Corporate Treasuries Resume Buying as Bitcoin Tops $85,000
Corporate treasuries holding digital assets have resumed buying mode as Bitcoin climbed above $85,000 over the weekend. Strategy, the world's largest publicly traded Bitcoin holder, snapped a multi-week pause in buying and acquired an additional 950 Bitcoin, lifting its total stash to 846,000 BTC.
The company's founder, Michael Saylor, stated that Strategy holds dollar-denominated assets worth $6.09 billion, enough to cover current preferred stock dividends and interest payments for roughly 3.8 years.
Bitmine Immersion Technologies, the largest corporate holder of Ethereum, also extended an unbroken weekly buying streak and added 27,562 ETH, worth approximately $74 million, bringing its total to 5,983,940 ETH, or about 4.9% of the network's circulating supply.
Tom Lee, Chairman of Bitmine, argued that a crypto bull market has been underway since late June, driven by a rotation out of AI stocks, strengthening fundamentals around tokenization, and the conclusion of the four-year cycle.