Jury selection opened on April 27 in federal court in Oakland, California, in the civil trial pitting Elon Musk against OpenAI and CEO Sam Altman over the company’s transformation from a nonprofit research lab into a for-profit enterprise worth approximately $852 billion.

The Musk OpenAI trial opened on April 27 in Oakland’s federal district court, with jury selection beginning in a civil case that Yahoo Finance reported carries the potential to determine OpenAI’s corporate structure at precisely the moment the company is preparing for a blockbuster IPO. Judge Yvonne Gonzalez Rogers, who is presiding, has described the case as “billionaire vs. billionaire” and will retain ultimate authority over any remedies, with the nine-person jury serving in an advisory capacity only.

Musk OpenAI Civil Trial Puts the Future of the Company on the Stand

Musk co-founded OpenAI in 2015 with Altman and a small group of others as a nonprofit organization explicitly committed to developing AI for the benefit of humanity rather than shareholders. He claims he donated more than $44 million under that premise and that Altman subsequently manipulated the company into a for-profit structure to enrich himself and others, in what Musk’s lawyers called “perfidy and deceit of Shakespearean proportions.” NPR reported that OpenAI’s current valuation sits at approximately $852 billion according to the company’s own court filings, with close to a billion people using its products weekly, making the remedies Musk is seeking among the most consequential ever sought in a Silicon Valley civil case. OpenAI has dismissed the litigation as a campaign driven by jealousy and competitive spite, arguing that Musk was aware of and at times advocated for the for-profit conversion, and that he pushed to fold OpenAI into Tesla before leaving the board in 2018 after a power struggle.

What a Musk Victory Would Mean for OpenAI’s IPO Ambitions

The trial arrives at what may be OpenAI’s most commercially exposed moment. As crypto.news reported, a finding against OpenAI in the Musk lawsuit could disrupt SoftBank’s commitment to OpenAI’s $40 billion funding round, which was already reported to be at risk of shrinking from $30 billion to $20 billion if the company’s restructuring faced legal interference. OpenAI completed a recapitalization in October 2025 that left the nonprofit with a controlling stake in the for-profit business, a structure the attorneys general of California and Delaware approved. Among the remedies Musk is seeking is the forced return of all profits from the for-profit conversion to OpenAI’s charitable foundation, and the removal of Altman and co-founder Greg Brockman as officers. A finding of liability would trigger a separate remedies phase before Judge Gonzalez Rogers alone, beginning May 18.

The Broader AI Governance Question Behind the Lawsuit

Musk has framed the case as having implications well beyond OpenAI. In court filings, he argued that OpenAI’s conduct “could represent a paradigm shift for technology start-ups,” claiming that if allowed to stand, the structural conversion sets a precedent for how AI safety commitments made during nonprofit fundraising can be abandoned for commercial gain. As crypto.news documented, OpenAI has been rapidly expanding its commercial infrastructure into financial services, advertising, and enterprise AI tooling throughout 2026, moves that reinforce how far the company has moved from its founding safety-first mandate. Musk himself has since launched xAI, a for-profit AI competitor, which OpenAI cites as evidence that his lawsuit is commercially rather than ethically motivated. As crypto.news tracked, OpenAI crossed $10 billion in annual revenue in mid-2025 and is projecting close to $30 billion in 2026, a commercial scale that makes the question of who controls the company’s mission more consequential than at any prior point in its history.

Opening arguments are scheduled to follow jury selection on April 27, with the trial expected to run approximately four weeks before the advisory jury delivers its liability finding to Judge Gonzalez Rogers.

Industry coalition says JPX’s consultation would add a vague, asset-specific screen to a benchmark that already has objective investability rules.

Nashville, TN — April 26, 2026 — Bitcoin For Corporations (BFC), in coordination with member companies and other affected market participants, today called on JPX Market Innovation & Research, Inc. (JPX) to withdraw its proposed exclusion of companies whose principal asset is cryptoassets from new inclusion in TOPIX and other periodically reviewed indices.

JPXI’s April 3, 2026 consultation does not publicly propose a specific numerical threshold. Instead, it states that, “for the time being,” companies whose principal asset is cryptoassets would be deferred from new inclusion in TOPIX and other periodically reviewed indices. The consultation also states that the proposal would not apply to companies already in the index.

