Despite a recent price downturn for Bitcoin, a few of its largest treasury firms announced major purchases. Strive and Semler Scientific are merging, inaugurating the partnership with a $675 million acquisition.
A few other major players made similar commitments. Michael Saylor announced a $99 million buy from Strategy, while Metaplanet allotted $632 million to the token.
Bitcoin treasury firms have faced a few setbacks in recent months, with demand rising for altcoins like Ethereum and analysts predicting a broader market risk. In the last few hours, BTC itself took an unexpected tumble, causing another setback for these firms:
Despite these setbacks, a few Bitcoin treasury firms are doing more than staying the course: they’re actually doubling down. Several prominent companies have announced major commitments since this dip took place.
Strategy, the most prominent Bitcoin treasury, announced a $99.7 million acquisition. Although the firm faces stock dilution concerns and was recently snubbed by the S&P 500, it’s still determined to make steady growth.
Metaplanet, a Japanese BTC holder, made a much more substantial contribution: $632 million. Astronomically larger than its previous acquisition, this purchase brings Metaplanet’s total treasury to 25,555 bitcoins. Indeed, despite this price dip, the company conducted its largest buy ever.
The largest move, however, was conducted by Strive. This Bitcoin treasury has worked to build its holdings for several months, and it just announced a merger with Semler Scientific, another prominent BTC hoarder.
According to the firm’s press release, Strive conducted an all-stock merger with Semler Scientific, acquiring the company outright. It paid a 210% premium on Semler’s stock, intending to monetize the firm’s “historically profitable diagnostics business” and add Eric Semler to its Board of Directors.
However, the new company will mostly become a formidable Bitcoin treasury. Strive inaugurated this merger with a $675 million BTC purchase and estimates that the new entity will hold over 10,900 bitcoins post-merger. That translates to about $1.2 billion at today’s prices, even including the recent dip.
In other words, these companies aren’t the least bit deterred. As long as major treasuries keep showing strong confidence in Bitcoin, this will likely encourage crypto markets.
In effect, these whales may be able to stop further drops or even boost price recovery.
The post Bitcoin Treasury Firms Are Buying The Dip appeared first on BeInCrypto.
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