Strategy Acquires 13,927 Bitcoins for $1B, Total Holdings Reach 780,897
The collapse of U.S.-Iran ceasefire talks pushed oil prices back up and has been keeping bitcoin(BTC-USD)pinned near the $70,500 support level. Meanwhile, a Polkadot(DOT-USD)bridge exploit added further headwinds for cross-chain infrastructure investors. Stay current 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.STRATEGY EXTENDS BITCOIN ACCUMULATION WITH $1B BUY, BITMINE REACHES ETHER HOLDINGS OVER 4% OF CIRCULATING SUPPLY:Strategy(MSTR)disclosed in afiling this morningthat it acquired 13,927 bitcoin for roughly $1B during the week of April 6-12, at an average price of $71,902 per coin, lifting its total treasury to 780,897 bitcoin at an aggregate cost of approximately $59.02B, or $75,577 average. The purchase was funded entirely by selling 10.03M shares of its STRC preferred stock for net proceeds of about $1.001B, with no dilution to MSTR common shares this cycle. Founder Michael Saylor, noting a 5.6% bitcoin yield year-to-date in 2026 and a breakeven annual return rate of about 2.05%.On the ether(ETH-USD)side, treasury giant Bitmine Immersion Technologies(BMNR)disclosed in aregulatory filingthat its total ether holdings stand at 4.875M ether, roughly 4.04% of total circulating supply, valued near $10.75B at $2,206 per token. 3.33M of their owned ether valued at $7.4B is actively staked. The company also holds 198 bitcoin, $719M in cash, and $85M in Eightco Holdings(ORBS)shares, and announced that its NYSE uplisting from NYSE American became effective April 9, a development that broadens its index-eligibility and institutional accessibility. The scale of Bitmine's staking position makes it one of the largest single publicly traded concentrations of staked ether on U.S. exchanges, a defining concentration for any portfolio with Ethereum infrastructure exposure.CANGO LAUNCHES HPC/AI SUBSIDIARY AS MINERS PIVOT FROM PURE PROOF-OF-WORK:Cango(CANG)announcedthat EcoHash, its high-performance computing and AI inference subsidiary, has begun commercial operations at its owned 50-megawatt facility in Georgia, deploying plug-and-play compute modules via its proprietary EcoLink Orchestration Platform. LM Funding America(LMFA)disclosed in an8-Ka more constrained operational picture for March 2026. The company mined 9.6 bitcoin at a record hashrate of 0.79 EH/s but sold 23.1 bitcoin, leaving a 341.2 bitcoin treasury valued at nearly $22.9M. It also extended an $11M Galaxy Digital credit facility to June 26, 2026, signaling continued reliance on debt financing amid compressed mining economics. Meanwhile, BGIN Blockchain(BGIN)resolved a prolonged hosting dispute,the company said, recovering all 5,325 seized mining machines from Mawson Hosting and Krypton Technologies under a confidential settlement, an event that removes a material operational drag from BGIN's U.S. subsidiary, BGIN Infrastructure.BROADRIDGE AND MARTI EXPAND DIGITAL ASSET INFRASTRUCTURE FOOTPRINTS:Broadridge Financial Solutions(BR)launched a unified digital asset platform for Canadian wealth managers,per the firm's announcement, covering crypto trading, tokenized real-world assets, integrated custody via Galaxy Digitaland Anchorage/Tetra, and on-chain proxy voting, building on infrastructure that already tokenizes more than $8T in assets monthly. The launch is a telling signal that institutional-grade digital asset tooling is moving into mainstream North American wealth management, with custody integration through regulated counterparties rather than self-managed wallets. Marti Technologies(MRT)reported FY25 results, posting revenue of $39.2M, up 110% year over year and 15% above guidance, with gross margin swinging from -15% to +61%. The Turkey-based mobility platform maintains a policy of holding 20–50% of cash reserves in bitcoin and guided for FY26 revenue of $70M with positive adjusted EBITDA.CLARITY ACT AND SEC ROUNDTABLE SET THE WEEK'S REGULATORY TONE:The U.S. Senate returned from Easter recess Monday, reopening the window for a potential CLARITY Act markup vote this week, with an SEC digital assets roundtable scheduled for April 16 as the immediate near-term catalyst. CoinbaseCEO Brian Armstrong publicly endorsed the CLARITY Act on April 9 following White House pressure, and passage of the bill would be a significant positive for Coinbase's regulatory standing and product roadmap. The legislative outcome also carries direct implications for miner and exchange-adjacent equities whose compliance overhead and product offerings are sensitive to jurisdictional clarity on digital asset classification.On the corporate side, BitGo(BTGO)that BitGo Prime has added tradias, a regulated European crypto-asset services provider currently merging with Boerse Stuttgart Digital, to its institutional liquidity network, expanding execution quality and market access for its institutional client base. Bitcoin Depot(BTM), the largest North American bitcoin ATM operator with over 9,000 kiosk locations, named Tony Gagliardi as its new chief compliance officer effective April 8,the company disclosed. Gagliardi previously held global compliance roles at Coinbase, OKX, and Paxos, a résumé that reflects the rising anti-money laundering and know-your-customer regulatory bar across the digital asset kiosk sector.PRICE ACTION:As of time of writing, bitcoin(BTC-USD)was trading near $71,797.97, and ether(ETH-USD)was trading near $2,206.60,according to price data from TipRanks.
