# A Tale of Two DATs *Author: Bankless* *Published: Apr 18, 2026* *Source: https://www.bankless.com/es/a-tale-of-two-dats-3* --- **🔒 FREE PREVIEW: **Upgrade to unlock full access. [**Join Bankless Premium**](https://www.bankless.com/join)**.** [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2026/04/Group-737.png)](https://brix.money/) A Tale of Two DATs Published on Apr 18, 2026 [ View in Browser ](https://www.bankless.com/ethereum-weekly) **gm Bankless Nation,** Tom Lee and Michael Saylor are taking classic Etherean and Bitcoiner approaches to stacking their favorite assets. Today, David lays out how the two DAT giants are diverging as they continue making massive buys. ***Join ***[***Bankless Premium***](https://www.bankless.com/join)*** to dive deeper***, [*luma*](https://x.com/lucasmtny) 🫡 --- [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [***Sponsor: Brix***](https://brix.money/)*** ***— Access real-world yield in DeFi. Built on MegaETH.[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568) [Join the Waitlist](https://brix.money/)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568) [](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568) [](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568) [](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568) .  .  . [](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568)[](https://www.bankless.com/portal/content/posts/view?id=8502) [](https://www.ready.co/bankless)[](https://www.bankless.com/portal/content/posts/view?id=8502)[](https://bankless.ghost.io/ghost/#/editor/post/69580059dbc84d000120d568) [](javascript:;) OPINION A Tale of Two DATs Bankless Author: [ David Hoffman](https://www.bankless.com/author/david-hoffman) [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2026/04/image---2026-04-18T124006.030.png)](https://www.bankless.com/read/a-tale-of-two-dats)As crypto pokes its head out of crypto winter, there's a story emerging about the two dominant DATs that are influencing the market: **Strategy** and **Bitmine**.  If this crypto bear market is indeed muted compared to previous bears (knock on wood), then it will likely be credited to the fact that these two DATs brought idiosyncratic buying pressure to their respective assets that previous bear markets did not have to the same degree.  ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2026/04/Xnapper-2026-04-18-11.36.57.png)Strategy’s STRC is dominating the headlines, creating meaningful bitcoin buy pressure. Did you know Strategy has bought $7.3B of BTC in Q1 2026? Holy f dude… that's a lot! This is being fueled by breakout sales of the STRC product, giving Saylor the extra credit line he needs to smash the market-buy button.  But at the same time… Bitmine has quietly been purchasing ETH as well. Bitmine’s ETH reserve has grown 15% in Q1 of this year – pushing Bitmine above 4% of the total ETH supply. Unlike Strategy, however, **Bitmine is doing this without debt. ** ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2026/04/Xnapper-2026-04-18-11.38.19.png)I do not know of the full black magic Tom Lee somehow possesses to be able to acquire $1.4B of ETH this quarter without having to create the massive cash obligations that cause people to worry about the MSTR common stock. While on the surface these are both just DATs buying their respective assets, popping open the hood reveals a huge divergence in strategy... 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