Bitcoin and Crypto Markets Explode to New Highs As Avalanche of Treasury Companies Double Down on Digital Assets
Bitcoin ( BTC ) is leading crypto markets to uncharted territory as four crypto treasury companies announce the acquisition of even more digital assets.
In a series of press releases on Monday, Strategy , BitMine Immersion , Sequans , Sonnet BioTherapeutics and Metaplanet all announced that they are increasing the amount of crypto in their respective treasuries.
Michael Saylor’s Strategy, perhaps the most well-known of the crypto treasuries, added 4,225 BTC ($504,242,765), bringing the firm’s total holdings to 601,550 BTC ($71,793,428,470). Japanese Bitcoin hoarder MetaPlanet also added $93 million worth of BTC, according to its CEO Simon Gerovich.
Sequans, a French communications company and provider of Internet of Things (IoT) semiconductors, announced the purchase of 683 BTC ($81,514,274), bringing its total to 1053 BTC ($125,672,812).
But not all the treasuries are focused solely on BTC. BitMine Immersion announced that its newest Ethereum ( ETH ) purchase brought the firm’s total ETH holdings to about $500 million.
Says Jonathan Bates, CEO of BitMine,
“We are pleased that we added significantly to our ETH treasury just 3 days after closing our private placement. Clearly, Wall Street is getting ‘ETH-pilled.'”
And Sonnet BioTherapeutics, a New Jersey-based medical firm, announced the launch of a nearly $900 million Hyperliquid ( HYPE ) Crypto Treasury Reserve Strategy. Hyperliquid is a decentralized finance (DeFi) and trading-focused layer-1 blockchain.
Says Raghu Rao, Sonnet’s Interim Chief Executive Officer,
“Following a thorough review, we believe this proposed combination with Rorschach provides us with a unique and exciting opportunity. We will be able to capitalize on the recent advancements around digital assets and equip Sonnet with funding to potentially realize the future value of our existing biotech assets. We believe this transaction and the strategic options it provides offer Sonnet and our shareholders with an innovative path forward and the potential for significant value creation.”
Meanwhile, Bitcoin and the rest of the crypto markets are exploding. BTC, for its part, reached a new all-time high of $122,838 earlier today. The king crypto is going for $119,523 at time of writing.
Generated Image: DALLE3
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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