Crypto Currents: Strategy tops IBIT as bitcoin’s biggest holder amid rally

Bitcoin (BTC-USD) is trading above $76,000 Tuesday, lifted by U.S.-Iran peace-talk optimism and a fresh $2.54B purchase from Strategy (MSTR) that pushed the firm’s total holdings past BlackRock’s (BLK) spot-product accumulation for the first time. Meanwhile, eight crypto-adjacent companies filed fresh disclosures with the SEC in the same session. 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.

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STRATEGY OVERTAKES BLACKROCK IN BITCOIN: Strategy (MSTR) purchased 34,164 bitcoin for $2.54B, bringing its total treasury to 815,061 bitcoin, roughly 4% of total circulating supply, and surpassing BlackRock’s (BLK) IBIT accumulation total for the first time in the spot-ETF era, according to reporting by Barron’s. The purchase fueled a broad risk-on bid across crypto-linked equities, with bitcoin climbing above $76,000 amid concurrent U.S.-Iran peace-talk optimism. Shares of Strategy have surged roughly 37% from their low of $120 in April. The firm carried $14.5B in Q1 unrealized losses and a compressed mNAV premium, factors that could limit the equity’s upside leverage to bitcoin even as the underlying asset advances.

COINBASE – QUANTUM RISK AND RETAIL BUYBACK: Coinbase (COIN) published a position paper from its newly formed Quantum Advisory Council concluding that while no existing quantum computer can break current cryptographic standards, the likelihood of one eventually doing so is high, potentially within a decade or sooner, and that a multi-year migration to quantum-resistant cryptography must begin now rather than at the point of crisis, according to the Coinbase blog. The paper identifies the primary near-term vulnerability not at the mining or chain-data layer, but at the wallet level: quantum machines could eventually break current digital signature schemes used to prove on-chain ownership, with approximately 6.9M bitcoin sitting in more-exposed address types. Proof-of-stake chains face added exposure through validator signature schemes, though ether has a published migration roadmap that the paper notes could simultaneously improve scalability. The deployment bottleneck is coordination: post-quantum signatures standardized by NIST are significantly larger than current schemes, creating friction in transaction speed, fees, and storage, while migrating wallets across a decentralized ecosystem presents an industry-wide governance challenge that Coinbase says it is actively working to help resolve through hardware and infrastructure partnerships.

CORE SCIENTIFIC LAUNCHES $3.3B DEBT OFFERING BACKED BY COREWEAVE REVENUE: Core Scientific (CORZ) filed an 8-K disclosing a proposed $3.3B senior secured notes offering due 2031 through subsidiary Core Scientific Finance I LLC, aimed at refinancing a 364-day bridge credit facility. Supplemental materials included with the filing show approximately $7.8B in illustrative revenue across six AI data center projects totaling roughly 590 MW, all licensed to CoreWeave (CRWV). The size of the debt raise and its explicit linkage to contracted CoreWeave capacity makes this one of the largest infrastructure-backed bond offerings from a former bitcoin miner, reflecting how deeply the sector has pivoted toward high-performance compute as a primary revenue driver.

CORPORATE BITCOIN TREASURY DISCLOSURES: Several publicly traded firms provided crypto-asset treasury updates on Tuesday. Hyperscale Data (GPUS) disclosed its bitcoin holdings surpassed $50.3M, 663.3130 bitcoin at $75,872 per coin, crossing the halfway mark toward its stated $100M bitcoin treasury goal after purchasing approximately 13.2 bitcoin in the week ended April 19. DDC Enterprise (DDC) filed its annual report disclosing record FY25 revenue, positive adjusted EBITDA, and a bitcoin treasury that grew to 2,383 bitcoin as of April 21. Eightco Holdings (ORBS) disclosed total holdings of approximately $336M comprising $90M in OpenAI equity, $25M in Beast Industries equity, 283.5M worldcoin (WLD-USD) tokens, 11,068 ether, and $118M in cash and stablecoins.

INFRASTRUCTURE UPDATES: Rumble (RUM) filed a communication confirming the acceptance window for its voluntary public exchange offer to acquire all shares of Northern Data AG (SLNH) disclosed a fourth expansion of its Blockware partnership, adding 3.3 MW at Project Dorothy 1B, a wind-powered 25 MW data center, and bringing Blockware’s total deployed capacity across Soluna facilities to over 17 MW.

PRICE ACTION: As of time of writing, bitcoin was trading at $75,781.97 while ether was trading at $2,309.50, according to price data from TipRanks.