BFC and participating companies oppose the proposal because it is not a true investability rule. TOPIX already has objective criteria designed to protect investability and stability, including liquidity screens, free-float-adjusted market capitalization criteria, continuation buffers, and existing treatment for delistings and other listing-quality events. The proposed crypto-asset exclusion does not measure liquidity, free float, replicability, or listing quality. It instead excludes companies because of the composition of their balance sheet.

“TOPIX is meant to be a broad, neutral, investable benchmark of the Japanese equity market,” said George Mekhail, Managing Director of Bitcoin For Corporations. “If a company satisfies the ordinary market-based eligibility standards, excluding it because of one asset category is not a normal investability screen. It is a policy judgment about one asset class, and it does not belong in the methodology of a flagship market benchmark.”

BFC said the proposal raises four core concerns

1. It is not a proper investability rule. The consultation is framed in the language of investability and stability, but the proposed exclusion does not address the criteria that normally determine whether a stock belongs in a broad market index: liquidity, free float, market capitalization, and listing quality. It introduces an asset-specific screen into a benchmark that already has objective eligibility rules.
2. It is too vague to administer coherently. The consultation refers to companies whose “principal asset is cryptoassets,” but does not explain how that standard would be applied in practice. It does not say whether the test would be based on parent-company holdings or consolidated holdings, whether it would look through subsidiaries or affiliates, or whether indirect exposure through securities or similar instruments would be captured. A rule that cannot be applied clearly and consistently should not be inserted into a flagship benchmark.
3. It creates obvious form-over-substance arbitrage. If direct Bitcoin holdings by a parent company are disfavored, but equivalent exposure through a wholly owned subsidiary, an affiliated company, or a strategic equity position is not, then the rule is targeting legal form rather than economic substance. That would encourage balance-sheet engineering rather than improve index quality.
4. It is preemptive and open-ended. October 2026 will be the first periodic review under the next-generation TOPIX framework in which Standard and Growth market companies can become eligible through the new process. Yet JPX is proposing to exclude a category of companies before they have even been assessed under the ordinary criteria. At the same time, the consultation says the exclusion would apply “for the time being,” without setting out a clear review period, exit standard, or sunset mechanism. That is not a disciplined framework. It is an indefinite deferral with uncertain boundaries.

BFC also noted that major global index providers have treated this issue with greater caution. MSCI considered a threshold-based exclusion for digital-asset treasury companies and ultimately did not adopt a blanket exclusion, instead acknowledging the need for further work to distinguish operating companies from non-operating or investment-like entities. FTSE Russell has not announced a comparable blanket exclusion. In BFC’s view, JPX should show the same restraint rather than moving ahead with a crypto-only exclusion before a broader principle has been defined.

More broadly, BFC said the issue extends to the neutrality, credibility, and representativeness of Japan’s flagship equity benchmark.

“If JPX believes there is a broader question about highly concentrated or investment-like companies, then an asset-neutral framework applied consistently would be more appropriate,” Mekhail said. “Singling out one asset class by introducing a vague rule that is easy to evade and difficult to administer would be unprecedented and untethered from TOPIX’s actual investability criteria.”

Bitcoin For Corporations and participating market participants are calling on JPXI to:

• Withdraw the proposed exclusion for companies whose principal asset is cryptoassets.
• Preserve TOPIX as a neutral, broad, rules-based benchmark tied to objective investability and listing-quality standards.
• Refrain from adopting an open-ended deferral without a clear review process, exit standard, or sunset mechanism.
• Engage with issuers and market participants on any broader, asset-neutral framework before changing TOPIX methodology.

Organizations and individual investors may review the full position letter and add their signatures at: topix.bitcoinforcorporations.com

About BTC Inc

BTC Inc. is the world’s leading Bitcoin media enterprise, operating Bitcoin Magazine, The Bitcoin Conference, and Bitcoin for Corporations. Through its media, events, and educational platforms, BTC Inc. delivers trusted news, research, and experiences that advance Bitcoin adoption among individuals, institutions, and enterprises worldwide.

BTC Inc is a subsidiary of Nakamoto Inc. (NASDAQ: NAKA), a publicly held Bitcoin company that owns and operates a global portfolio of Bitcoin-native enterprises.

Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements, as defined under U.S. federal securities laws. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “intend,” “could,” “would,” “may,” “plan,” “will,” “seek,” “target,” or the negative of such terms or other variations thereof. However, the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements in this press release include, but are not limited to, statements regarding BTC Inc.’s business plans and strategies, including plans for new products, services, and media platforms; projected or targeted audience size, reach, impressions, and distribution; expected launch dates and production schedules; the Company’s advocacy positions and the expected outcomes of industry and regulatory engagement; and the anticipated role and growth of Bitcoin-related media, events, and educational services.

These forward-looking statements are inherently uncertain and involve numerous assumptions and risks. Factors that could cause actual results to differ materially from those projected include, but are not limited to: (i) the volatility of Bitcoin prices and its effect on audience interest, advertiser demand, and the commercial viability of Bitcoin-focused media; (ii) changes in audience size, engagement, or platform distribution that could affect BTC Inc.’s reach or revenue; (iii) the risk that new products or services, including new media platforms, may not launch on schedule, achieve projected audience levels, or generate anticipated revenue; (iv) the risk that advocacy or industry engagement efforts may not achieve their intended outcomes; (v) dependence on third-party distribution platforms whose policies, algorithms, or terms of service may change; competition from other media companies and content providers; (vi) the evolving regulatory environment for digital assets and its potential impact on BTC Inc.’s operations, content, and audience; (vii) reliance on key personnel and creative talent; the risk that projected audience metrics, impressions, or distribution figures may not be achieved or sustained; (viii) risks associated with the integration of BTC Inc. into Nakamoto Inc.’s operations following the February 2026 acquisition; (ix) general economic conditions and their impact on advertising and events revenue; and (x) other important factors detailed in Nakamoto Inc.’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents that are filed, or will be filed, with the SEC and that are or will be available on Nakamoto’s website at www.nakamoto.com and on the website of the SEC at www.sec.gov.

Because Nakamoto Inc. (NASDAQ: NAKA) is the parent company of BTC Inc., investors in Nakamoto Inc. common stock should be aware that the performance and risks of BTC Inc.’s media, events, and educational businesses may affect Nakamoto Inc.’s business, financial condition, results of operations, and stockholder value.

A new policy analysis from Blockchain for Europe contends that the European Union’s landmark Markets in Crypto-Assets Regulation (MiCA) has produced euro-denominated stablecoins that are ultra-safe but commercially weak. The authors argue this has left the bloc lagging behind US dollar–pegged tokens in digital payments, liquidity provision, and on-chain trading, even as the euro remains a dominant global currency. According to Cointelegraph, DeFiLlama data show euro stablecoins account for less than 1% of global stablecoin volume, a stark underutilization given Europe’s broader financial footprint.

Drafted by European Central Bank official Ulrich Bindseil and Blockchain for Europe’s Erwin Voloder, the report centers on MiCA’s rules for euro electronic money tokens (EMTs). These tokens must be fully backed and are prohibited from paying interest. That remuneration ban was intended to prevent stablecoins from acting as deposit substitutes; however, the authors argue it pushes MiCA-compliant euro EMTs into a “downward-sloping” portion of a regulatory Laffer curve, where heightened restrictions depress the activity the framework is designed to govern. In a world of rising rates, the zero-interest remit is presented as a structural handicap.

The paper also takes aim at MiCA’s reserve requirements, noting that at least 30% of EMT reserves must be held as bank deposits, a threshold that climbs to 60% for significant issuers. The authors call this provision a feature not paralleled in stablecoin regulation abroad and advocate a shift toward a principle-based approach compatible with the EU’s Liquidity Coverage Ratio (LCR) framework and a broader mix of high-quality euro assets. Rather than a wholesale rewrite, the study urges targeted reforms to EMT reserve, remuneration, and transparency rules while proposing that large issuers should have carefully bounded access to central bank settlement accounts during severe stress scenarios.

