Bitcoin ETFs Just Had Their Best Week and 2026 Is Still in the Red
Bitcoin ETFs posted their best week since October and Strategy resumed buying, but 2026 net flows are still negative and its fresh coins sit underwater.
Bitcoin ETFs posted their best week since October and Strategy resumed buying, but 2026 net flows are still negative and its fresh coins sit underwater.
Bitcoin climbed back near $80,000, but Strategy, Metaplanet and Twenty One still trade below their own coins. The treasury premium never returned.
Strategy's mNAV slipped below 1, valuing the largest bitcoin treasury under its own coins. What breaks when the treasury premium disappears.
Strategy sold 333 million dollars of stock last week, bought no bitcoin for a seventh week, and lifted its dollar reserve to 4.8 billion.
Strategy sold 1,690 bitcoin below its cost basis to buy back STRC preferred stock and defend its $100 par, even as the dividend ratchets higher.
Bitcoin's institutional bull case rested on three supports: steady ETF demand, Strategy's treasury buying, and its digital-gold role. This week the ETFs logged their worst week ever, Strategy fell below the value of its own Bitcoin, and the gold trade unwound. All three broke for the same reason.
Revenue down 31%. Stock down 5%. 700 employees gone. And the company added Bitcoin to its treasury the same quarter it posted a $482 million unrealized crypto loss.
818,334 BTC. A $12.5 billion Q1 loss. An 11.5% dividend on preferred stock that needs to be paid somehow. Polymarket odds on a Bitcoin sale by year-end jumped from 10% to 82% in one week.
Bitmine chairman sees Ether reaching $62,000 based on Ethereum capturing one-quarter of Bitcoin's long-term value. The call comes as Bitmine reports a $3.82 billion Q1 loss on its ETH holdings but continues buying.
The Cardano founder argues Bitcoin's quantum fix mislabels itself as a soft fork while leaving pre-2013 wallets, including Satoshi's, unrecoverable. Over 34% of Bitcoin's circulating supply carries exposed public keys vulnerable to quantum attack, according to on-chain data cited in the critique.
Saylor's company bought 13,927 BTC for $1 billion last week through its STRC program. The rally above $77,000 pushed Strategy's 780,897 BTC treasury back into unrealized profit for the first time since early April.
The proposal would double dividend frequency from monthly to 24 payments per year. STRC's 11.5% annualized rate and $1.1 billion daily volume make it the engine behind Strategy's Bitcoin accumulation.
Strategy added 34,164 BTC in its third-largest purchase ever. Bitmine bought 101,627 ETH in its biggest week since December. Together, they deployed $2.8 billion in a single week while most treasury firms stayed on the sidelines.
Strategy added 34,164 BTC in a single week, pushing its stack to 815,061 coins. Only Satoshi Nakamoto holds more.
Speaking at a Mizuho event on April 8, 2026, Michael Saylor laid out three positions: the bottom is already in, quantum computing is a distraction, and the next Bitcoin bull run will be built on credit — not sentiment.
Bitcoin has gone through four halvings since 2012. Each one cut miner rewards in half and reshaped the market. The pattern of diminishing returns is now clearer than ever, with the 2024 cycle delivering the weakest post-halving gains on record.
Strategy is the largest corporate Bitcoin holder in the world and the company that turned a software business into a Bitcoin treasury operation under Michael Saylor. The position now exceeds 600,000 BTC, and the company’s financing decisions have become a significant force in the crypto market on their own. The coverage here tracks what matters: Bitcoin purchase announcements and the cadence of treasury accumulation, convertible note issuances and the financing structure that funds the buying, the STRC, STRK, and other preferred share products that gave Strategy a permanent capital base, NAV premium and discount dynamics that shape whether new issuance is accretive, the quarterly earnings where Bitcoin gains and losses now overshadow the legacy software business, and Saylor’s public statements on quantum threats, digital credit, and Bitcoin’s role in corporate finance. Strategy’s playbook reshaped how public companies think about treasury allocation. Metaplanet copied it in Japan. Smaller imitators followed in Europe and Asia. Coinliva covers the buying activity, the financing decisions, the legal disputes, the analyst debates over whether the model survives a serious BTC drawdown, and the policy implications as the company’s holdings approach a meaningful share of total Bitcoin supply.