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Expert Explains What Strategy’s 89,599 BTC Buy In Q1 Means For The Bitcoin Price

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Expert Explains What Strategy’s 89,599 BTC Buy In Q1 Means For The Bitcoin Price

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Strategy purchased about 89,599 Bitcoin in the first quarter of 2026, its second-largest quarterly accumulation on record, doing so while Bitcoin traded in a downtrend and sentiment across the crypto market was pessimistic.

According to crypto expert Adam Livingston, the market still is not fully valuing what that pace of accumulation could mean over time.

Q1 2026 Changed How The Market Reads Weakness

According to numbers from its Bitcoin purchases page, Strategy bought a total of 89,599 BTC in the first quarter of 2026, taking its total holdings to 762,099 BTC. This was the second-largest accumulation range period, and only the fourth quarter of 2024 was larger.

According to Livingston, if Strategy were to sustain Q1’s acquisition pace for three consecutive years, its holdings would reach 1.84 million Bitcoin by April 2029, equivalent to roughly 2.4 times its current holdings of 762,099 BTC. That projection, he notes, assumes no improvement in capital market conditions and no expansion in demand for STRC, Strategy’s variable-rate perpetual preferred stock. It is, in other words, a floor estimate built on the worst-case scenario.

Bitcoin
Source: Chart from Adam Livingston on X

The chart that accompanied Livingston’s post shows Strategy bought 340,983 BTC in regimes above $90,000, compared with 161,326 BTC in sub-$50,000 regimes, a high-to-low accumulation ratio of 2.11x. 

The largest single band on the chart is the $90,000 to $110,000 range, where disclosed purchases totaled 297,102 BTC across 30 events, accounting for 39.0% of all buys. The $70,000 to $90,000 band comes next with 162,805 BTC, then the sub-$30,000 band with 99,030 BTC. 

These buying bands show something important: Strategy has not been most extreme in its buys when Bitcoin looked cheap. It has been at its most extreme when Bitcoin was already expensive and still rising.

Bitcoin Itself Is Still Undervalued

Livingston ties the Q1 accumulation story to a much larger Bitcoin thesis and how it relates to Strategy’s accumulations. Even if Strategy were to trade at a flat 1.0 multiple to net asset value, generating zero BTC yield premium, Livingston calculates the company’s 1x mNAV price at $288 per share by that point. The actual outcome, however, will be considerably higher because the model assumes a static Bitcoin price.

If Bitcoin simply reverts to its long-term power law trend, which places the leading cryptocurrency’s price at a target range near $360,000 by the end of 2028, then the entire crypto industry is badly underestimating both Strategy’s future balance sheet and the knock-on effect on Bitcoin’s own valuation.

A company that can accumulate nearly 90,000 BTC in a single difficult quarter and that is incentivized to buy harder as prices rise is a huge demand force. If such large-scale corporate accumulation continues even in weak quarters and even increases when prices recover, then the supply available to the broader market may keep reducing at a faster pace than many traders are modeling.

Bitcoin
BTC trading at $69,736 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

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Jamie Dimon Says AI Will Impact ‘Virtually Every Function’ at JPMorgan Chase

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Jamie Dimon Says AI Will Impact ‘Virtually Every Function’ at JPMorgan Chase

In brief

  • JPMorgan CEO Jamie Dimon says AI will affect nearly every function at the bank.
  • He predicts the technology will boost productivity, but eliminate some jobs.
  • JPMorgan is spending billions on AI as part of a nearly $20 billion tech budget.

Artificial intelligence will reshape banking, work, and parts of the global economy, JPMorgan Chase CEO Jamie Dimon said in his annual shareholder letter, describing the technology as a fast-moving shift that will impact nearly every part of the bank’s operations.

“The importance of AI is real, and while I hesitate to use the word transformational—it is,” Dimon wrote. “The pace of adoption will likely be far faster than prior technological transformations, like electricity or the internet. Those took decades to roll out, but this implementation looks likely to accelerate over the next few years.”

Dimon said the technology will influence nearly every business process at the largest U.S. bank, from customer-facing services to internal systems used by employees.

“AI will affect virtually every function, application, and process in the company,” he wrote, adding that in the long run, “it will have a huge positive impact on productivity.”

Dimon also praised AI’s potential long-term effects on work, scientific research, and overall quality of life in the developed world.

“I do not think it is an exaggeration to say that AI will cure some cancers, create new composites, and reduce accidental deaths, among other positive outcomes,” he wrote.

Despite these benefits, Dimon also warned that the technology introduces new risks, pointing to deepfakes—or digitally altered images that look real—along with the spread of misinformation and cybersecurity threats.

“These risks are real, but they are manageable if companies, regulators, and governments prepare,” he wrote. “The worst mistakes we can make are predictable: overreact at the first serious incident and regulate out important innovation, or underreact and fail to learn from what went wrong.”

The right approach, he added, requires “rigorous preparation in advance, an honest assessment when things go wrong—and they will—and discipline to fix what’s broken without destroying what works.”

Dimon’s letter comes as JPMorgan has expanded its artificial intelligence capabilities and investment, and the company’s technology spending reflects that push. In February, JPMorgan said it expects to spend roughly $19.8 billion on technology in 2026, including investment in artificial intelligence, data infrastructure, and cloud computing, according to a report by Business Insider.

This figure represents a sharp increase by the banking giant since 2025. In October, Dimon said the bank spends about $2 billion annually on artificial intelligence initiatives.

In his letter, Dimon also raised the specter of job losses caused by AI, saying that the technology will change the labor market as companies adopt automation across more tasks.

“AI will definitely eliminate some jobs, while it enhances others. Our firm will have definitive plans on how we can support and redeploy our affected workforce,” he said. “AI will create many jobs—some we can see today in cybersecurity and AI itself, and some we can’t see. But we do know that there is a huge workforce shortage for many well-paying white- and blue-collar jobs.”

Concerns about AI-driven job losses have intensified in recent months as industry leaders warn the technology could reshape white-collar work faster than previous waves of automation.

In January, Anthropic CEO Dario Amodei said advances in artificial intelligence could eliminate up to half of entry-level professional jobs within five years as systems increasingly take over tasks such as coding, research, and data analysis.

“I have engineers within Anthropic who say, ‘I don’t write any code anymore. I just let the model write the code, I edit it,’” he said at the time. “We might be six to 12 months away from when the model is doing most, maybe all, of what [software engineers] do end-to-end.”

On Monday, OpenAI added to the debate by releasing a policy paper urging governments to prepare for economic disruption from advanced AI and calling for new approaches to taxation, worker protections, and social support if automation leads to widespread job displacement.

Despite these risks, Dimon said JPMorgan intends to continue deploying artificial intelligence throughout its operations as competition increases from fintech companies and other technology-driven financial services firms.

“We will not put our heads in the sand. We will deploy AI, as we deploy all technology, to do a better job for our customers (and employees),” he wrote.

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72% of workers say AI is giving phishing a dangerous new edge

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72% of workers say AI is giving phishing a dangerous new edge

New AI phishing report shows employees are still making fast decisions under pressure, while AI makes phishing messages harder to spot

Workplace phishing is getting harder to detect as AI improves the tone, grammar and realism of fraudulent messages. New research from Sagiss, a provider of IT and managed security services, finds that many workers are still clicking links, replying to messages or verifying requests only after taking action. The results show phishing risk is being shaped by both message quality and the pace of modern work.

For the 2026 Sagiss Managed Security Report: AI Phishing in the Workplace, Sagiss partnered with third-party survey platform Pollfish to survey 500 desk-based workers who use email or chat as part of their jobs on Feb. 23, 2026. The report examines how employees are responding to suspicious messages as AI makes phishing attempts more convincing and harder to spot in everyday workplace communication.

