Bitmine Immersion Technologies has made another massive Ethereum purchase, reinforcing its position as the largest public holder of Ether and pushing closer to its ambitious long-term accumulation target.

Bitmine’s Biggest ETH Buy in Months

The company acquired 101,627 Ether (ETH) during the week of April 13 to April 19, marking its largest purchase since December 2025.

This latest buy continues a streak of aggressive accumulation over the past month, signaling strong conviction despite recent market volatility.

Total Holdings Near 5 Million ETH

Following the purchase, Bitmine now holds:

• 4,976,485 ETH
• Valued at დაახლოებით $11.5 billion
• Roughly 4.12% of total Ethereum supply

The company also maintains additional assets, including:

• 199 Bitcoin (BTC)
• Over $1.1 billion in cash
• Strategic equity stakes in multiple firms

Altogether, Bitmine’s crypto and cash holdings total around $12.9 billion.

Chasing the “5% Supply” Target

Bitmine has made it clear that its goal is to control 5% of Ether’s circulating supply, a strategy it calls the “alchemy of 5%.”

With current holdings, the company is now about 82% of the way to that target.

If achieved, it would represent one of the most concentrated institutional positions in a major cryptocurrency.

Expanding Ethereum Staking Operations

Beyond accumulation, Bitmine is also scaling its staking infrastructure through its MAVAN platform.

• 3.33 million ETH is currently staked
• Generating over $200 million annually in staking rewards

This allows the company to earn yield while holding a large treasury position.

Strategy Reflects Long-Term Bullish Outlook

Chairman Tom Lee said the company believes Ethereum is emerging from a “mini crypto winter,” suggesting the recent downturn may be nearing its end.

Bitmine’s continued buying indicates confidence in:

• Ethereum’s long-term growth
• Institutional adoption trends
• The role of staking in generating sustainable returns

Institutional ETH Accumulation Is Growing

Bitmine’s strategy reflects a broader shift, where public companies are increasingly building crypto treasuries similar to Bitcoin-focused firms.

Ethereum, with its staking yield and smart contract ecosystem, is becoming a key asset in these strategies.

Onchain investigator ZachXBT has publicly challenged MemeCore to justify both its token valuation and supply distribution, raising fresh concerns about transparency in the wake of recent market turbulence.

Questions Over $6B Valuation

ZachXBT called on MemeCore to explain how its M token achieved a multibillion-dollar valuation.

At the time of scrutiny:

• CoinMarketCap valued the token at around $4.3 billion
• CoinGecko placed it closer to $6 billion

Despite the strong market cap, ZachXBT questioned whether there is any fundamental data supporting such a high valuation.

Insider Supply Concerns

A central issue raised was token concentration.

ZachXBT claimed that over 90% of the token supply may be held by insiders, asking the project to clarify:

• How supply is distributed
• What portion is actually circulating
• Whether large holders are team-controlled wallets

Blockchain analytics platform Bubblemaps showed significant concentration among top wallets, though analysts noted that some holdings could be allocated but not yet in active circulation.

No Definitive Proof Yet

While ZachXBT has not provided conclusive onchain evidence confirming the 90% insider claim, he has indicated that further investigation is underway.

MemeCore has not yet publicly responded to the allegations.

Scrutiny Follows RAVE Token Collapse

The investigation comes shortly after the dramatic سقوط of the RAVE token, which:

• Surged from $0.25 to nearly $28
• Then crashed more than 90% within days

ZachXBT previously alleged that RaveDAO may have orchestrated a pump-and-dump scheme, pointing to concentrated holdings and unusual exchange flows.

RaveDAO has denied these accusations, while exchanges including Binance and Bitget are reviewing the situation.

Wider Probe Into Suspicious Tokens

ZachXBT suggested that the issue may extend beyond a single project.

Other tokens flagged for questionable activity include:

• SIREN
• MYX
• COAI
• M (MemeCore)
• PIPPIN
• RIVER

He indicated that these projects may show similar patterns of rapid price increases followed by sharp declines.

Growing Focus on Transparency

The situation highlights ongoing concerns in the crypto market around:

• Token distribution transparency
• Insider control of supply
• Market manipulation risks

As new tokens continue to launch with high valuations, scrutiny from onchain analysts is becoming an increasingly important check on market behavior.

Michael Saylor’s company Strategy has made another massive Bitcoin purchase, pushing its total holdings past 800,000 BTC and reinforcing its position as the largest public holder of the asset.

Massive $2.5 Billion Bitcoin Purchase

Strategy acquired 34,164 Bitcoin for approximately $2.54 billion between April 13 and April 19, according to a recent SEC filing.

The purchase ranks as the company’s third-largest Bitcoin buy ever, highlighting its continued aggressive accumulation strategy.

The coins were bought at an average price of $74,395 per BTC, slightly below Strategy’s overall average purchase price.

Total Holdings Now Above 800K BTC

Following the latest acquisition, Strategy now holds:

• 815,061 BTC total
• Purchased for roughly $61.56 billion

This milestone comes just one week after the company revealed a separate $1 billion Bitcoin purchase, showing how rapidly it continues to scale its position.

Funded Largely Through STRC Offering

A significant portion of the latest purchase was funded through Strategy’s preferred stock offering:

• $2.18 billion (85.7%) came from STRC issuance
• $366 million came from selling Class A shares (MSTR)

The STRC program has become a core funding mechanism for Strategy’s Bitcoin accumulation strategy.

Record-Breaking Buying Activity

The company also set new internal records during the buying period.

On April 13 and 14 alone, Strategy executed massive purchases tied to its at-the-market (ATM) program:

• ~7,741 BTC in one day
• ~9,364 BTC the next day

Combined, these two days accounted for over 17,000 BTC, marking a sharp increase compared to previous weekly averages.

Saylor Teased the Move

Michael Saylor hinted at the purchase ahead of time with a cryptic “Think Even Bigger” post, a pattern he has used before major acquisition announcements.

Dividend Strategy to Boost Demand

Alongside its Bitcoin buying spree, Strategy is also exploring changes to its investor offering.

The company recently proposed semi-monthly dividend payments for its STRC preferred shares, aiming to:

• Stabilize share price
• Increase liquidity
• Attract more investor demand

If approved, Strategy would become one of the few companies globally to offer such frequent dividend payouts.

Strategy Doubles Down on Bitcoin Conviction

This latest purchase reinforces Strategy’s long-term bet on Bitcoin as a primary treasury asset.

Despite market volatility and unrealized losses in prior quarters, the company continues to accumulate aggressively, signaling strong confidence in Bitcoin’s future value.