Written by Sam Bourgi, Staff Editor. Reviewed by Robert Lakin, Staff Editor. Crypto Biz: Same players, bigger bets as crypto eyes a rebound
Familiar players ramp up Bitcoin and Ether bets as markets hint at a rebound, while institutions test blockchain rails and US lawmakers stall on crypto rules this week.
Familiar names have been aggressively accumulating Bitcoin (BTC) and Ether (ETH), but this time, their buying comes amid early signs of a market reversal.
This week, Strategy made one of its largest Bitcoin purchases on record, bringing its total holdings well north of 800,000 BTC. Bitmine Immersion Technologies, despite sitting on steep unrealized losses, executed its largest Ether purchase since December.
Beyond digital asset treasuries, traditional finance continues to test blockchain infrastructure, with Japan exploring the use of government bonds onchain. In the United States, regulation is still grinding forward, albeit slowly, as lawmakers remain divided over key market-structure legislation.
This week’s Crypto Biz revisits those familiar names and strategies, alongside the latest developments at the intersection of technology and regulation.
Strategy doubles down with $2.5 billion Bitcoin buy
Michael Saylor’s Strategy is back in accumulation mode, adding 34,164 Bitcoin in a $2.54 billion purchase that pushed its total holdings to 815,061 BTC.
The latest buy — one of the company’s largest ever — was executed at roughly $74,395 per coin, bringing its total Bitcoin spend to more than $61.5 billion. The move cements Strategy’s position as the largest institutional BTC holder, with its treasury now the owner of a significant share of total supply.
The purchase was funded through at-the-market sales of preferred and common stock, underscoring Strategy’s continued reliance on capital markets to finance its Bitcoin accumulation.
Source: Michael Saylor
BitMine ramps up ETH accumulation
BitMine Immersion Technologies continued building its Ether position, purchasing 101,627 ETH in its largest single acquisition since December. The latest buy brings the company’s total holdings to roughly 5 million ETH, extending a multi-week accumulation streak.
The purchase is the latest signal that BitMine remains committed to its long-running Ether treasury strategy rather than a shift in direction, despite being severely underwater on its position.
With holdings now representing a notable share of circulating supply, the company is advancing toward its stated goal of controlling around 5% of all ETH, even as market conditions remain uneven.
BitMine is the largest ETH treasury company. Source: CoinGecko
Japan tests government bonds on blockchain rails
Japan Securities Clearing Corporation is testing the use of Japanese government bonds as collateral on the Canton Network, marking another step toward tokenization in traditional finance. The pilot will explore whether existing financial assets can be used onchain without altering their legal status.
The pilot involves major institutions, including Mizuho Financial Group and Nomura Holdings, along with blockchain developer Digital Asset. The initiative is focused on improving collateral mobility and settlement efficiency, particularly in cross-border transactions.
US senator presses pause on crypto markup
Senator Thom Tillis has called for more clarity on digital asset legislation, urging Senate Banking Chair Tim Scott to delay a planned markup of the CLARITY Act. The request has pushed the timeline from April into May as lawmakers work through unresolved issues.
At the center of the debate are disagreements over how certain provisions, including those tied to stablecoins, should be structured. The delay underscores ongoing divisions in Washington, where efforts to establish a comprehensive crypto framework continue to face pushback from both traditional finance and digital asset stakeholders.
Source: Brendan Pedersen
Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.