Crypto: Top Crypto Treasury Companies Strategy And Bitmine Add To Btc, Eth...
The buys lift Strategy holdings to 717,131 BTC and Bitmine to 4.37 million ETH, expanding corporate crypto treasuries despite continued market weakness.
The two largest publicly traded crypto treasury companies expanded their digital asset holdings this week, with Strategy adding 2,486 Bitcoin and Bitmine Immersion Technologies buying 45,759 Ether, deploying about $260 million combined.
Strategy said it spent $168.4 million on Bitcoin (BTC) purchases Feb. 9-16, bringing total holdings to 717,131 BTC. The acquisitions were funded through share sales under its at-the-market program, including 785,354 shares of STRC preferred stock for $78.4 million in net proceeds and 660,000 shares of Class A common stock for $90.5 million.
As of Monday, Strategy reported an aggregate purchase price of $54.52 billion for its Bitcoin holdings, implying an average acquisition cost of $76,027 per BTC. The latest purchases were made at an average price of $67,710 apiece.
Bitmine, the largest Ether treasury company, said its Ether (ETH) holdings now total 4,371,497 ETH, representing 3.62% of the 120.7 million ETH supply. Of that amount, 3,040,483 ETH are staked, valued at about $6.1 billion at $1,998 per ETH, with annualized staking revenue estimated at $176 million.
The company also reported total crypto, cash and other investments of $9.6 billion, including $670 million in cash, 193 BTC, a $200 million stake in Beast Industries and a $17 million stake in Eightco Holdings.
The purchases came as both Bitcoin and Ether continued to slide. At the time of writing, Bitcoin was trading near $66,700, down about 30% over the past 30 days.
Ether was hovering around $1,990, off more than 40% over the same period, according to CoinGecko data.
Related: MrBeast buys Gen Z bank just weeks after BitMine's $200M bet
As the broader crypto market retreats from Bitcoin’s October peak above $126,000, digital asset treasury companies, publicly traded companies that accumulate and hold cryptocurrencies as primary reserve assets, have also experienced sharp declines in their share prices.
Source: CoinTelegraph
