Bitcoin and altcoins started the new week lower, affected by US-Iran tensions and President Donald Trump’s tariffs.
While some see this dip as a buying opportunity and others as a signal of further declines, Bitcoin ($BTC) and Ethereum ($ETH) bulls made additional purchases of Strategy and BitMine.
Accordingly, Strategy, the largest institutional Bitcoin bull, did not let the past week go to waste either, purchasing an additional 592 $BTC.
Accordingly, Strategy announced that it purchased an additional 592 million $BTC last week for approximately $39.8 million. The company’s average purchase price was $67,286 per coin.
Strategy also added that as of February 22, they held 717,722 $BTC at an average price of $76,020 per coin.
Having paid a total of $54.5 billion for Bitcoin purchases since August 2020, the company holds 3.4% of the total Bitcoin supply.
We See This as a Buying Opportunity!
On the other hand, BitMine, the largest institutional Ethereum bull, announced last week that it had purchased an additional 51,162 $ETH.
Accordingly, BitMine added 51,162 coins last week, increasing its Ethereum treasury to 4,422,659 $ETH, valued at $1,958 per $ETH, bringing its total $ETH holdings to approximately 3.66% of the circulating supply.
Tom Lee stated, “Last week we purchased 51,162 $ETH. Bitmine is consistently buying Ethereum because we find this pullback attractive given the strengthening fundamentals. In our view, the price of $ETH does not reflect $ETH’s high use case potential and its role as the future of finance.”
The company also added that it currently holds 193 $BTC and $691 million in cash.
*This is not investment advice.
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