Bitcoin rises as more enter the treasury game

Bitcoin is having a strong start to the week, with a slew of companies adding to their bitcoin corporate treasuries and one altcoin founder announcing plans to found one.

Strategy, as usual on Monday morning, announced it had acquired more bitcoin, adding 10,100 tokens for $1.05 billion, bringing its total to 592,100 bitcoin. Cofounder Michael Saylor also recently advised Pakistan on its bitcoin reserve. In April, Binance founder CZ was appointed as an adviser to the Pakistan Crypto Council. 

Metaplanet, the No. 1 Asian bitcoin holder, also acquired 1,112 bitcoin for $117.2 million, and now holds an even 10,000. With this latest acquisition, the Japanese company has become the ninth-largest bitcoin corporate holder, dethroning Coinbase, which holds 9,627 bitcoin.  

Metaplanet CEO Simon Gerovich also posted that “10,000 BTC is just the start line.”

“Path to 210,000 BTC... This is not just guidance — it is a declaration... Now we accelerate. This era will be divided between those who bought Bitcoin and those who were left behind,” Gerovich wrote.

Meanwhile, film studio Angel, which has been sitting on a 125-bitcoin “rainy day fund” since 2021, reentered the chat with a purchase of 300 bitcoin.

Finally, in a move that few saw coming, cardano founder Charles Hoskinson announced on Sunday that the platform is planning to buy bitcoin with its $1.2 billion treasury, by converting $100 million worth of cardano tokens into bitcoin and stablecoins.

“We could take $100 million of ADA in the treasury, convert it to a blend of stablecoins incumbent in cardano, so USDM and USDA, and convert some of it in bitcoin to prime bitcoin DeFi,” Hoskinson said.

He called critics of his plan “inexperienced,” saying that the move “would not cause any problems at all.”

This morning, he continued to dismiss his detractors in a lengthy post: