A notable trend worth attention is the rise of specialized Ethereum treasury companies, represented by Bitmine Immersion Technologies (BMNR). Unlike Bitcoin treasury companies, ETH treasury companies can generate native yields through staking, forming significant commercial model differences.
Total size of BTC spot ETF: $86.9 billion (as of March 30, 2026)
Total size of ETH spot ETF: Approximately $18 billion (by the end of 2025)
BMNR Ethereum holdings: 4.8 million ETH, with a market value of approximately $10.8 billion, accounting for 3.98% of the total global ETH supply
Market dynamics: Bitcoin has fallen by about 18% from the beginning of 2026, and institutional funds are migrating to on-chain fixed income assets.
Chapter 1: Cryptocurrency Spot ETFs — A Red Ocean of Giant Competition
1. Bitcoin ETF: The Dominant Category
The Bitcoin spot ETF was launched in January 2024 and quickly became the fastest-growing ETF category in history. As of March 30, 2026, Bitcoin spot ETFs listed in the United States collectively hold approximately 1.29 million BTC (with a total size of about $86.9 billion). The market is highly concentrated — the BlackRock iShares Bitcoin Trust (IBIT) alone occupies about 60% of the category's assets.
$IBIT (BlackRock): Asset size approximately $55 billion, holding an absolute dominant position with a 60% market share, fee rate of 0.25%.
$FBTC (Fidelity): Size approximately $1.3 billion, fee rate 0.25%.
Grayscale Twins: $GBTC (size approximately $10 billion, fee rate 1.50%) and BTC Mini Trust (size approximately $3.5 billion, fee rate 0.15%).
New Entrants: Morgan Stanley's $MSBT officially listed in April 2026.
2. Ethereum and Altcoin Frontier
Ethereum ETF: BlackRock's $ETHA (size approximately $6.5 billion) is in the lead. Notably, BlackRock's newly launched $ETHB supports staking yields for the first time, pioneering the acquisition of native yields by ETFs.
Altcoin ETF: With the regulatory reforms in 2025, categories like XRP and Solana attracted approximately $1 billion in funding each. More than 26 emerging altcoin ETFs (such as Dogecoin, Chainlink, etc.) are expected to debut in 2026.
Chapter 2: Crypto Treasuries and Mining Companies
1. Challenges for Bitcoin Treasuries and Mining Enterprises
The BTC treasury model led by $MSTR (MicroStrategy) faced pressure in early 2026. With the price falling near the average cost of some companies, most enterprises, except MSTR (which holds approximately 700,000), have nearly halted their accumulation behaviors, such as $MARA and $RIOT.
2. Key Focus: $BMNR's "5% Alchemy"
As the leader of Ethereum treasury companies, Bitmine Immersion Technologies ($BMNR) showcases a completely different business logic:
Scaled Accumulation: Aiming to hold 5% of the global ETH supply, they are currently accelerating purchases through the New York Stock Exchange (NYSE) platform.
Native Cash Flow Function: Through MAVAN staking, BMNR generates approximately $196 million in recurring revenue annually. Compared to BTC treasuries, this model of "paying operating expenses without selling coins" proves more resilient in bear markets.
Chapter 3: Leveraged, Inverse and Thematic ETFs — A Sharp Double-Edged Sword
1. High-Risk Derivative Instruments
Leveraged ETFs amplify yields through derivatives but also come with severe compounding losses.
Typical Case: At the end of 2025, the 2x long MSTR $MSTX and $MSTU plummeted approximately 80%, resulting in about $1.5 billion in retail asset evaporation.
Main Products: Include $BITO (1x long BTC futures), $ETHU (2x long ETH futures), and the inverse product $MSTZ targeted at MSTR.
2. Blockchain Thematic Funds
Gaining indirect exposure by holding exchange, mining machine manufacturers, and infrastructure stocks.
$BKCH (Global X): Heavily invests in Coinbase and core mining companies.
$STCE (Charles Schwab): Fee rate of only 0.30%, includes around 40 stocks such as MSTR, Bitdeer, suitable for conservative allocations.
Chapter 4: Regulatory Environment and 2026 Allocation Logic
Regulatory Benefits: The 2025 GENIUS Act established the first federal stablecoin framework, and the U.S. strategic Bitcoin reserve was officially established (size approximately $29 billion). Banking institutions were permitted to conduct crypto custody business, marking a complete break from prior compliance bottlenecks.
Based on the risk characteristics of this sector, the following framework is for reference only and does not constitute investment advice or suitability assessment:
Core Holdings (Moderate Risk): $IBIT / $ETHA, recommended allocation 1%–5%.
Industry Beta (Lower Risk): $BKCH / $BLOK, recommended allocation 2%–5%.
Yield Upsurge (High Risk): $BMNR or $MSTR, recommended allocation 0.5%–2%, capturing premium and staking returns.
Tactical Speculation (Very High Risk): Leveraged/inverse products, limited to short-term operations, long-term holding strictly prohibited.
Risk Warning: Crypto assets exhibit extreme volatility. ETH staking carries the risk of slashing, and leveraged products are subject to decay of compounding. Investors should consult professional advisors before making decisions.
The integration of crypto assets with traditional securities markets has entered a substantial phase. BIT's U.S. stock business operates under a compliant brokerage framework, supporting USDT/USDC stablecoin deposits and withdrawals, with 24/7 instant transactions covering over 1,000 U.S. stocks and ETF varieties, providing a trading channel for crypto users to directly participate in the U.S. stock market.
Data source: BMNR's SEC 8-K documents, CoinDesk, The Block,ETF.com, CoinLaw, ETF Database, Morningstar, CNBC, Cleary Gottlieb, U.S. Congressional Committee, Chainalysis, REX Shares, ProShares. Asset size and holding data are as of early April 2026 and are approximate figures that may adjust with market changes.
Disclaimer: This report is for reference only and does not constitute investment advice. Past performance does not guarantee future returns. Investing in cryptocurrencies entails significant risks, including the potential loss of principal. Clients should consult a qualified financial advisor before making any investment decisions.
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