Three Top US companies heavily involved in Bitcoin acquisition doled out a collective $3.26 billion to increase their Bitcoin holding in the first week of December.
MicroStrategy, Marathon Digital, and Riot Platforms made significant bitcoin acquisitions in the first week of December amounting to over $3.26 billion.
The Bitcoin acquisition spree comes at a period when Bitcoin is still on the high side and close to its all-time high.
This new trend of acquiring Bitcoin or crypto assets even when they are on the high side is the opposite of the usual practice which is buying the Dip.
The Bitcoin Buying spree by these three companies comes against the backdrop of a Donald Trump presidency which is projected to do wonders for the price of the asset.
The market is looking very good for the crypto industry with several other American companies showing interest in investing in Bitcoin should the regulatory environment in the country improve.
Bitcoin hit a new all-time high of $103,679 in the first week of December finally surpassing the $100,000 mark.
However, the jump in Bitcoin price has not deterred companies that usually wait for Bitcoin to Dip in acquiring the crypto asset.
$3.26 billion in the space of 10 days
A whopping $3.26 billion has been spent acquiring Bitcoin in the first 10 days of December. The $3.26 billion amount is split between three companies Microstrategy, Marathon Digital, and Riot Platforms .
- Microstrategy the world’s largest corporate holder of Bitcoin acquired 21,550 BTC worth $2.1 billion between Dec 2 and Dec 8.
- This takes the total tally of BTC holdings for the Business intelligence firm to 423,650 bitcoins worth $25.6 billion.
- Marathon Digitals a leading Bitcoin mining firm in the US acquired 11,774 Bitcoin for around $1.1 billion. This mining firm is now holding 40,435 BTC, currently valued at $3.9 billion based on a spot BTC price of $96,500.
- The last US firm is Riot Platforms a Bitcoin infrastructure firm that acquired 705 BTC worth $68.45 million yesterday.
More US companies are set to follow suit as the Donald Trump administration takes full effect next month.
Bitcoin Price Analysis
This Bitcoin acquisition spree hasn’t really affected the price of Bitcoin which surged by only 1.2% in the past 7 days. The flagship crypto asset is currently exchanging hands for $98,021 surging by only 0.2% in the last 24 hours.
The crypto asset is currently 5.4% down from its all-time high which it hit on December 5.