Companies kept adding bitcoin to their piles, but now investors are starting to get worried
CEO Michael Saylor has grown Strategy’s pile to nearly half a million bitcoin and the stock is falling with most of the asset class.
It’s been quite a week for bitcoin, with President Trump’s executive order establishing a strategic bitcoin national reserve late last night, though it failed to boost the price of the coin, which has dropped to $86,000 as of 12:15 p.m. ET today.
The details of the order specified only that the government would fund the reserve with previously seized cryptocurrencies, which seems to have hurt the overall cryptocurrency market as well as sentiment around Strategy, which is down more than 6% today.
CEO Michael Saylor will be at today’s inaugural White House Crypto Summit and spoke on Fox Business about his ideas for how the reserve should be built, which included the US adding bitcoin slowly and strategically.
Despite the executive order saying any bitcoin purchased will be done only through “budget-neutral strategies,” public companies around the globe are still steadily buying and stashing bitcoin.
This week, Japanese company Metaplanet added 156 bitcoin for $13.4 million. “As of 3/3/2025, we hold 2391 $BTC acquired for ~$196.3 million at ~82,100 per bitcoin,” CEO Simon Gerovich posted on X.
In Brazil, fintech company Méliuz said its board of directors has approved allocating 10% of the company’s cash reserves in bitcoin.
“The Company has made its first Bitcoin purchases, acquiring 45.72 Bitcoin for approximately $4.1 million at an average price of $90,296.11 per Bitcoin,” CEO Israel Salmen posted on X.
Meanwhile, stateside, publicly traded bitcoin platform Fold added 475 bitcoin to its reserve today — a 50% increase in the company’s bitcoin holdings, which now total 1,485 bitcoin, according to the release.