Key takeaways

• MiCA’s euro EMT framework prioritizes safety and transparency but may curtail market activity by prohibiting yield on reserves and imposing strict reserve-rule thresholds.
• DeFi and on-chain liquidity in euro stablecoins remain disproportionately small relative to Europe’s financial scale, suggesting a competitive gap with USD-backed tokens and their yield mechanisms.
• A shift toward principle-based liquidity standards and a broader asset mix could preserve safety while improving competitiveness for euro EMTs.
• The debate feeds into broader policy considerations about MiCA 2.0, with regulators weighing safety safeguards against the need for market maturity and cross-border competitiveness.
• Stability and supervisory concerns persist, including potential concentration of demand in euro-area sovereign bonds during redemptions and the risk of regulatory arbitrage if safeguards are weakened.

MiCA’s euro EMT framework: safety versus market relevance

The analysis underscores a fundamental tension in MiCA’s euro EMT rules. By mandating full collateral backing and banning remunerations, the framework aims to curb the risk that EMTs become mere substitutes for bank deposits. Still, the authors argue that this combination—strict safeguards paired with zero interest—creates a competitive disadvantage in a positive-rate environment. In practice, euro EMTs may appeal to risk-conscious institutions seeking stability, but their utility for yield-seeking users or liquidity providers could be limited relative to dollar-pegged tokens or euro-denominated products that distribute yields through alternative mechanisms.

Beyond the remuneration constraint, the 30% reserve floor (60% for larger issuers) is highlighted as a distinctive EU feature. The report contends that these thresholds are not aligned with comparable regimes in other major jurisdictions, potentially raising funding costs and dampening liquidity. The authors propose replacing rigid numeric thresholds with a more flexible, risk-based regime that mirrors the EU’s LCR language and would allow a diversified reserve mix consisting of high-quality euro assets that meet liquidity objectives without the rigidity of a fixed percentage.

Regulatory context and policy debate

The paper situates its recommendations within a broader, ongoing policy conversation around MiCA’s global competitiveness. As Europe contemplates “MiCA 2.0,” officials signal a willingness to revisit the framework to keep pace with market maturation, a stance echoed by Brussels’ policy discourse. At the same time, supervisory authorities warn against diluting safeguards. The European Banking Authority (EBA) has warned that proposed changes to MiCA’s technical standards could erode protections and elevate arbitrage risk if not carefully calibrated. This tension highlights the high-stakes balancing act facing regulators: foster innovation and cross-border activity while preserving safety and financial stability.

On a cross-jurisdictional basis, comparisons with U.S. policy are instructive. The US Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which prohibits interest payments on balance holdings of payment stablecoins, shares a similar safety motive but operates in a different market architecture. In the U.S., dollar-pegged stablecoins remain central to DeFi lending pools and other on-chain yield strategies, which helps attract liquidity without issuer-paid yields. The divergent design choices between MiCA and U.S. policy frameworks illuminate how regulatory intent translates into distinct market structures and risk profiles.

Stability considerations and macroprudential context

Macroprudential analysis from the European Central Bank this year has drawn attention to the potential systemic implications of large-scale euro-stablecoin adoption. The ECB cautions that significant growth in euro stablecoins could concentrate demand in short-dated euro-area government bonds, potentially impacting yields and liquidity during periods of redemptions. The report’s authors echo the concern that supervisory frameworks must carefully manage these dynamics as stablecoins scale within Europe’s financial ecosystem. In this view, the rigidities embedded in MiCA’s EMT rules could hamper timely risk management and liquidity provisioning in stress scenarios, unless reforms are crafted to preserve both safety and operational resilience.

Overall, the analysis frames MiCA’s euro EMT regime as a carefully calibrated, safety-first model that may need calibrated adjustments to remain effective as markets mature. The authors advocate a targeted reform path rather than a sweeping overhaul, arguing that a more flexible reserve and remuneration regime, grounded in robust liquidity standards and asset diversity, would better align EU policy with evolving market practice while maintaining the protective intent of MiCA.

Prospects for MiCA 2.0 and regulatory oversight

The report arrives as policymakers weigh the scope of a potential MiCA 2.0 overhaul. Proponents argue that updates could refine liquidity principles, enhance transparency, and ensure Europe remains competitive in a global digital-asset landscape. Critics, however, warn that loosening safeguards could invite arbitrage and stability risks if not matched with rigorous supervisory standards. Regulators are likely to consider empirical evidence from market development, including euro-stablecoin usage, cross-border settlements, and the resilience of EMT issuers under stress.

