Two heavyweight Bitcoin holders, Strategy (formerly Micro Strategy) and Metaplanet seized the latest market modifications as a purchase opportunity.
As Bitcoin temporarily fell nearly $103,000 towards the end of May, the two companies strengthened their reserves with a total purchase of nearly $200 million of 2,000 BTC.
Strategy Buy 705 BTC
The strategy revealed that it had acquired 705 BTC on June 2nd between May 26th and May 30th. The company spent $75.1 million, paying an average of $106,495 per coin.
With this new purchase, the strategy’s total holdings are 580,955 BTC, roughly 2.8% of the total Bitcoin supply.
Strategy executive chairman Michael Saylor said the company’s total cost base is currently $40.688 billion, with an average acquisition price per BTC of $70,023. At current market prices, these holdings are worth more than $60 billion, leaving the strategy with an estimated unrealized profit of around $20 billion.
Importantly, this purchase was the first fully funded funding without the sale of common stock of parent company MSTR. Instead, Strategy tapped on offering new markets for its preferred stock, STRK and STRF.
Last week alone, it raised $36.2 million by selling $38.4 million from 374,968 shares of 353,511 STRK shares. More than $22 billion remains under these programs.
As of early June, the strategy reported a 16.9% year-on-year yield and a quarter-to-quarter yield of 5.4%, reflecting the increased value of the BTC Treasury.
Metaplanet will increase acquisitions of BTC
Meanwhile, Tokyo-based Metaplanet has revealed that it has purchased an additional 1,088 btc for 168.9 billion yen or about $117.5 million.
The purchase was made at an average price of ¥15.5 million per coin, or $108,051.
This latest haul brings the Metaplanet total to 8,888 BTC, worth around $930 million. It also aligns with the company’s aggressive goal of winning 10,000 BTC this year.
Metaplanet CEO Simon Gerovich said the company’s second quarter BTC yield was currently 66.3%, with cumulative returns for the year reaching 225.4%.
He added that the company aims to maintain quarterly returns as it solidifies its position as one of the top 10 Bitcoin holders around the world.