A huge number of companies bought or planned to buy Bitcoin today, displaying an accelerated global trend of corporate acquisition. It’s unclear what impact this growing movement will have on BTC’s ecosystem.
Last week, public firms spent $275 million on BTC, while Metaplanet alone nearly equaled this amount. Strategy, Semler Scientific, Genius Group, and more also made commitments today.
Companies Keep Buying Bitcoin
A growing number of companies around the world are buying and stockpiling Bitcoin, outpacing even the BTC ETF issuers in their appetites. Today alone, several firms have announced massive new acquisitions or plans to carry them out, providing a sense of the trend’s massive scale. For example, Strategy (formerly MicroStrategy) is planning to raise $4.2 billion for BTC buys:
According to the company’s press release, Strategy plans to sell a vast quantity of STRD, a new stock offering, to afford more Bitcoin. The firm has purchased more than $1 billion in BTC several times this year, but this massive commitment exceeds them all. Strategy is planning a truly gargantuan buy while other companies are executing smaller ones.
Metaplanet, one of the top five public companies by Bitcoin holdings, purchased 2,205 BTC today. At current prices, that would put its expenditure around $238.8 million. Last week, all the corporate acquisitions put together totaled $275 million, so Metaplanet nearly exceeded this alone in one day. For whatever reason, the trend may be accelerating.
Case in point, Genius Group increased its goal for a BTC stockpile to 10,000 today when it previously aimed for only 1,000. Last week, the company spent $2.1 million on Bitcoin, and it plans to use a “balanced mix of funding sources,” including revenues, BTC yields, and stock sales, to significantly expand its operations.
These are some of the most ambitious firms, but the number of aspiring corporate whales is growing at a fast rate. DDC Enterprises announced a purchase of 230 bitcoins today, while the company only held 122 beforehand. Semler Scientific spent $20 million on acquisitions, maintaining a fast pace for steady growth. Several more companies bought smaller amounts.
All these companies are leaving the community with one question: what could this behavior do to Bitcoin? Some experts are already raising fears of a bubble, especially because some of these corporate holders are outperforming BTC itself. It’s difficult to predict how the markets will react to this trend, but one thing seems clear.
These firms are speeding up, not slowing down.
The post Corporate Bitcoin Acquisition Increases as These Firms Plan BTC Buys appeared first on BeInCrypto.