Treasuries Flood Back into Bitcoin and Ethereum with Wall Street Buying Spree
Wall Street treasuries are buying up Bitcoin and Ethereum again after a lull in purchases. This time, it's not just a matter of a single company or investor making a bet on cryptocurrency prices.
Strive, a company run by CEO Matt Cole, bought an additional 1,800 BTC at an average cost of $79,431 per coin, bringing its total holdings to 23,156 BTC. The value of this purchase alone is over $143 million. Strive issued new Class A shares that week and still managed to increase its cash reserves by $11.6 million.
BitMine, on the other hand, continues its streak of buying Ethereum, adding 53,501 ETH for a total of 5,067,309 ETH staked through MAVAN, its American validator network. Chairman Tom Lee predicts that this will yield between $335 and $390 million per year.
MicroStrategy also returned to buying after a ten-week pause, purchasing 4,603 coins at an average cost of $75,412 each.