Crypto Currents: Bitmine claims 4.21% of all ether in record treasury

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Bitcoin climbed to a 12-week high of $79,488 Monday on optimism surrounding the U.S.-Iran nuclear talks, according to Bloomberg, lifting the broader crypto-equity complex as institutional treasury accumulation accelerated across multiple public companies. SoSoValue data shows that CoinShares saw $1.2B in global digital asset product inflows last week, with bitcoin capturing $933M through the U.S.-listed ETF vehicles led by BlackRock cryptocurrency on FlyCast radio.

CORPORATE TREASURIES EXPAND ACROSS THREE TOKENS: The day’s dominant theme was corporate digital asset accumulation at scale across bitcoin (BTC-USD), ether (ETH-USD), and solana (SOL-USD). Bitmine Immersion Technologies a regulatory filing that it holds 5,078,386 ETH, representing 4.21% of total ether supply, with total crypto and cash holdings of $13.3B. Within those holdings, 3,701,589 ETH is actively staked, generating on-chain yield while tightening the effective liquid float. Strategy a filing that it sold 1.451M shares via its at-the-market offering for $255M in net proceeds during the week of April 20-26 and acquired 3,273 BTC at an average of $77,906, bringing aggregate holdings to 818,334 BTC at a total cost basis of $61.81B. Strive a company press release that it purchased approximately 789 additional BTC, lifting its total treasury to roughly 14,557 BTC alongside $90.5M in cash and $50.3M in Strategy preferred stock, and announced a May 21 “True North: Bitcoin for Business” summit in Oregon targeting CFOs and corporate treasury executives.

On the solana front, Solana Company entered a definitive agreement to sell 3,076,922 shares at $2.60 per share in a registered direct offering for approximately $8M in gross proceeds, with net proceeds earmarked for solana treasury accumulation and the investor syndicate led by Mirae Asset and Hashkey Capital. DeFi Development a company press release the completion of its April 24 Reddit “Ask Me Anything” with CEO Joseph Onorati engaging institutional and community investors on its solana treasury strategy. Taken together, the HSDT equity raise and DFDV investor outreach suggest the solana treasury model is entering a second wave of institutional onboarding, following the capital-structure template that bitcoin-focused treasury companies established.

INFRASTRUCTURE BUILD-OUT AT CORE SCIENTIFIC: Core Scientific a company press release a multi-tiered strategy to scale its Pecos, Texas campus to approximately 1.5 gigawatts of gross capacity, roughly 1.0 GW leasable, by converting existing bitcoin mining infrastructure into high-density AI and HPC data center space, with initial capacity targeted for early 2027. The plan is a direct substitution trade, with megawatts previously dedicated to proof-of-work mining being retooled for the longer-duration, higher-margin contracts that hyperscale and AI compute tenants command, a strategic pivot that management has telegraphed since CORZ’s emergence from bankruptcy and that today’s announcement quantifies for the first time at the Pecos site specifically.

CLARITY ACT COULD REACH TRUMP’S DESK BY JUNE: Galaxy Digital according to Cryptopolitan, a timeline that would represent the most consequential U.S. crypto market-structure legislation to date and would expand the addressable operating environment for exchanges, custodians, and token issuers across the listed crypto-equity universe.

PRICE ACTION: As of time of writing, bitcoin (BTC-USD) was trading at $77,475.96, while ether (ETH-USD) was trading at $2,296.80, according to price data from TipRanks..