Hassan Maishera
TL;DR
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Strategy and BitMine have added Bitcoin and Ether, respectively, to their balance sheets.
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The acquisitions come despite the market turning red over the last 24 hours.
Strategy Purchases 1,229 BTC for $109 million, BitMine Now Holds 4.1M Ether
Strategy and BitMine, the leading corporate holders of Bitcoin and Ether, have continued their buying spree despite the current market conditions.
Michael Saylor’s Strategy purchased 1,229 bitcoin for $108.8 million last week at an average price of $88,568, bringing its total holdings to 672,497 BTC. According to the company, the purchase was funded through the sale of $108.8 million in common stock.
Total holdings increased to 672,497 BTC, acquired for $50.44 billion, representing an average purchase price of $74,997 per bitcoin.
The announcement comes as Bitcoin underperforms, with the leading cryptocurrency down 2% in the last 24 hours. Bitcoin is now trading at $87,694, with more sell-off expected over the next few days.
Tom Lee’s BitMine Immersion (BMNR) has also continued its acquisition of Ether, the second-largest cryptocurrency by market cap. The company announced on Monday that it added more than 44,000 ETH in the past week and has staked over 408,000 tokens of the cryptocurrency.
Thanks to this latest acquisition, BitMine now holds 4.11 million ether, equal to about 3.4% of the total supply, alongside $1 billion in cash.
BitMine added that the holdings make it the world’s largest publicly owned ether treasury and place it second globally among corporate crypto treasuries, behind bitcoin-only Strategy (MSTR).
Ether’s price is also down by 2% over the last 24 hours, and has dropped below $3k. With the market conditions still bearish, Bitcoin and Ether could record further sell-offs in the near term.
