Bitmine Nears 5% of Total ETH Supply

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• Block Scholes x Panoptic: Bridging The Onchain Convexity Gap
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• 2026 – the year of RWA perps?
• Bybit x Block Scholes: “2026: It's Different This Time

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Market Snapshot: Overnight Moves

Daily Updates:

• Risk appetite in both cryptocurrencies and US equities was boosted by signs that the US and Iran are once again making progress on reaching a deal to end the conflict. 
• BTC rose from a session low of $70K yesterday to over $74K, a level it has since held, and its highest since March 17. 
• Over the past 24 hours it is up 5.4%, while altcoins have fared equally well — ETH and HYPE are both up 8.8% while SOL is up 4.5% over the same period. 
• In reflection of the spot price outperformance, positioning in derivatives markets also show a more optimistic view from traders for ETH. Perp funding rates jumped to 0.0075% on an eight-hourly basis, while the futures implied yield term structure has inverted as short-dated futures contracts trade at a premium to spot price. 
• In options markets, the 25-delta put-call skew briefly edged towards OTM call options, having spent most of the year so far tilted towards put contracts. 
• The S&P 500 rose 1.02%, while Brent crude oil pared back some of its gains and currently trades at $98 per barrel.

• President Trump’s naval blockade of the Hormuz waterway officially began yesterday, with the president claiming that “34 Ships went through the Strait”, which was “by far the highest number since this foolish closure began.” 
• Despite the escalation, Trump also said that the US and Iran are in ongoing discussions to hold another round of negotiations before the two-week ceasefire announced on April 7 expires.
• Speaking to reporters at the White House, he said “We’ve been called this morning by the right people, the appropriate people, and they want to work a deal”, though he did not mention who was involved in the conversations.
• Trump added that he was “sure” Iran will eventually agree to the US’s demand that the country abandons its nuclear ambitions, a key sticking point that halted negotiations in Islamabad.
• In an interview on Fox News yesterday, Vice President JD Vance mentioned “some progress” was made in the first round of negotiations. When asked whether another meeting would take place he responded that the question was “best put to the Iranians, because the ball really is in their court”. 

• According to Sen. Thom Tillis, a draft agreement tied to the CLARITY Act to resolve the dispute between banks and crypto firms over stablecoin yield payments could be released this week. 
• The proposal targets a core debate over whether crypto platforms should offer rewards on idle stablecoin balances, with banks warning of deposit flight and crypto firms arguing restrictions could hinder innovation. 
• Lawmakers continue refining the draft amid industry pushback, and Tillis said he may convene stakeholders to negotiate remaining issues, stating he could bring them together and “call balls and strikes on the final pieces.”

• Ondo Finance has asked the SEC for confirmation it will not pursue enforcement against its proposed model using Ethereum to record tokenised securities entitlements. 
• The firm’s approach would represent equity exposure onchain while keeping underlying assets with tradFi custodians.

• Bitmine Immersion Technologies has expanded its Ethereum treasury to 4.87M ETH as of 12 April, equivalent to roughly 4.04% of total ether supply, and with total cash holdings of $11.8B.
• At current prices, the position is worth about $10.7B, making Bitmine the largest corporate holder of ETH and the second-largest corporate crypto treasury overall after Strategy’s bitcoin reserves.
• The latest update also brings the company close to its stated objective of accumulating 5% of ETH supply, with last week’s 71,524 ETH purchase marking its strongest weekly buying pace since late December 2025. 

• Strategy has expanded its Bitcoin treasury with a purchase of 13,927 BTC for approximately $1.0B at an average price of $71,902 per bitcoin.
• This brought total holdings to 780,897 BTC acquired for about $59.02B at an average of $75,577 per coin as of April 12, 2026.

• Foundry, a digital asset infrastructure firm and operator of a Bitcoin mining pool, has launched a Zcash mining pool that has reached around 30% of the network’s hashrate with multiple institutional miners onboarded. 
• The pool offers U.S.-based, compliance-focused infrastructure with features such as auditable payouts, real-time reporting, and dedicated support, and is accompanied by the launch of Zcashinfo.com, a block explorer providing detailed on-chain data including hashrate distribution and block activity. 
• The service is designed for professional mining firms, with onboarding underway for additional institutional participants.

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