Institutional investors continue to accumulate Bitcoin at an unprecedented pace. This demand has come through the treasury companies, which are on the rise, and through the Bitcoin ETFs, which are again on a daily net inflow streak.
Institutions Announce More Bitcoin Buys This Week
Bitcoin for Corporations data shows that treasury companies again bought Bitcoin between last week and this week. Strategy, the largest BTC treasury company, added 155 BTC to its treasury at an average price of $116,401 per BTC. This brings their total holdings to 628,946 BTC. Metaplanet, which was the first to replicate Strategy’s Bitcoin model, also bought more BTC.
The Japanese company announced that it bought 518 BTC for $61.4 million at an average price of $118,519 per Bitcoin. The company now holds 18,113 BTC, which it acquired for $1.85 billion at an average price of $101,911 per bitcoin. Furthermore, smaller treasury companies also added to their Bitcoin stack.
Canadian company Matador added 5 BTC to its treasury at an average price of $116,619 per Bitcoin. The company now holds 77.4 BTC and plans to hold 1,000 BTC by next year. The Smarter Web Company added 295 BTC to their treasury at an average price of $119,412. It now holds 2,395 BTC.
Bitcoin company FOLD announced that it holds 1,492 BTC as part of its Q2 results. The company has also secured $250 million equity purchase facility. Meanwhile, these companies continue to raise more capital, which they intend to use to buy BTC.
Michael Saylor’s Strategy had filed a $4.2 billion STRC offering at the beginning of the month. The company plans to use the net proceeds to buy more BTC. Metaplanet had also earlier announced a $5.4 billion raise, which it intends to use to expand its treasury. The company’s goal is to own 1% of the total Bitcoin supply.
Bitcoin ETFs Are Also Buying
SoSo Value data shows that the Bitcoin ETFs are also actively accumulating more BTC. These funds are on a five-day net inflow streak. During this period, they have bought just over $1 billion in BTC. Their best outing during this period was on August 8, when they took in $403.88 million.
Notably, these Bitcoin ETFs hold $155.02 billion in net assets, which represents 6.48% of Bitcoin’s total market cap. They have also recorded a net inflow of $54.67 billion since they launched last year. The inflows into these funds have continued to act as one of the catalysts for higher BTC prices and are expected to remain that way as the flagship crypto eyes new highs.
At the time of writing, the Bitcoin price is trading at around $119,300, up in the last 24 hours, according to data from CoinMarketCap.
Source link