For market participants—issuers, banks, exchanges, and institutional allocators—the discussion signals a shifting preference for clarity on reserve composition, yield mechanics, and settlement access. The policy trajectory will bear on licensing decisions, cross-border cooperation, and the integration of stablecoins with traditional payment rails and central-bank money infrastructure. In particular, the debate touches on licensing regimes for EMT issuers, eligibility criteria for settlement accounts, and the alignment of EMT operations with AML/KYC frameworks and broader compliance standards.

Closing perspective

As Europe weighs refinements to MiCA, the central questions revolve around preserving financial stability and investor protection without stifling innovation or liquidity. The ongoing dialogue signals a nuanced policy path: targeted adjustments that acknowledge market realities while retaining the safeguards essential to regulatory resilience. Watch for further regulatory filings, official statements, and sectoral feedback as MiCA’s evolution continues to unfold, with implications for institutions, markets, and cross-border operations alike.

BitMine Immersion Technologies, the Ether treasury company backed by Fundstrat’s Tom Lee, expanded its ETH holdings for a second straight week, purchasing an additional 101,901 ETH last week. The new addition lifts BitMine’s ETH stash to roughly 5.08 million and pushes its overall crypto-and-cash reserves to about $13.3 billion, according to market tracking and disclosures cited by industry observers.

The ongoing accumulation comes even as the firm sits on sizable unrealized losses tied to its ETH tranche, highlighting the risk-reward calculus involved in large-scale crypto treasury management during periods of elevated volatility.

The latest buy follows an earlier move of 101,627 ETH a week prior, which Cointelegraph described as the largest accumulation by BitMine since December 2025. That earlier purchase was noted by Cointelegraph as a notable uptick in sustained treasury buying during a period of price fluctuations for Ether.

In addition to the hard-layer exposure, BitMine’s public disclosures show a substantial gap between the book value of its ETH holdings and the current mark-to-market value. Unpacked, the company’s unrealized losses on the ETH treasury exceed $6.5 billion, based on total investments around $17.6 billion. The figure underscores how recent Ether price swings have amplified the drag on balance sheets even as the company continues to deploy capital into ETH.

The stock market side of BitMine reflects a separate pressure. BMNR, the NYSE-listed ticker for BitMine Immersion Technologies, has declined more than 20% year-to-date, according to Yahoo Finance data. That performance contrast—strong buy activity in the treasury alongside a downbeat equity mood—illustrates the divergent paths crypto-focused corporates can navigate when asset prices and broader risk sentiment diverge.

Nevertheless, BitMine has not stood idle on the yield front. The company reports staking roughly 3.7 million ETH, a step that generates rewards by contributing to Ethereum’s security and transaction validation process. In a market where price moves dominate headlines, staking offers a potential ongoing income stream that can help offset some near-term declines, though it does not fully shield balance sheets from drawdowns during sharp downturns.

Context for these moves is crucial. Ether’s price action in recent weeks has offered a glimmer of stabilization after a wave of declines through March. Ether rebounded above $2,400 last week after a dip to around $1,800 earlier in the year, according to TradingView data cited by Cointelegraph. Even with the rebound, Ether remains well below its year-to-date highs, and the asset remains roughly 23% lower on the year. The broader market backdrop—an improving tilt in risk assets alongside still-fragile sentiment—helps explain why treasury players like BitMine are doubling down on holdings amid volatility.

Analysts and market observers point to the tension at play in large crypto treasuries: the upside of accumulating strategic reserves during price weakness versus the downside of mark-to-market losses when markets turn against those accumulations. The yield from staking provides a counterpoint to this risk, but it does not replace the need for discipline in capital deployment or risk management. For investors and managers alike, the question remains how much longer these large-scale purchases can continue if Ether’s price remains volatile or if regulatory and macro conditions shift meaningfully.

BitMine’s approach also highlights a broader question for corporate and institutional treasuries in crypto: when does ongoing accumulation begin to tilt the balance toward longer-term strategic positioning vs. the immediacy of mark-to-market volatility? The company’s leadership—backed by notable figures such as Fundstrat’s Tom Lee—appears to envision a thesis where continued accumulation is part of a multi-year strategy, but the path is clearly defined by price cycles, staking yields, and the evolving risk landscape.