Sagiss’ findings suggest phishing risk is about more than awareness alone. Even when employees know they should slow down and verify unusual requests, many are operating in environments defined by urgency, multitasking and after-hours responsiveness. As suspicious messages become more polished and harder to distinguish from routine work communication, employers may need to complement training with changes that reduce rushed decision-making in daily workflows.

Key findings include:

  • 72% say phishing attempts are more convincing than a year ago because of AI-written language.
  • 64% say an AI-generated message could likely impersonate someone they work with, and 57% say AI makes phishing harder to spot because it feels more professional.
  • 63% clicked a work-related link in the past year and later felt they should have double-checked it first.
  • 57% have verified a message’s request only after taking action first.
  • 45% have replied to a work message and later questioned whether it was legitimate.
  • 68% check work email or chat outside normal business hours at least sometimes, and 56% feel pressure to respond after hours at least sometimes.

“AI is changing the way phishing looks and feels, but the deeper issue is that employees are making decisions under constant pressure,” said Travis Springer, President at Sagiss. “Cybersecurity leaders need to account for the reality of modern work, where people are moving quickly, responding across channels, and often making judgment calls before they have fully verified what is in front of them.”

Bitmine’s ETH treasury hits 4.8 million tokens BMNR stock uplists to NYSE

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Bitmine’s ETH treasury hits 4.8 million tokens BMNR stock uplists to NYSE

Bitmine Immersion Technologies (BMNR) said it now holds 4.8 million ether (ETH) worth roughly $10.2 billion at current prices, putting the company within reach of its stated goal of accumulating 5% of the total ether supply.

In a Monday statement, the company also said its shares will start trading on the New York Stock Exchange, uplisted from NYSE American, starting April 9.

Bitmine holds 3.98% of ether’s 120.7 million circulating supply, compared with Strategy’s 3.8% of bitcoin’s BTC$69,178.04 20 million. Both companies have turned treasury accumulation into a stock market narrative, and both are buying aggressively as prices decline.

Bitmine acquired 71,252 ETH in the past week, its highest pace of purchases since late December, according to Chairman Tom Lee, who framed the buying as a bet that ether is in “the final stages of the mini-crypto winter.”

Total crypto and cash holdings are now $11.4 billion, including $864 million in cash, 198 BTC, and smaller positions in Beast Industries and Eightco Holdings.

Bitmine’s model diverges from Strategy when it comes to staking, or depositing tokens to help secure the Ethereum blockchain in exchange for a reward. Of the 4.8 million ETH held, 3.33 million are staked through Mavan, the company’s institutional-grade validator network that started operating Monday.

That staked position is worth roughly $7.1 billion and generates $196 million in annualized staking revenue at a 2.78% yield, giving Bitmine a recurring income stream that Strategy’s bitcoin treasury does not have.

At full deployment, when all of Bitmine’s ETH is staked, the company projects $282 million in annual staking rewards.

Lee made a wartime case for ether in the announcement, noting that ETH has gained 6.8% since the Iran conflict began, outperforming the S&P 500 by 1,130 basis points and gold by 1,840 basis points. “ETH is the wartime store of value,” Lee said, a framing that would have been difficult to argue six months ago but has data behind it now.

Bitmine is now the 96th most traded stock in the U.S. with average daily volume of $987 million, ranking between Schlumberger and Adobe. The investor base includes ARK Invest, Founders Fund, Pantera, Galaxy Digital, and Kraken.

Bitcoin Nears $70,000 as Ceasefire Proposal Lifts Risk Appetite

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Bitcoin Nears $70,000 as Ceasefire Proposal Lifts Risk Appetite

A 45-day ceasefire plan and Strategy’s $330M Bitcoin purchase buoyed crypto markets.

Crypto markets rallied on Monday as mediators submitted a 45-day ceasefire plan to the U.S. and Iran, while Michael Saylor’s Strategy resumed buying BTC after a weeklong pause.

Bitcoin is trading at around $69,700, up 3.7% over the past 24 hours. ETH surged 4% to $2,150, while SOL climbed 2.5% to $82. Meanwhile, XRP added 3%.

