BitMine has accumulated 4.37% of Ethereum's supply.

Strategy has purchased 24,869 BTC for $2.01 billion. According to a report filed with the SEC, the transactions occurred between May 11 and May 17 at an average price of $80,985.

Strategy has acquired 24,869 BTC for ~$2.01 billion at ~$80,985 per bitcoin and has achieved a BTC yield of 12.6% YTD 2026. As of 5/17/2026, we hold 843,738 $BTC acquired for ~$63.87 billion at ~$75,700 per bitcoin. $MSTR $STRC https://t.co/y1zvePEuym

— Michael Saylor (@saylor) May 18, 2026

The firm holds 843,738 BTC valued at approximately $65.3 billion, representing over 4% of the total supply of the first cryptocurrency. The average purchase price over time has been $75,700, resulting in a paper profit of $1.4 billion.

To finance these purchases, Strategy sold common shares of MSTR for $83.7 million and preferred shares of STRC for $1.95 billion. The company still has limits on further securities sales under existing programs.

On May 14, Strategy agreed to repurchase zero-coupon convertible bonds maturing in 2029, with a face value of $1.5 billion and a buyback price of about $1.38 billion. Among potential funding sources, the company mentioned selling Bitcoin, which contradicts Michael Saylor's previously stated policy of "pure accumulation."

K33 analysts noted that strong demand for STRC creates consistent pressure to buy Bitcoin in the middle of each month. The company has proposed to pay dividends on these shares twice a month instead of once to enhance liquidity.

AI Research

Analyst Willy Woo published the results of an audit of STRC conducted using two AI models, Grok and Gemini Pro, asking the neural networks to assess the risks of the yield instrument.

I ask Grok and Gemini to assess the risks of investing in Strategy's $STRC yield instrument. Then I asked it to estimate a yield that would fairly compensate the investor for the risk undertaken.

Both concluded that 11.5% was underpaying for the risk.

Grok: 17-22% APY
Gemini: 16% APY

— Willy Woo (@willywoo) May 11, 2026

The main question was whether the current yield of 11.5% adequately compensates for the risks involved. Both AI models concluded that investors are significantly underpaid.

According to Gemini Pro's analysis, a fair yield should be 16%. The Grok neural network was even more conservative, estimating the necessary payout range at 17-22% annually.

Gemini's detailed report indicated that the current rate of 11.5% is "significantly overvalued" and does not account for the lack of direct asset backing, as well as risks associated with Bitcoin concentration and potential liquidity loss.

Grok emphasized in its summary that the instrument is essentially a "leveraged proxy on Bitcoin dressed as a yield instrument," and the current rate reflects more market enthusiasm than actual risk compensation.

BitMine Increases Assets to $12.6 Billion

BitMine Immersion Technologies reported holding 5.28 million ETH, which is 4.37% of the total market supply of the cryptocurrency. The platform's total assets have reached $12.6 billion, which includes:

  • Ethereum worth $11.5 billion;
  • 202 BTC;
  • stakes in Eightco and Beast Industries valued at $283 million;
  • $685 million in cash.

BitMine leads public companies in Ethereum reserves and ranks second globally among crypto treasuries, only behind Strategy.

Approximately 4.7 million ETH is staked in BitMine's own staking service MAVAN, yielding 2.8% annually, generating about $289 million per year for BitMine. The company plans to increase its ETH holdings to 5%.

BitMine's chairman, Tom Lee, attributed the growth to institutional interest in blockchain and the potential passage of the CLARITY Act in the U.S. Senate, which he believes will create clear rules for the industry.

In May, Lee stated that the company had nearly reached its Ethereum accumulation goal and plans to slow down its purchasing pace.