Bitmine buys $294m more Ethereum ahead of Clarity Act ‘markup in May’

Bitmine continues to amass the largest Ethereum war chest as US lawmakers debate crypto’s future.

On Monday, the crypto treasury firm bought up another $294 million worth of Ether in its largest haul since December. It now holds roughly $12 billion worth of the second-largest cryptoasset, alongside significant equity stakes in ventures including Beast Industries and Eightco.

Bitmine Chair Tom Lee said Ethereum is benefiting from “dual tailwinds”: Wall Street tokenising assets and artificial intelligence. Bitmine is one of the few public equities offering exposure to OpenAI via Eightco.

Bitmine’s latest haul comes as Senator Cynthia Lummis said at the Bitcoin 2026 conference on Monday that the Senate will mark up the long-awaited Clarity Act in May — a pivotal step toward establishing a federal framework for digital assets.

Lummis is one of the most prominent voices on Capitol Hill backing the crypto industry and an early Bitcoin buyer.

Ethereum is up 14% over the past month, though still down 54% from its August peak of $4,950. Spot exchange-traded funds tracking the token have drawn $489 million in April, snapping a five month losing streak, DefiLlama data shows.

“In our view, there is a lot of meaning to Ethereum being the best 'war-time store of value' and to Ether being the asset leading since the [Iran] war started," said Lee.

Though its share price is down over 60% since August, Bitmine enjoys backing from ARK's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Bill Miller.

Clarity Act

The Clarity Act is facing delays in Washington as lawmakers struggle to agree on key parts of the bill.

The bill, which has been stuck in Senate procedural limbo after clearing the House back in July 2025, would establish a federal market structure framework for digital assets. Lawmakers have been haggling over friction points including stablecoin yield rules and regulatory jurisdiction.

The Senate Banking Committee failed to schedule an April markup of the Clarity Act, pushing debate into May as sticking points remain.

Last week, Galaxy Digital’s head of research warned in a note shared with DL News that if the Senate does not move forward with the Clarity Act by mid-May, the chances of it passing in 2026 will drop quickly. He estimates the odds are already around 50% or lower.

Lummis pledged swift movement in Washington, saying the Senate will take up the Clarity Act in May and push through digital asset legislation.

“Bitcoin comes with a culture that could’ve written the US Declaration of Independence that we celebrate today,” she said.

Crypto market movers 

• Bitcoin is down 1.1% over the past 24 hours at $76,822.
• Ethereum is down 1.6% over the past few hours at $2,283.

What we’re reading 

• Justin Sun announces $20m boost for Aave as he calls on lender to expand to his blockchain — DL News
• Banks are fighting a ‘sideshow’ as Clarity Act stalls. Will it matter? — DL News
• US Military Is Running a Live Bitcoin Node for Cybersecurity Research, Indo-Pacific Commander Tells Congress — Unchained
• S&P 7,100, Oil drought, and a $3T bond bet  — Milk Road
• Bitcoin traders eye $90,000 price after Kevin Warsh’s confirmation chances skyrocket. Here’s why — DL News

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at [email protected]