While institutional purchases in the crypto market continue unabated, two significant moves have been noted in both Bitcoin and Ethereum. Strategy's recent Bitcoin purchase further increased the company's market share, while Bitmine's Ethereum holdings now encompass a significant portion of the supply. Strategy acquired an additional 13,927 Bitcoin for approximately $1 billion, with an average purchase price of $71,902. This latest transaction brings the company's total Bitcoin holdings to 780,897 BTC. The company's total investments to date reach $59.02 billion, with an average cost of $75,577.
This size makes Strategy by far the largest institutional Bitcoin investor. The amount of BTC held by the company represents approximately 3.8% of the total circulating supply. This percentage indicates a very high concentration compared to other publicly traded companies. The company's CEO, Michael Saylor, shared a noteworthy calculation regarding the sustainability of their Bitcoin strategy. Accordingly, Strategy's BTC holdings only need to appreciate by 2.05% annually to cover its preferred stock dividends. This rate is quite low compared to Bitcoin's historical performance.
Strategy's financing model also stands out at this point. The company largely finances its Bitcoin purchases through a variable-rate preferred stock instrument. The income from this instrument, which offers an annual return of approximately 11.5%, is directly reinvested in new BTC purchases. Based on the current reserve level, it is calculated that dividend payments can be covered for approximately 48 years.
Purchases continue despite significant losses
Despite this aggressive buying strategy, the company faces significant fluctuations in the short term. In the first quarter of 2026, Strategy's digital asset portfolio incurred approximately $14.5 billion in unrealized losses. The approximately 20% pullback in the Bitcoin price caused it to fall below the average cost. Nevertheless, the company's continued purchases indicate that its long-term outlook is maintained. Strategy also announced that it has achieved a 5.6% "BTC Yield" since the beginning of 2026. This metric stands out as one of the key indicators measuring the company's Bitcoin performance per share.
The company's purchasing pace has also outpaced the new supply in the market. While global miners produced approximately 16,200 BTC in March 2026, Strategy purchased over 46,000 Bitcoin during the same period. This situation brings the discussions about the supply-demand balance in the market back to the forefront.
It is stated that Strategy's current funding capacity is over $57 billion. This indicates that similar large-scale purchases may continue in the coming period. Analysts estimate that if the current pace is maintained, the company could reach the 1 million BTC threshold towards the end of 2026.
Bitmine also purchased ETH
On the other hand, a similar accumulation is also noticeable on the Ethereum side. With its latest purchase, Bitmine added another 71,524 ETH to its portfolio. Thus, the company's total Ethereum holdings reached 4,874,858 ETH. The average cost is stated as $2,206, which represents approximately 4.04% of the Ethereum supply.
