Institutional Buying Continues: Strategy and Bitmine Make Notable Purchases

Strategy, the world's largest publicly traded Bitcoin holder, continued its buying spree this week. The company purchased an additional 1,665 Bitcoin, bringing its total holdings to 847,666 BTC. This move comes as Strategy repurchased $152 million worth of preferred shares in STRC.

In a statement, Strategy founder Michael Saylor noted that the company's dollar-denominated assets could cover current preferred stock dividends and interest payments for approximately 3.8 years.

Another notable purchase was made by Bitmine, the world's largest holder of Ethereum, which acquired an additional 17,362 ETH. This brings its total holdings to 6,001,302 ETH, representing 4.9% of the total circulating ETH supply.

Bitmine Chairman Tom Lee stated that accumulating almost 5% of the total ETH supply is a 'tremendous achievement' and that institutions are still underinvested in cryptocurrencies.