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- Bitcoin Price Drop: Bitcoin fell below $70,000 for the first time since April, currently priced at $67,692.76, reflecting a more than 5% decline and indicating deteriorating market sentiment that has shaken investor confidence.
- Long Liquidations Surge: Crypto exchanges recorded $594 million in long liquidations over the past 24 hours, illustrating how forced liquidations amid market volatility have intensified downward pressure on prices.
- Impact of Strategy's Sale: Strategy's first sale of Bitcoin since 2022, despite prior communication, reversed founder Michael Saylor's mantra of 'never sell your Bitcoin,' causing panic among investors and leading to significant market fluctuations.
- ETF Outflows: Bitcoin ETFs have experienced their longest streak of net outflows, marking the 11th consecutive day, which raises concerns about future capital inflows and market stability as investor worries escalate.
- Strong Labor Market: US April JOLTS job openings unexpectedly rose by 731,000 to a 23-month high of 7.618 million, surpassing expectations of 6.866 million, indicating labor market resilience and driving stock market gains, particularly in tech stocks.
- Tech Stock Surge: Hewlett-Packard Enterprise (HPE) shares surged over 25% after reporting Q2 adjusted EPS of 79 cents, significantly above the consensus estimate of 54 cents, and raising its full-year adjusted EPS forecast to $3.35-$3.45, reflecting robust growth in AI-driven demand.
- Market Volatility Factors: Despite overall market gains, initial declines occurred due to uncertainty surrounding a US-Iran ceasefire, with oil prices slightly down as President Trump stated negotiations with Iran are progressing “at a rapid pace,” potentially affecting investor sentiment.
- Software Stocks Under Pressure: Intuit (INTU) saw its stock drop over 10% after Goldman Sachs downgraded it to sell with a price target of $276, leading to a broader decline in the software sector, highlighting a divergence in market performance among tech stocks.
- Deteriorating Market Sentiment: Bitcoin fell below $70,000 for the first time since April, closing at $67,692.76, which represents a more than 5% decline from the previous day, indicating a significant drop in market confidence towards cryptocurrencies.
- Escalating Long Liquidations: The panic triggered by Bitcoin treasury pioneer Strategy's first sale of its holdings led to a cascade of long liquidations, with crypto exchanges recording $594 million in long liquidations over the past 24 hours, highlighting the market's high volatility.
- Declines in Ethereum and Related Stocks: Ethereum dropped by 3%, while stocks across the crypto sector also fell, with Strategy down over 8%, Galaxy down 4%, and Coinbase down 3%, reflecting the overall weakness in the market.
- Record Net Outflows from ETFs: Bitcoin ETFs experienced their longest streak of net outflows ever, with 11 consecutive days, indicating a decline in investor confidence in crypto assets, which may negatively impact future inflows.
- Market Controversy: Polymarket voided a wager regarding whether Michael Saylor and Strategy (MSTR) sold Bitcoin in May, citing a disclosure made in June, which has led to a decline in market trust.
- Large Bets: Approximately $79 million was bet on the contract that Strategy would sell Bitcoin before the end of May; however, the actual sale occurred in May, while the announcement was made in June, creating an information asymmetry.
- Disclosure Issues: Despite the fact that Strategy sold Bitcoin before the end of May, Polymarket still endorsed the 'no' side of the contract, highlighting flaws in how prediction markets handle information.
- Mechanism Deficiencies: Melker emphasized that prediction markets are still in their early days and have significant flaws that need addressing to restore investor confidence and transparency in the market.
- Significant Revenue Growth: Iren's AI cloud services revenue nearly doubled in Q3 from $17.3 million to $33.64 million, indicating the company's potential in transitioning from bitcoin mining to AI infrastructure, which is expected to drive overall revenue growth in the coming years.
- Strategic Partnerships: Iren has signed a five-year AI cloud contract with Nvidia to deploy 60 megawatts of Blackwell GPUs in Texas, with Nvidia also acquiring the right to purchase up to 30 million shares at $70 each, signaling confidence in Iren's future development.
- Future Revenue Projections: Iren's revenues are expected to grow from $764 million this year to $9.55 billion by 2029, although this growth comes with pressures on free cash flow, highlighting the company's strong growth potential in the AI sector.
- Technical Analysis: Iren's 50-day average trading volume stands at 45 million shares, with the current stock price around $48.78; a breakout above $75 in the cup and handle pattern could attract more investors and further drive stock price appreciation.
- Bitcoin Price Decline: Bitcoin fell approximately 12.21% over the past month, trading near $68,700 on Tuesday, indicating increasing market concerns that could impact investor confidence.
- Mining Stocks Surge: Despite Bitcoin's price drop, all six major Bitcoin mining stocks outperformed the asset, with Riot Platforms (RIOT) leading at a 55.86% gain, reflecting investor preference for mining companies and potentially rising demand for digital infrastructure.
- Financial Stocks Underperform: Among Bitcoin-related financial stocks, five out of seven underperformed Bitcoin, with Twenty One Capital (XXI) dropping 24.89%, suggesting weakened market confidence in crypto-financial firms, which may lead to capital outflows.
- Investor Fund Shift: Investors appear to be rotating from crypto-financial stocks to mining and digital infrastructure companies, as the strong performance of mining stocks contrasts sharply with Bitcoin's decline, indicating a potential reassessment of investment strategies.











