Major Crypto Treasury Companies Expand Holdings Amid Market Decline
- Strategy acquired an additional 2,486 Bitcoin, increasing total holdings to 717,131 BTC.
- Bitmine Immersion Technologies purchased 45,759 Ether, raising its total to approximately 4.37 million ETH.
- Combined spending for these acquisitions reached about $260 million, with Strategy investing $168.4 million from February 9-16.
- As of now, Bitcoin trades near $66,700, down about 30% over the past month, while Ether is around $1,990, off more than 40% in the same period.
- Strategy’s average acquisition cost for Bitcoin stands at $76,027 per BTC after recent purchases at $67,710 each.
The recent acquisitions by major treasury companies come as both Bitcoin and Ether face significant price declines following a peak in October. This trend highlights the volatility within the cryptocurrency market and its impact on publicly traded companies holding digital assets.
With Strategy now holding over $54 billion in Bitcoin and Bitmine significantly increasing its Ether reserves, their actions reflect ongoing confidence despite current market conditions.(Source)
