Bitcoin BTC/USD is trading for $105,248.42, down 0.31% in a day and 4.04% in the week. It grew 9.76% in a month. The price action follows Bitcoin's inclusion in long-term treasury strategy of companies like Strategy Inc MSTR, which bought over 705 BTC.
Strategy, led by Bitcoin advocate Michael Saylor, has purchased Bitcoin for the eighth consecutive week. During May 26 to June 1, the company purchased BTC at an average price of around $106,495, with the combined value amounting to $75.1 million. It brings the company’s total holdings to 580,955 BTC, bought at an average price of $70,023 per coin, and valued at over $61 billion.
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Saylor foreshadowed the purchase in a mysterious X post, formerly Twitter, saying, “Orange is my preferred color,” referring to the color branding of Bitcoin and the orange dots used to identify Strategy’s BTC purchases on its internal charts. The company’s stock increased almost 0.9% after the news.
Elsewhere, Norway is seeing the Bitcoin accumulation trend as the Norwegian Block Exchange NBX purchased 6 BTC, and its share price shot up by 138%. The firm aims to double its holdings to 10 BTC within the month. It plans to scale further by raising additional capital. NBX will use its Bitcoin as collateral to issue USDM, a Cardano ADA/USD-based stablecoin. It aims to become a digital asset bank.
Norwegian crypto brokerage firm K33 AB ARCNF completed its first purchase under a new Bitcoin treasury policy, buying 10 BTC for SEK 10 million ($1,042,035). With a backing of SEK 60 million ($6,250,470), K33 plans to maintain at least a 1,000 BTC reserve in the long run. CEO Torbjørn Bull Jenssen highlighted that Bitcoin will be a central part of the company’s future balance sheet and growth plan strategy.
Companies in Europe and Asia are embracing BTC as a hedge, and leveraging it for operational efficiencies and as new financial instruments. Industrial conglomerates to fintech startups are shifting cash reserves into Bitcoin, believing that it will perform better than conventional assets in the coming years.
After the recent price pullback, experts believe that the wave of institutional buying may become a strong support for Bitcoin. The $105,000 level is being monitored closely. Support is necessary to prevent further correction to the $98,000–$100,000 level.
Overall sentiment is positive as Bitcoin’s maintained the six-figure price level despite the short-term fluctuations and macro uncertainty. As corporate treasuries are transitioning to include Bitcoin, the market expects greater liquidity, institutional adoption, and lower volatility in the long term.
It's unclear whether the development will be sufficient for BTC to reach new all-time highs soon, and Binance BNB/USD predicts that Bitcoin will reach $110,145 by 2026.
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