Price declines continue — on June 29, BTC▼$58,301.00 fell back below $60K. But public companies aren’t slowing down. They’re actively accumulating the leading assets.
Strategy founder Michael Saylor posted a bitcoin (BTC) purchase chart on X on Sunday, June 28, with the caption “We’re gonna need more charts“–his traditional signal of an upcoming acquisition.
Hot topic: Bitcoin Treasuries Buying Fails to Offset Selling, Glassnode Says
With bitcoin below $60K, Strategy’s 847,363 BTC portfolio, purchased at an average price of $75,646, is sitting on roughly $13B in unrealized losses. At the time of publication, BTC trades at approximately $59,900.
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Not Everything Is Going Well for Strategy
MSTR shares have fallen to $82–their lowest since February 2024. STRC preferred shares, designed to trade near $100, hit a record low of around $71 last week. Strategy’s mNAV ratio has fallen below 1 for the first time, meaning the market values the company at less than the value of its bitcoin holdings–making it harder to raise capital through new share issuances.
Last week, Ripple CEO Brad Garlinghouse criticized Saylor’s approach in a CNBC interview, saying the strategy of funding bitcoin purchases through preferred shares has hurt the market. He said long-term value is created through utility, not financial engineering.
Despite the pressure, Strategy continues accumulating. On June 22, the company disclosed a purchase of 520 BTC for $35M–its smallest tranche in recent weeks–and increased its cash reserve to $1.4B.
Saylor previously said the company would buy “10 to 20” bitcoins for every coin sold. On June 1, Strategy sold 32 BTC to pay STRC dividends but then resumed buying.
Read more: What Does Strategy Do? How Michael Saylor Built a Bitcoin Corporate Empire
Sharplink Resumes Ether Buying: $62.4M in a Week
Sharplink, the second-largest public ether holder, has resumed active accumulation after an eight-month pause. According to Arkham, after an initial 5,000 Ethereum (ETH) purchase on Thursday, the company bought another 5,000 ETH▼$1,564.22 on Friday and 29,196 ETH on Saturday through three OTC trades. Total weekly purchases reached 39,196 ETH worth about $62.4M at the current price.
The purchases coincide with Sharplink’s support for the new Ethlabs non-profit project, which the company is developing alongside Bitmine and Ethereum co-founder Joe Lubin to prepare the network for institutional adoption.
Ether is down nearly 22% over the past month and nearly 50% since the start of the year. At the time of publication, the altcoin trades at roughly $1,580.
Learn more: Ethereum to $100K? Tom Lee’s Bullish ETH Forecast Sparks Massive Debate: Genius Call or Pure Hype?