BTC Chart

Total crypto market capitalization rose 2.6% to $2.45 trillion, according to CoinGecko.

The broad-based rally came after Reuters reported that Egyptian, Pakistani, and Turkish mediators submitted a proposal to the U.S. and Iran calling for a 45-day ceasefire and the reopening of the Strait of Hormuz, the vital shipping lane that carries about a fifth of the world’s oil and has been effectively closed since the war began on Feb. 28.

President Donald Trump called the proposal “significant” but “not good enough” at a White House Easter event on Monday. He has set a Tuesday 8 p.m. ET deadline for Iran to reopen the Strait or face strikes on its power plants and bridges.

Iran rejected the temporary ceasefire, with state news agency IRNA reporting that Tehran sent a 10-point response through Pakistan demanding a permanent end to the war, a safe-passage protocol for the Strait, and the lifting of sanctions.

Despite the uncertain diplomatic backdrop, crypto markets responded to the mere existence of a framework for de-escalation, a dynamic that has repeatedly played out since the conflict began.

The rally triggered $331 million in leveraged liquidations over 24 hours, affecting more than 83,000 traders, according to CoinGlass. Short positions accounted for roughly $268 million of the losses in the past 12 hours, adding fuel to the move higher.

Strategy Buys $330 Million of Bitcoin

Michael Saylor’s Strategy disclosed in a securities filing Monday that it purchased roughly $330 million worth of Bitcoin between April 1 and April 5. The buy lifted the firm’s total holdings to 766,970 BTC at an aggregate cost of about $58 billion and an average price of roughly $75,644.

The purchase followed a one-week pause during which Strategy made no purchases or share sales. Strategy also disclosed a $14.5 billion unrealized loss for the first quarter as Bitcoin’s decline from its October all-time high pushed its holdings below the firm’s average cost basis. MSTR shares rose roughly 5% in early Monday trading.

Meanwhile, BitMine Immersion bought another 71,252 ETH in the past week, its largest single-week purchase since December.

Looking Ahead

The immediate catalyst is Trump’s Tuesday evening deadline. A deal or even a credible extension would likely boost risk assets further, while an escalation could reverse today’s gains.

Meanwhile, the Fed is widely expected to hold rates steady at its April 29 meeting, with CME FedWatch showing a 99.5% probability of no change.

Demonstration Of “Attack Blocks” On Bitcoin’s Signet Test Network

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Demonstration Of “Attack Blocks” On Bitcoin’s Signet Test Network

In two days, on Wednesday April 8th, a handful of Bitcoin Core developers are going to be doing a demonstration of “attack blocks” designed to take an inordinate amount of time to verify on Signet.

The demonstration will take place at 10 AM EST (2 PM UTC). Anyone who wishes to participate can run Bitcoin Core node on Signet and watch the blocks be mined and processed by their node in real-time.

Instructions can be found here to spin up a node and follow along (including how to check your node’s logs to see the verification times for the attack blocks).

The demonstration is not going to show the worst case of the attack (the script and transaction structure required has not been publicly revealed to not give malicious actors even more information about the attack), but it will produce blocks that take orders of magnitude more time to verify than your average block.

The aim of the demonstration is to show users the severity of one of the four severe consensus vulnerabilities that the Great Consensus Cleanup aims to address with BIP 54.

Two more demonstrations will take place at 6 PM EST (10 PM UTC) on April 8th, and at 5 AM EST (9 AM UTC) on April 9th, to allow for Bitcoin users in different global timezones to directly participate as well.

The Signet blockchain is currently at around 32-33 GB, so if you have any device with ample storage space, go ahead and spin up a Signet node to participate.

For your awareness the following software patch was quickly put together for this demonstration and not audited thoroughly (though it is just a basic terminal based-GUI). If you are spinning up a brand new Signet node just for this demonstration on a machine without any funds on it, you should be fine even if you are the paranoid type like me.

