Corporate bitcoin accumulation continues at a record pace as Michael Saylor’s Strategy and Anthony Pompliano’s ProCap BTC executed nine-figure purchases this week. Strategy added 4,980 BTC for $531.9 million, while ProCap acquired 1,208 BTC for $128 million in its second major purchase this week.
Strategy’s latest acquisition between June 23-29 was executed at an average price of $106,801 per bitcoin, funded through capital markets activities. This brings their total holdings to 597,325 BTC worth over $64 billion at current valuations.
The company now controls approximately 2.8% of bitcoin’s total supply, with unrealized gains exceeding $21 billion on their $42.4 billion investment. Their aggressive accumulation strategy remains unchanged despite bitcoin’s 60% year-to-date appreciation.
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Strategy’s Unrelenting Bitcoin Strategy
Strategy’s treasury now represents the largest corporate bitcoin holding globally, with their latest purchase marking the 12th consecutive quarter of accumulation. The company utilizes multiple funding mechanisms including:
- At-the-market (ATM) offerings of Class A common stock
- Sales of perpetual Strike preferred stock (STRK)
- Perpetual Strife preferred stock (STRF) issuances
According to SEC filings, Strategy maintains significant remaining capacity under these programs, including $20.6 billion in STRK availability and $18.6 billion in common stock ATM capacity. This financial flexibility positions them for continued acquisitions.
ProCap BTC’s Rapid Accumulation
Anthony Pompliano’s ProCap BTC has emerged as a significant new player, acquiring 4,932 BTC worth $532 million in just two days. Their back-to-back purchases include:
| Date | BTC Purchased | Amount | Price per BTC |
|---|---|---|---|
| June 24 | 3,724 | $394M | $105,800 |
| June 25 | 1,208 | $128M | $105,977 |
The buying spree follows ProCap’s $1 billion merger with Columbus Circle Capital Corp to become a publicly traded entity. Pompliano described bitcoin as the “hurdle rate” for investments, stating “If you can’t beat it, you have to buy it” in a public announcement.
Institutional Adoption Expands
Beyond corporate buyers, governmental entities are entering the bitcoin market. Texas recently became the first U.S. state to allocate public funds for bitcoin through its Texas Bitcoin Strategic Reserve, established by Senate Bill 21.
This follows similar initiatives in Arizona and New Hampshire, signaling growing institutional acceptance. The move provides a sovereign inflation hedge while potentially driving significant new demand given the scale of state treasury assets.
Market analysts note these developments validate bitcoin’s store-of-value proposition. As more entities adopt treasury reserve strategies, bitcoin’s scarcity premium could intensify given its fixed 21 million supply cap.
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The accelerated institutional accumulation signals strong conviction in bitcoin’s long-term value proposition despite recent price volatility. These large-scale purchases reduce available market supply, potentially creating upward pressure as halving-induced scarcity approaches in 2028.
- At-the-market (ATM) offering
- A capital-raising method where companies sell shares directly into the open market at prevailing prices rather than through traditional underwritten offerings. This provides flexible funding for acquisitions.
- Perpetual preferred stock
- Equity securities without maturity dates that pay fixed dividends. Strategy uses these instruments to fund bitcoin purchases while avoiding common stock dilution.
- Treasury reserve strategy
- A corporate asset allocation approach where companies hold bitcoin as a primary treasury asset instead of cash or traditional investments.
- Hurdle rate
- The minimum rate of return required for an investment. Pompliano’s statement positions bitcoin as the benchmark that other investments must outperform.
