Strategy expands bitcoin reserve to 846,842 BTC: new purchase of $100 million
Between June 8 and June 14, Strategy added to its cryptocurrency portfolio, acquiring 1,587 BTC for $100 million. The average purchase price was $63,024 per coin.
After the transaction was completed, the company's total reserves reached 846,842 BTC. The market value of the portfolio is estimated at $56.6 billion, equivalent to 4% of the asset's total supply. To finance the purchase, Strategy used funds obtained from the sale of Class A shares worth $209 million. Under the current program, the company still has the ability to issue securities for an additional $25.75 billion.
At the same time, Strategy increased its dollar reserves from $1 billion to $1.1 billion. However, experts at Sygnum Bank draw attention to potential risks: the company previously promised not to sell bitcoins, but may now use them to secure payments on preferred shares. The value of Strategy's securities directly depends on the long-term performance of the first cryptocurrency.
Recall that the company had previously disclosed the sale of 32 BTC, marking its first small sale in several years. This sparked discussions among analysts about a possible change in strategy.
BitMine expands Ethereum reserves
Meanwhile, BitMine Immersion Technologies increased its Ethereum reserves to 5.62 million ETH, representing 4.66% of the asset's total market supply. The total value of BitMine's cryptocurrency assets and cash reached $10.4 billion.
The firm staked 4.7 million ETH through its own MAVAN infrastructure, expecting annual income from this activity of $269 million. Additionally, BitMine announced the listing of its preferred shares on the New York Stock Exchange under the ticker BMNP. Trading will begin on June 16, and the proceeds of $273.8 million will be used to expand operations and purchase cryptocurrency.
My comment: The actions of Strategy and BitMine confirm the trend toward institutional accumulation of digital assets. However, the sale of even a small portion of Strategy's bitcoin reserves could be a signal of a strategy revision amid market uncertainty. Investors should closely monitor the further steps of these companies.