Over the last week alone, publicly traded companies have filed to raise more than $7 billion to purchase major cryptocurrencies, including BTC, ETH, and XRP.
Inspired by Michael Saylor’s Strategy, publicly traded companies are lining up to accumulate substantial amounts of cryptocurrency for their corporate treasuries.
Over the last seven days, Trump Media announced its plans to raise up to $2.5 billion, Strive announced its intent to raise up to $1.5 billion, and Reitar Logtech filed to raise $1.5 billion, all to buy Bitcoin (BTC).
Meanwhile, Joe Lubin’s SharpLink filed for another $1 billion offering on May 30, in addition to its initial $425 million raise to purchase ETH, and companies like VivoPower and Webus are set to purchase more than $400 million of Ripple’s XRP.
These six companies alone are raising a maximum of $7.3 billion to acquire the top three cryptocurrencies by market capitalization – BTC, ETH, and XRP – with roughly 75% intended for Bitcoin.
It is not guaranteed that these companies will successfully meet their fundraising targets, however, and final figures are yet to be determined.
These deals are part of a larger trend led by Strategy, formerly MicroStrategy, which has invested more than $40 billion in BTC at this point, while other well-known companies, such as GameStop, are just beginning their forays into crypto.
While billions of dollars are set to pour in, many major companies are still hesitant to accept BTC’s volatility. Meta is the latest trillion-dollar company to reject a BTC acquisition strategy, joining Microsoft and Amazon, with more than 90% of META shareholders voting against the proposal.
Despite the massive potential inflows, BTC has been unresponsive to the news and is down 4% over the last week.
ETH, on the other hand, has been slightly stronger than BTC and is flat on the week, but up 38% over the last 30 days, compared to BTC’s 8.7% rise in the same period.