Additionally, observers are watching how such treasury strategies interact with the broader market’s liquidity environment. As Ether price cycles evolve, the ability of large holders to realize or offset losses may hinge on liquidity, staking rewards, and the pace at which new capital can be deployed without triggering outsized price impact. In this context, BitMine’s ongoing purchases and staking activity provide a real-world case study in how corporate crypto reserves can navigate a choppy market while pursuing yield-generation opportunities.

What comes next remains uncertain. If Ether continues its tentative stabilization alongside a broader improvement in risk appetite, BitMine and peers may press further into accumulation, potentially signaling institutional confidence in Ethereum’s long-run fundamentals. Conversely, renewed volatility or macro headwinds could test the durability of this strategy and the capacity of treasuries to sustain large, mark-to-market losses while maintaining growth of reserves and yield streams.

As investors weigh these developments, market watchers will monitor Ether’s price trajectory, staking yields, and corporate treasury disclosures for signs of how risk-taking is evolving in crypto-native balance sheets. The coming weeks will be telling in whether BitMine’s strategy proves resilient amid ongoing price swings or whether the unrealized losses will force a re-evaluation of appetite for heavy ETH exposure.

Watch next for how Ether’s price action interacts with treasury strategies across the sector, and whether BitMine’s continued purchases will influence market sentiment or simply reflect a broader risk posture among crypto-linked enterprises.

References: Wu Blockchain reported the latest ETH purchase; Cointelegraph noted the prior week’s 101,627 ETH as the largest accumulation since December 2025; Dropstab data cited unrealized losses topping $6.5 billion on a roughly $17.6 billion ETH portfolio; Yahoo Finance tracks BMNR stock performance; Ether price context drawn from TradingView data via Cointelegraph.

Key takeaways:

• Persistent spot market accumulation from Bitcoin ETFs and Strategy provided a price floor for Bitcoin and threatens to trigger a short squeeze.
• Negative funding rates and cautious options skews could trap bears if the Federal Reserve policy shifts or high oil prices trigger higher inflation.

Bitcoin (BTC) price sustained levels above $76,000 for the past week, distancing itself from its year low at $60,500. The recent bullish momentum came as crude oil prices jumped above $100 and the S&P 500 hit new trading highs, but futures market data may point to a short-term rally-ending outcome for Bitcoin.

A total of $1.4 billion in leveraged short positions near $80,000 has been built over the past 48 hours, according to CoinGlass data, and Bitcoin’s rejection at $79,500 has raised alarm.

Estimated Bitcoin futures liquidation levels, USD. Source: CoinGlass

Federal Reserve decision, inflation data may push Bitcoin above $80,000

The lack of investors’ appetite for bullish Bitcoin leverage has been evident, but a bear trap could spring if the US Federal Reserve adopts a less restrictive monetary policy or if investors anticipate higher inflation, which would reduce the expected net returns from fixed-income assets.

Bitcoin perpetual futures annualized funding rate. Source: Laevitas

The Bitcoin perpetual futures annualized funding rate has remained mostly negative over the past two weeks, a typical sign of growing bearish confidence. Curiously, this happened while Bitcoin’s price jumped to $78,000 from $72,000 on April 9 and most of those bets are at a loss at $76,700. A rally above $80,000 would likely force traders to close their positions.

Data show investors are no longer anticipating interest rate hikes from the Fed, even as Brent crude prices have reclaimed the $100 level. The pressure from high energy prices has a cascading impact on inflation expectations, but the Fed is also concerned with the weakening job market and economic growth.

Implied target rate probabilities for Sept. 16 Fed meeting. Source: CME FedWatch tool

US government bond futures contracts presently indicate 20% odds of interest rates decreasing by September, marking a complete turnaround from one month prior. Traders realized that the Fed is in a tough spot, hence the 3.95% yield on 5-year US Treasury became less appealing. An interest rate cut exerts upward pressure on inflation.

Sustained spot Bitcoin buying supports BTC’s bullish momentum

Bitcoin’s bullish momentum has been driven by the spot market, evidenced by Strategy (MSTR US) adding $255 million in BTC between April 20 to April 26 and the $824 million net inflows into US-listed Bitcoin exchange-traded funds (ETFs). Bitcoin buyers continued to accumulate despite the failed attempts to hold above $79,000.

