Crypto Today: Strive and Strategy Buy Bitcoin as Cronos Halts

Bitcoin treasuries were back in focus as Strive purchased 1,800 BTC for approximately $143 million, lifting its total holdings to 23,156 BTC. The asset manager and Bitcoin treasury company bought the coins at an average price of $79,431, including fees and expenses, making it the fifth-largest publicly traded corporate Bitcoin holder. The acquisition came after Strive bought 1,110 BTC for about $81.5 million the previous week, increasing its holdings by roughly 8.4% in five business days and moving it ahead of crypto exchange Bullish.

Strategy, the largest corporate Bitcoin holder, also resumed purchases after a two-month pause. Michael Saylor’s company acquired 4,603 BTC for $370 million at an average price of $80,318, taking its total holdings to 845,050 BTC, according to a Monday 8-K filing. Strategy has acquired its Bitcoin for approximately $63.3 billion at an average price of $75,413. The latest purchase was funded with net proceeds from a 602 million MSTR common stock sale; the company also allocated $30 million to its USD cash reserve and $151.8 million to repurchase preferred STRC stock.

The corporate buying followed a sharp Bitcoin rebound. BTC rose more than 23% to above $81,000 after the US Treasury Department announced plans to increase certain long-term bond buybacks, although the asset was trading back below $79,000 on Monday. The latest corporate purchases underscore continued institutional demand despite recent volatility in the market.

Cronos, meanwhile, halted its blockchain after an exploit targeting decentralized lending protocol Tectonic. The incident involved an estimated $75 million, with most of the affected funds reportedly remaining on the Cronos network at the time of writing. The network suspension added a security setback to a day otherwise dominated by major Bitcoin acquisitions.