Public companies added 4,189 BTC worth $321.5M last week (Apr 20–Apr 26, 2026), with Strategy purchasing 3,273 BTC at an average of $77,906, per Lookonchain's weekly report. BitMine, the Tom Lee-affiliated vehicle, picked up another 101,901 ETH valued at $236M in the same window.
Why it matters
The corporate bid is doing the work that retail and DEX flow is not. Stablecoin market cap grew by just $53M on the week — effectively flat — and DEX spot and perp volumes both declined sharply WoW. The headline-level market looked sleepy, but treasury desks at Strategy, BitMine, and seven other public buyers kept adding, the kind of flow that doesn't care about weekly tape action.
Market impact
Strategy's 3,273 BTC bought at $77,906 marks another leg of the multi-year accumulation thesis at a price that is a discount to its average cost basis. BitMine's 102K ETH add, meanwhile, extends a streak that has made it one of the largest public ETH treasury vehicles, with Tom Lee's Fundstrat framing ETH as a yield-bearing reserve asset. Nine public companies increased holdings on the week — the breadth matters as much as the size, with the dip in DEX activity suggesting the marginal buyer is balance-sheet, not speculative. Watch next week's stablecoin print: a rebound off the $53M trickle would confirm liquidity is thawing; a repeat would frame this accumulation as a shrinking pool of buyers lifting the market.
Frequently asked questions
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How much BTC did Strategy buy last week?
Strategy purchased 3,273 BTC at an average price of $77,906 during the Apr 20–Apr 26, 2026 window, per Lookonchain's weekly report.
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What is BitMine and why is it buying ETH?
BitMine is the Tom Lee-affiliated (Fundstrat) public vehicle building a large ETH treasury position. It added 101,901 ETH worth $236M last week, framing ETH as a yield-bearing reserve asset.
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How many public companies added BTC last week?
Nine public companies increased their BTC holdings in the Apr 20–Apr 26 window, buying a combined 4,189 BTC valued at $321.5M.
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What happened to stablecoin liquidity last week?
Total stablecoin market cap grew by just $53M, effectively flat on the week despite the continued corporate BTC and ETH accumulation.
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How did DEX trading volume trend last week?
DEX spot and perpetual trading volumes both declined sharply week-over-week, per Lookonchain, even as the corporate bid for BTC and ETH continued.
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