Strategy and Bitmine Lead Major Accumulation in Bitcoin and Ethereum

Two coordinated accumulation programs, one in bitcoin(BTC-USD)by Strategy(MSTR)and one in ether(ETH-USD)by Bitmine Immersion Technologies(BMNR), are colliding with surging spot ETF demand at the precise moment the FOMC meets, creating a setup where macro catalysts and institutional flow signals are moving in the same direction simultaneously. 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.BITCOIN PRICE SURGE AND ETF INFLOW STREAK:that bitcoin surged past $75,000 for the first time in 40 days on March 17, pulling ether and XRP(XRP-USD)along for the ride.Data from Farside Investorsshows U.S. bitcoin spot ETFs posted $199.4M in net inflows on March 16, the sixth consecutive day and the longest continuous streak of 2026, absorbing 11,117 bitcoin in net terms, directly offsetting new miner supply.Coinedition reportsthat stablecoin supply grew by $2.69B in the week of March 9 through March 15, with the Ethereum blockchain absorbing $1.57B of that total, suggesting institutional dry powder is being deployed rather than sitting on the sidelines.STRATEGY AND BITMINE LEAD INSTITUTIONAL ACCUMULATION IN BITCOIN AND ETHER:confirm that Strategy purchased 22,337 bitcoin for $1.57B during March 9 through March 15, its largest single-week acquisition of 2026 and the 12th consecutive weekly purchase, funded through $1.18B in preferred stock issuances and $396M in common stock equity, bringing total holdings to approximately 761,068 bitcoin at an average cost basis of $75,696 per coin. With bitcoin below its average cost basis, the company is carrying an unrealized loss, a detail investors tracking its net asset value premium or discount should weigh. Strategy hit a 45-day intraday high of $148 on March 16, settling at $144.68, and remains approximately 57% below its six-month high, underscoring the divergence between accumulation pace and equity recovery.On the ether side, acompany press releaseconfirmed that Bitmine Immersion Technologies now holds 4,595,562 ether, equal to 3.81% of total ether supply, with 3.04M ether actively staked and generating approximately $180M in annualized staking revenue.The company purchased 60,999 ether in the prior week, including 5,000 ether acquired directly from the Ethereum Foundation, the largest single-week ether purchase of 2026 by the firm and a transaction that suggests a relationship enabling future block purchases outside open-market price pressure. Bitmine shares surged 13.9% to 14% on the news, with the $180M annualized staking yield providing a revenue floor independent of ether price appreciation.STABLECOIN INFRASTRUCTURE BAKKT PIVOT AND PYUSD GLOBAL EXPANSION:An8-K filed with the SECand detailed in ashareholder lettershows that Bakkt(BKKT)reported FY25 revenue of $2.335B, down 32.1% year over year, with a net GAAP loss of $132.2M, while its Investor Day presentation, webcast this morning throughinvestors.bakkt.com, outlined a strategic pivot toward stablecoin infrastructure and tokenization rails. Bakkt ended 2025 debt-free with a pending acquisition of DTR and a shareholder vote scheduled for March 24. The debt-free balance sheet and the stablecoin pivot are the two structural details active Bakkt position holders need to weigh heading into next week's vote. Separately, acompany press releaseconfirms that PayPal(PYPL)is expanding PYUSD to 70 countries total, adding 68 new markets on both the Ethereum and Solana blockchains under the GENIUS Act federal stablecoin framework, providing a direct cross-sell opportunity across its existing global payments user base.ANALYST ACTIVITY CIRCLE UPGRADED, BROKERS AND MINERS GET FRESH PRICE TARGETS:Clear Street upgraded Circle(CRCL)from Hold to Buy with a price target of $136, raised from $92, and separately named five crypto infrastructure and mining names as Top Picks in its weekly crypto note, anchored by the view that institutionalization of the space is accelerating as bitcoin recovers toward $75,000.Circle is up 49% year to date, trading in a range of $115 to $118, with USDC(USDC-USD)surpassing Tether(USDT-USD)in trading volume for the first time since 2018, capturing 64% market share with a market cap of $75B to $78B, a gain of 72% year over year. The passage of the GENIUS Act federal stablecoin framework is cited as the primary regulatory tailwind, suggesting the market is pricing Circle's regulatory posture as a competitive advantage. Clear Street's miner and infrastructure Top Picks are: CleanSpark(CLSK)at $22, Hut 8(HUT)at $70, TeraWulf(WULF)at $20, Cipher Mining(CIFR)at $32, and BitGo(BTGO)at $18, all with Buy ratings.BofA analyst Craig Siegenthaler reiterated Buy ratings on both Coinbase(COIN)with a $288 price target and Robinhood Markets(HOOD)with a $122 price target, citing the potential passage of the CLARITY Act as a near-term catalyst for transaction volumes at both firms. The analyst sees the legislation accelerating long-term institutional adoption in the U.S. and expanding the tokenization of real-world assets. Crypto represented approximately 20% of Robinhood's 2025 revenue, making a volume inflection from regulatory clarity a material earnings driver for Robinhood specifically.BLOCKFILLS CHAPTER 11 AND WHALE SHORT UNDERWATER AS BITCOIN CLEARS KEY LEVELS:FX Leaders reportsthat BlockFills filed for Chapter 11 bankruptcy protection in Delaware, with assets of $50M to $100M against liabilities of $100M to $500M, and client Dominion Capital has accused the firm of embezzlement. Separately,MEXC News citing OnchainLensflags that the whale address "pension-usdt.eth" is carrying a floating loss exceeding $10M, a short position of 1,000 bitcoin worth $75.64M notional at a $6.7M loss and a short position of 10,000 ether worth $23.6M notional at a $3.46M loss, both three times leveraged. A forced liquidation of this scale could produce a brief spike in both bitcoin and ether spot prices, making it a live on-chain squeeze signal for traders in leveraged instruments.FOMC STATEMENT TONE IS THE ONLY UNPRICED VARIABLE TOMORROW:The rate decision drops at 2:00 PM ET tomorrow, March 18, with federal funds futures pricing a 94 to 99% probability the Fed holds at its current 3.50% to 3.75% target range, meaning the outcome itself is largely discounted. The residual risk is tone: any language signaling a more hawkish path than expected, whether through revised dot plot projections or commentary on inflation stickiness, carries asymmetric downside for bitcoin, ether, and crypto-linked equities. Conversely, a dovish lean or accelerated rate-cut signal could fuel a continuation above $75,000 and further compress the leveraged short positions flagged above.PRICE ACTION:As of time of writing, bitcoin was trading at $74,102.97, while ether was trading at $2,322.90,according to price data from TipRanks.