Despite the bearish trend affecting the prices of major digital assets on the market, treasury firms Strategy and Bitmine have strengthened their reserves by acquiring Bitcoin (BTC) and Ethereum’s cryptocurrency Ether (ETH).
The actions of these two giants occur in a context of high volatility. Bitcoin fell 30% and Ethereum fell 41%. During the last month. These purchases highlight a long-term accumulation strategy that ignores immediate price fluctuations.
Strategy, known as the listed company that holds the largest amount of Bitcoin, reported the purchase of 2,486 BTC today, February 17th. The operation will cost $168 million and have an average price of $67,710 for each unit.
Along with this movement, The company’s treasury reaches a total of 717,131 BTChistorically acquired for $54 billion worldwide at an average price of about $76,027 per Bitcoin.
The drop in Bitcoin’s market price has drawn attention to the company led by Michael Saylor, given that its actions maintain a direct correlation with the digital currency’s price.
However, Strategy CEO Von Leh sought to reassure investors in a recent quarterly financial presentation. As reported by CriptoNoticias, the manager dismissed concerns that the position could be liquidated, insisting that the organization is not taking any risks with the current price correction.
BitMine believes in Ethereum’s long-term prospects
Meanwhile, BitMine Immersion Technologies also increased its exposure to the Ethereum cryptocurrency by purchasing 45,759 ETH.
operation Created last week at an average price of $1,984, the company’s assets increased to 4,371,497 ETH. This figure represents 3.62% of the network’s total supply. BitMine stakes 3 million ETH (approximately 69% of its assets) and generates $176 million in annual rewards. The company is a listed company that holds the largest amount of ETH.
Bitmine director Tom Lee compared the current pessimism among investors with the market cycles observed in 2018 and 2022, but stressed that there is no “massive” collapse in the current period.
BitMine’s stance is unwavering towards accumulating cryptocurrencies regardless of short-term trends. The manager emphasized that Despite what he called a “mini-winter,” the outlook for the ecosystem remains positive..
“At Bitmine, we have no control over the price of Ethereum, and the company is acquiring ETH regardless of price trends, as the long-term outlook for cryptocurrencies remains excellent. Therefore, we will continue to buy ETH even as cryptocurrencies undergo this mini-winter,” Lee concluded.