Related: Critical Bitcoin trend change in works, but analysts say daily close above $80K required

To determine if professional Bitcoin traders are effectively leaning bearish, one should assess the options markets.

Bitcoin options 30-day delta skew (put-call) at Deribit. Source: Laevitas

The Bitcoin options delta skew shows put (sell) options trading at an 11% premium relative to call (buy) options, consistent with a bearish market. Whales and market makers are uncomfortable with downside risk, which reinforces the thesis of a potential bear trap if Bitcoin reclaims $80,000 in the near term.

Further Bitcoin bullish momentum remains far from certain, but as long as spot market demand remains strong, the pressure on short positions may continue to mount. If the current accumulation trend persists alongside a softening of Federal Reserve policy, the resulting liquidity squeeze could easily propel the price well beyond the $80,000 resistance level.

Bitmine crossed 5 million Ethereum tokens on April 27 after buying 101,901 ETH for approximately $236 million, making it the first company in history to hold more than 5 million ETH and the world’s largest corporate Ethereum treasury by a wide margin.

Bitmine ETH holdings officially crossed the 5 million token milestone on April 27 after the company announced total holdings of 5,078,386 ETH as of April 26, purchased at a price of $2,369 per coin. “Bitmine ETH holdings crossed 5 million this past week,” chairman Thomas Lee said. “This is a major milestone as the company moves towards acquiring 5% of the ETH supply.” The latest 101,901 ETH buy was the largest single-week purchase since mid-December 2025.

Bitmine ETH Treasury Reaches 4.21% of Total Ethereum Supply

The 5 million ETH threshold was reached approximately 10 months after Bitmine pivoted from bitcoin mining to a digital asset treasury strategy in June 2025. As crypto.news reported, the company was carrying an estimated $3.5 billion in unrealized losses in February 2026 with average ETH entries around $3,960, but continued accumulating through the drawdown. At $2,369 per coin, the 5,078,386 ETH position is worth approximately $12 billion. Combined with 200 Bitcoin, $940 million in cash, and equity stakes including a $200 million position in Beast Industries and $91 million in Eightco Holdings, total company assets reach $13.3 billion. The firm ranks second among global crypto treasuries overall, behind only Strategy’s 818,334 BTC position worth $63.7 billion. Tom Lee said ETH has outperformed the S&P 500 by 1,696 basis points since the Iran conflict began on February 28, calling it “the ultimate wartime store of value” and attributing its resilience to two structural demand drivers: Wall Street tokenization and agentic AI systems requiring neutral public blockchains.

MAVAN Staking Platform Generates $264 Million Annually

About 3.7 million ETH, or 73% of Bitmine’s total holdings, are now actively staked through MAVAN, the company’s Made in America Validator Network, which launched in March 2026. As crypto.news documented, Bitmine had been building toward this staking infrastructure since January 2026, with the MAVAN platform designed to serve not only Bitmine’s own treasury but also institutional clients, custodians, and ecosystem partners seeking validator infrastructure. At full deployment, the company projects $363 million in annual staking revenue at a 3.033% seven-day yield. Annualized revenue from the current 3.7 million staked ETH already stands at approximately $264 million. As crypto.news tracked, Bitmine’s staking program began in earnest in late December 2025 when the firm made its first major validator deposit of $352 million, laying the operational foundation for what is now the world’s largest corporate Ethereum staking operation.

The Institutional Backing Behind Bitmine’s Accumulation

Bitmine’s investor roster reflects the depth of institutional conviction behind its ETH thesis. As crypto.news noted, the company’s shareholders include ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, and Bill Miller III, alongside Lee himself as a personal investor. The firm uplisted to the New York Stock Exchange main board on April 9, 2026, and has been trading at an average daily dollar volume of $845 million over the five days ending April 24, ranking it 129th among all 5,704 US-listed stocks. BMNR shares showed no movement in pre-market trading following the 5 million ETH announcement, reflecting a market that has largely priced in the accumulation pace.

Bitmine said it remains committed to reaching its “Alchemy of 5%” target, requiring approximately an additional 225,000 ETH to close the gap between the current 4.21% position and the 5% goal.