmine Accumulates 71,179 Ether
The final trading day of the quarter arrived with a structural shift in the digital asset landscape, as major corporate treasuries diverged in their accumulation tactics while mining operators accelerated a sector-wide defection to artificial intelligence infrastructure. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.CORPORATE TREASURIES DIVERGE AS STRATEGY PAUSES AND BITMINE ACCUMULATES ETHER:In a stark departure from its aggressive accumulation strategy, Strategythat it made zero bitcoinpurchases during the March 23–29 window, marking the first pause in its 13-week buying streak. The company currently sits on an unrealized paper loss of approximately $6.2B with its holdings remaining at 762,099 coins. This pause coincides with a broader institutional retreat, asshows that weekly spot fund outflows reached a three-week high of $464M, led by a $201.5M single-day withdrawal from the iShares Bitcoin Trust managed by BlackRock.While other treasuries retreated, Bitmine Immersion Technologiesannouncedthat it purchased 71,179 etherlast week, worth roughly $143M. The firm has now accelerated its buying pace for four consecutive weeks, bringing its total holdings to 4.73M ether, equivalent to approximately 3.92% of the total circulating supply. Bitmine expects its treasury to generate $177M in annualized staking revenue and maintains a $102M stake in Eightco Holdings. In other tactical treasury moves, Nakamoto, and Empery Digital.MINERS DEFECT TO ARTIFICIAL INTELLIGENCE INFRASTRUCTURE TO ESCAPE MARGIN SQUEEZE:Mining operators are currently facing an existential margin deficit, losing an estimated $19,000 for every bitcoin produced as all-in production costs have ballooned to $80,000., this pressure is forcing a rapid pivot toward artificial intelligence and high-performance computing contracts. Bitdeer Technologies Groupto convert its Tydal site in Norway into a 180 megawatt AI data center powered by Nvidiaarchitecture. Simultaneously, Soluna Holdingsthat its power development pipeline has expanded to 4.3 gigawatts to host AI workloads, even as revenue fell to $29.7M. This infrastructure reorientation is also being seen at MARA Holdings, Riot Platforms, Core Scientific, TeraWulf, and IREN, all of whom are being modeled increasingly as data center operators like Equinix.TRUMP CEASEFIRE COMMENTS TRIGGER SHORT SQUEEZE AMID MACRO VOLATILITY:The broader crypto complex staged a recovery on Monday following astating that the U.S. is in "serious discussions" for a ceasefire in Iran. The news triggered $9.3M in short liquidations in a single hour, lifting assets like solana, XRP, and BNB. Despite the relief rally,, which could trigger a massive carry trade unwind. Amidst this volatility, analysts at Bernstein maintained Outperform ratings on Coinbase, Robinhood, and Figure, arguing these stocks may mark a cycle bottom.PRICE ACTION:As of time of writing, bitcoin was trading at $67,632.68, while ether was trading at $2,068.92,.