For those who don’t want to just poke at log files, AJ Towns provided a patch to the “bitcoin-tui” project, a Terminal based GUI for Bitcoin Core to display the attack blocks during the demonstration. The project creator is working on a proper release in time for the demonstration, but you can also compile it yourself.

Run these commands on Linux (git commands will work on other OSes, and you should be able to find the equivalent CLI commands for your OS easily online):

git clone https://github.com/ajtowns/bitcoin-tui.git

cd bitcoin-tui

git switch 202604-bip54blocks

From there you should be able to just follow the build instructions at the repository here. After compiling, make sure your bitcoind has “server=1” set in the config file, and start up bitcoin-tui. You should find a “Slow Blocks” tab on the right of the top bar.

Appellate Court Affirms Blocking New Jersey Enforcement against Kalshi

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Appellate Court Affirms Blocking New Jersey Enforcement against Kalshi

A US appellate court has ruled against New Jersey gaming authorities for bringing an enforcement action against prediction market platform Kalshi over sports event contracts. 

In a Monday-issued opinion, a panel of judges in the US Court of Appeals for the Third Circuit ruled 2-1 in favor of Kalshi’s argument that the company had a ”reasonable chance of success” claiming that the Commodity Exchange Act preempted state law, setting the stage for a potential battle over gaming laws in the US Supreme Court.

“This is a big win for the industry and millions of users,” Kalshi CEO Tarek Mansour said in a social media post on X.

The appellate court’s opinion affirmed a lower court ruling, in which Kalshi argued that the US Commodity Futures Trading Commission (CFTC) had “exclusive jurisdiction” in regulating sports-related event contracts as swaps that fall under its purview.

“Allowing New Jersey to enforce its gambling laws and state constitution would create an obstacle to executing the Act because such state enforcement would prohibit Kalshi, which operates a licensed [designated contract market] under the exclusive jurisdiction of the CFTC, from offering its sports-related event contracts in New Jersey,” wrote Circuit Judge David J. Porter. “This state regulation is exactly the patchwork that Congress replaced wholecloth by creating the CFTC.”

Monday’s Third Circuit opinion affirming lower court ruling. Source: PACER

The circuit court ruling came just days after a Nevada judge extended a ban on Kalshi offering event-based contracts, following several other state authorities cracking down on sports betting on prediction markets. The patchwork of state-level rulings could lead to the US Supreme Court taking up one of the cases, potentially changing its 2018 decision giving states the authority to regulate sports gambling.

Related: Texas Lt. Gov. calls for study of crypto, prediction markets

In her dissent, Circuit Judge Jane Roth said the prediction markets platform’s actions were a “performative sleight meant to obscure the reality that Kalshi’s products are sports gambling,” adding that the company’s event contracts were “virtually indistinguishable” from those on betting websites:

“[T]he question of whether sports-event contracts are swaps is a thorny issue with the potential to radically upend the legal landscape governing the gambling industry, and I am not convinced the Majority’s analysis does this issue justice.”

CFTC chair reiterates agency’s position on prediction markets

CFTC Chair Michael Selig, the sole commissioner at the financial agency following the departure of acting chair Caroline Pham in December, has made prediction markets one of the commission’s central issues since taking office. In the last four months, Selig has claimed that the CFTC has “exclusive jurisdiction” in regulating event contracts on prediction markets, opened a proposed rule to public comment and filed an amicus brief supporting its position in the Ninth Circuit Court of Appeals in a case involving Nevada’s gaming authorities.

The regulator last week sued Arizona, Connecticut and Illinois to block them from pursuing what it said were unlawful efforts to regulate prediction markets.

“Our definition of commodity and statute is very broad,” Selig said at the Digital Assets and Emerging Tech Policy Summit at Vanderbilt University on Monday. “It includes events on sports, it includes events in politics, it includes corn and grains and all sorts of things. It doesn’t really distinguish between if you’re offering an event contract on grains, you’re regulating that differently than an event contract on sports.”

The CFTC chair added that there were exceptions for event contracts that were “readily susceptible to manipulation.”

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