Large corporate holders have continued recent significant cryptocurrency purchases while the market is affected by geopolitical tensions and ETF outflows. Despite institutional withdrawals from spot ETFs, several public treasuries and allocators have substantially increased holdings in Bitcoin and Ethereum recently.

Major purchases

BitMine, led by Tom Lee, purchased an additional 50,928 ETH over the past week, bringing its reserves to 4.47 million ETH.

That stake represents 3.71% of the total Ethereum supply, and the firm has set a long-term target of accumulating 5% of emission.

The company describes this accumulation plan as "alchemy of five percent", framing it as a multiyear treasury allocation strategy across Ethereum holdings.

Bitcoin acquisitions

Michael Saylor's strategy executed its 101st Bitcoin purchase, acquiring 3,015 BTC for approximately $204.1 million at an average price of $67,700 per coin.

The firm's total Bitcoin reserve reached 720,737 BTC, representing more than 3.4% of the maximum 21 million coin supply under the cap.

Since August 2020, the company has spent $54.77 billion, recording an average acquisition price of $75,985 per Bitcoin to date overall.

Anthony Pompliano's ProCap Financial purchased 450 BTC for about $35 million, increasing holdings to 5,457 BTC and becoming the nineteenth largest public corporate holder.

ETF outflows and market context

At the same time, investors withdrew more than $9 billion from U.S. spot Bitcoin and Ethereum ETFs over the past four months.

$6.39 billion left Bitcoin funds, marking four consecutive months of net outflows since their January 2024 launch, while Ethereum ETFs lost $2.76 billion.

This is the largest institutional withdrawal from spot crypto funds to date, reflecting reduced institutional appetite after Bitcoin's October peak above $126,000.

Balance of flows

Public treasuries and corporate holders are increasing allocations as ETF investors withdraw, creating a market balance between holdings growth and sentiment shifts.

Which approach will prevail—accumulation by a few large holders or broader investor reallocation—will be determined by market developments and time.