Bitcoin (BTC) and Ethereum (ETH) Bulls “At Work!” Massive Buyings Announced!

Strategy, the largest Bitcoin treasury company, returned to the market this week after a week-long hiatus.

According to Strategy’s 8-K filing with the SEC on Monday, the company purchased an additional 535 million BTC between May 4 and May 10 for approximately $43 million at an average price of $80,340.

The news was announced by Michael Saylor, co-founder and chairman of the board of Strategy.

Accordingly, Strategy’s holdings represent more than 3.9% of Bitcoin’s 21 million supply limit, which translates to approximately $4.6 billion in paper earnings at current prices.

Saylor gave the company’s usual Sunday hint about the latest acquisition announcement, sharing an update on Strategy’s Bitcoin purchase and saying “we’re back to work” after a week-long break.

Although Strategy bought BTC, Saylor and the company’s CEO, Phong Le, stated that Strategy could sell if necessary.

On the other hand, BitMine, the largest institutional Ethereum (ETH) bull, announced last week that it had purchased an additional 126,659 ETH.

Accordingly, BitMine added 126,659 coins last week, increasing its Ethereum treasury to 5.2 million ETH, bringing its total holdings to approximately 4.3% of the circulating supply.

BitMine also stated that the total amount of Ethereum staked has reached approximately 4,712,917 million ETH.

With this, Bitmine’s total assets in cryptocurrency, cash, and strategic investments have reached $13.4 billion. The company also added that it holds 201 BTC and $775 million in cash.

*This is not investment advice.

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