Bitcoin Treasury shakeout deepens as Strive buys more while rivals retreat

The corporate purchases of Bitcoin resumed this week, creating additional demand in the market that has already risen significantly throughout August. Strive bought Bitcoin for approximately $143 million while Strategy came back from a roughly ten-week hiatus and bought approximately $370 million worth of Bitcoin, further indicating the ongoing interest from corporate buyers who have turned into a new source of demand for the crypto-assets.

As for the larger market, timing plays a crucial role. Even as of Monday, Bitcoin was trading near $78,600, closing August up by more than 24%. The return of some significant treasury buyers eliminates another burden that has been put on the industry when those firms stopped purchasing or in some situations sold Bitcoin.

Treasury buyers return as Bitcoin holds near $79,000

The buying spree comes after a period of uncertainty regarding treasury trades. Strategy, founded by Michael Saylor and the company which pioneered the model, resumed buying BTC last week, acquiring 4,603 BTC worth $369.7 million and bringing its total holdings up to 845,050 BTC.

The acquisition marked the firm’s first Bitcoin purchase in 10 weeks. However, in that interim, Strategy sold 6,916 BTC for approximately $430 million between June 30 and August 10 to help enhance its liquidity position.