Institutional Titans Double Down on Bitcoin and Ethereum 

Key Takeaways

• Strategy (Michael Saylor) bought 34,164 BTC on 20 April 2026 for US$2.54 billion. Total holdings now 815,061 BTC (~US$61.56 billion) at an average cost of US$75,527.
• Strategy now sits roughly 12,000 BTC ahead of BlackRock’s IBIT spot ETF (802,823 BTC), flipping a lead IBIT had held since Q2 2024. First time a corporate treasury has topped the largest spot ETF.
• Bitmine (Tom Lee) acquired 101,627 ETH, its largest weekly purchase since December 2025. Total now 4.98 million ETH, roughly 4.1 per cent of supply.
• XRP-focused DAT Evernorth has filed an amended S-4 with the SEC and is pre-listing on NASDAQ under ticker XRPN via SPAC merger.
• Major DAT players are deploying billions at current prices, on the view that this is an accumulation zone rather than weakness.
• Spot as of 22 April: BTC popped to around US$78,000, the highest level in weeks, on the extended US-Iran ceasefire. ETH back above US$2,390.

Despite a grinding 2025/2026 bear market and prolonged sideways price action widely viewed as an accumulation zone, two of the largest Digital Asset Treasury (DAT) strategies are aggressively expanding their holdings in the top two cryptocurrencies.

Prices have also caught a bid this week. Bitcoin popped to around US$78,000 on Wednesday on news of an extended US-Iran ceasefire, the highest level we have seen in weeks. Ethereum has pushed back above US$2,390. Whether this is a durable bottom or a ceasefire bounce inside a wider range is an open question, but the DAT accumulation thesis has another tailwind.

On April 20, 2026, Strategy (led by Michael Saylor) announced the purchase of 34,164 BTC for approximately US$2.54 billion at an average of US$74,395 per coin. The company now holds 815,061 BTC, acquired for a total of around US$61.56 billion. Meanwhile, Tom Lee’s Bitmine executed its largest weekly ETH purchase since December 2025, acquiring 101,627 ETH and lifting its total to 4.98 million ETH, roughly 4.1 per cent of total supply.

XRP-focused Digital Asset Treasury Evernorth is on the cusp of its NASDAQ debut. A substantial XRP allocation already anchors its balance sheet, earmarked for immediate deployment across the ecosystem, including liquidity provisioning, RWAs, and institutional corridors on the XRPL.

The move signals deepening institutional conviction in XRP as a leading bridge asset. Long-term, Evernorth is structurally positioned as XRP matures into global digital infrastructure.

This coordinated buying and positioning by major DAT players signals deep institutional conviction that current prices represent what they view as a generational entry point rather than weakness. Far from retail panic, these moves reflect disciplined, long-horizon capital deployment into scarce digital assets.

Positioning benefits are clear across timeframes. In the near term, the purchases provide immediate liquidity support and reduce available supply, helping stabilise prices during the accumulation phase. Medium-term, as macro conditions improve and a new bull cycle begins, these oversized treasuries could deliver outsized returns through both price appreciation and yield metrics (Strategy already reports 9.5 per cent BTC Yield YTD). Long-term, the entities are structurally positioned as leaders in the emerging digital economy, with massive balance sheets that could appreciate dramatically if Bitcoin and Ethereum solidify as global reserve and settlement assets.

In short, while the market feels stagnant, the smart money is voting with billions that the bottom of this cycle is near.

This article is general information only and does not constitute financial advice. Past performance is not indicative of future results. Always conduct your own research or consult a licensed financial adviser before making investment decisions.