Bitcoin treasury companies Strategy and Strive made significant purchases of BTC last week, totaling around $183 million. These acquisitions were driven by the rebound of the cryptocurrency, which helped corporate balance sheets recover from previous losses.
Strategy Inc., the largest corporate holder of Bitcoin, acquired 950 BTC for $75.7 million between Sept. 14 and Sept. 20 at an average price of $79,670. This purchase brought their total holdings to 846,000 BTC, acquired for a total of $63.8 billion at an average cost of $75,416.
On the other hand, Strive Inc. purchased 1,355 BTC for $107.7 million at an average price of $79,475 between Sept. 14 and Sept. 18. This brought their treasury to 26,355 BTC, with cash and equivalents rising to $229.6 million over the same period.
Both companies made these purchases below Bitcoin’s latest market price, which surged above $85,000, reaching its highest level since January. This marked a recovery of almost 30% from its August lows.
While the broader corporate treasury trade has slowed down, with listed companies adding about 5,900 BTC over the past three months, Strategy and Strive’s recent purchases indicate a renewed interest in Bitcoin accumulation. Strategy, in particular, has seen a significant increase in the value of their Bitcoin holdings, showcasing the impact of the cryptocurrency’s price appreciation on corporate balance sheets.
As Bitcoin continues to rise, the question remains whether other corporate buyers will re-enter the market. The concentration of aggressive buyers like Strategy and Strive highlights the potential for increased corporate demand if prices continue to recover. The dynamics of corporate Bitcoin accumulation are evolving, with companies strategically managing their treasuries to leverage the cryptocurrency’s growth potential.
