Strategy инвестирует почти $1 млрд в биткоины, увеличивая свои крипторезервы до 660 624 BTC Headline: Strategy invests nearly $1 billion in bitcoins, increasing its crypto reserves to 660,624 BTC

The company Strategy, led by Michael Saylor, has bolstered its Bitcoin treasury by acquiring 10,624 BTC for approximately $962.7 million, resulting in an average purchase price of $90,615 per coin.

The firm’s cryptocurrency reserve has reached 660,624 BTC, valued at about $59.5 billion based on the current exchange rate. Since August 2020, Strategy has invested a total of around $49.35 billion in digital gold.

The latest acquisitions were financed through the sale of STRD and MSTR shares via an at-the-market (ATM) offering program.

In early December, Strategy established a cash reserve of $1.44 billion to ensure «stable and continuous» dividend payments in the event of a decline in the price of the leading cryptocurrency.

Analysts from CryptoQuant considered this move as a preparation for a prolonged bear market, especially since Strategy’s management has confirmed their willingness to sell cryptocurrency if necessary. Previously, Saylor had often claimed that the company’s policy did not include such actions.

Fong Li, CEO of Strategy, indicated that liquidation of part of the crypto reserve might occur, for instance, if the mNAV indicator falls below one. This metric is critical for all firms with crypto treasuries (DAT), as it allows them to attract funding for expanding their holdings in digital assets.

Experts at CoinShares believe that the market correction has exposed structural shortcomings in the current DAT strategy.

The initial goals of Strategy’s Bitcoin initiative in 2020 were asset diversification and currency risk management. However, over time, it has evolved into a tool for investing in cryptocurrency using borrowed funds.

Many imitators of Strategy have taken a similar path, with their boom peaking this year. Notably, for the vast majority of participants in this segment, their primary business (if it exists) does not generate cash flow comparable to their crypto reserves.

During the summer, many DAT stocks were trading at a premium of 3x to even 10x. However, the median value of mNAV has now fallen below one.

CoinShares identifies two primary paths for future developments:

Analysts lean toward the second option but are certain that the segment will undergo reformatting. One possible consequence of this could be consolidation—mergers and acquisitions of weaker participants by stronger ones.

A similar viewpoint has been expressed by specialists at Galaxy Research, who noted that the current DAT strategy has reached a natural limit and that companies have entered a «Darwinian phase.» Experts suggest that one of the most probable scenarios is the acquisition of insolvent firms by more resilient competitors.

BitMine Immersion Technologies, the world’s largest corporate holder of Ethereum, continued its purchases of the second-largest cryptocurrency.

On December 5-6, the company acquired 64,622 ETH for approximately $199.5 million.

According to StrategicEthReserve, BitMine has amassed 3.86 million ETH (3.2% of the market supply), currently valued at $11.99 billion. However, the company’s mNAV has already dropped to 0.79.

As for Strategy, its mNAV value at the time of writing is 1.17.

It is worth noting that JPMorgan analysts have linked the short-term prospects of Bitcoin to the financial stability of Saylor’s firm.