Aggressive accumulation strategies by institutional companies in the cryptocurrency market continue to attract attention. According to the latest data, large-scale purchases have taken place in both Bitcoin and Ethereum. Bitcoin-focused treasury company Strategy increased its total BTC reserves to over 750,000 with a new purchase, while Ethereum-based treasury company Bitmine Immersion Technologies also continued to increase its holdings.
Strategy's purchase of 22,337 BTC
Between March 9-15, Strategy purchased a total of 22,337 Bitcoin at an average price of $70,194. This transaction, worth approximately $1.57 billion, was one of the largest purchases the company has ever made. According to the filing with the US Securities and Exchange Commission (SEC), this purchase was recorded as the fifth largest Bitcoin purchase by the company to date.
With this latest purchase, Strategy's total Bitcoin holdings reached 761,068 BTC. This reserve, worth approximately $56 billion at current prices, represents more than 3.5% of Bitcoin's total supply. The company purchased these Bitcoins at an average cost of $75,696, bringing the total expenditure to approximately $57.6 billion.
Strategy's Bitcoin purchases are primarily financed through the sale of company shares. In the latest transaction, the company used proceeds from the sale of Class A shares (MSTR) and perpetual preferred shares (STRC). Last week, the company sold approximately 2.83 million MSTR shares worth about $396 million, while raising $1.18 billion from the sale of STRC shares.
The company also runs a long-term capital plan to finance its Bitcoin purchases. Under this strategy, called the "42/42 plan," the company aims to raise a total of $84 billion in capital by 2027. It is stated that a large portion of these funds will be used to purchase Bitcoin. Strategy's co-founder and chairman, Michael Saylor, as usual, hinted at the new purchase in advance through social media. Sharing the company's Bitcoin purchase chart, Saylor alluded to the phrase "orange dots," noting that STRC shares are playing an increasingly significant role in the company's weekly Bitcoin purchases.
Bitmine Continues Ethereum Purchases
Institutional purchases are not limited to Bitcoin. A similar accumulation strategy is emerging on the Ethereum side as well. Bitmine Immersion Technologies continued to grow its Ethereum reserves last week by purchasing 60,999 ETH. This transaction, worth approximately $140 million, was recorded as the company's largest token-based purchase of the year.
With this latest purchase, the company's total Ethereum holdings reached 4,595,562 ETH. At current market prices, the value of this reserve is over $10 billion. Bitmine also announced that it continues to hold $1.2 billion in cash on its balance sheet. Staking revenue is also a significant part of the company's strategy. Bitmine currently has 3.04 million ETH in its staking program, generating approximately $180 million in annual revenue. It is estimated that annual revenue could reach up to $272 million when more tokens are locked in staking. Bitmine Chairman Tom Lee stated that despite recent increases in geopolitical tensions, crypto assets have performed strongly compared to other markets. According to Lee, rising energy prices, in particular, are increasing global growth concerns, leading investors to shift towards growth-oriented assets such as technology stocks and crypto assets.
