Hassan Maishera
TL;DR
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BTC is trading above $88k after gaining 1% over the last 24 hours.
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Michael Saylor’s Strategy has splashed another $264 million on Bitcoin last week.
BTC Reclaims $88k
The cryptocurrency market is in the green once again after a disappointing weekend that saw Bitcoin retest the $86,100 level. The leading cryptocurrency has now rebounded and is trading above $88,200 per coin.
The positive performance comes as altcoins also rally higher. Michael Saylor’s Strategy continued its weekly bitcoin purchases last week. However, last week’s purchase was at a lower level than the $1 billion-plus acquisitions of the previous two weeks.
The company added 2,932 bitcoin for $264.1 million, or an average price of $90,061 each. Strategy’s holdings now stand at 712,647 bitcoin acquired for $54.19 billion, or an average price of $76,037 each. Thanks to this latest acquisition, the company’s stack is now worth just over $62 billion.
BitMine Purchases More Ether
Strategy was not the only crypto treasury firm that added to its balance sheet last week. BitMine Immersion Technologies (BMNR), the largest corporate holder of the second largest cryptocurrency, ether, made its largest ETH purchase of the year last week. The massive acquisition came after a key shareholder vote that gave the company fresh room to raise capital.
The company added 40,302 ETH — worth almost $117 million at current prices — to its treasury, bringing its holdings to over 4.24 million tokens, or 3.52% of ether's supply.
BitMine’s crypto and cash holdings now total $12.8 billion, including 193 bitcoin, $682 million in cash, and stakes in Eightco Holdings and its $200 million investment in Beast Industries, the venture founded by YouTube creator MrBeast.
Ether is trading above $2,923 and could reclaim the $3k psychological level if the recovery continues.
