Bitcoin fell below the $85,000 mark on Monday, despite notable buying activity from major corporate treasuries. Three prominent firms—Strategy, Metaplanet, and Strive—announced fresh Bitcoin acquisitions totaling 3,334 BTC. The drop in price highlights a growing divergence between institutional buying and short-term market sentiment, as selling pressure continues to outweigh new inflows from large holders.
Corporate Buying Fails to Halt Downtrend
Strategy revealed that it purchased 334 BTC at an average price of $85,838.80 between October 1 and October 4, investing a total of $28.7 million in this period. The firm now holds 848,000 BTC, valued at approximately $63.97 billion based on the average acquisition cost. With Bitcoin dipping below $85,000, Strategy’s latest acquisition is already underwater, further underscoring the challenge for corporates to offset overall market selling.
“Strategy increased its Bitcoin position to 848,000 BTC, acquired for around $63.97 billion. However, the decline below $85,000 places its most recent purchase in negative territory,” reported the company in its filing.
Meanwhile, Metaplanet, a Japanese corporation, disclosed significant Bitcoin treasury activity in the third quarter. The company sold 10,000 BTC and subsequently repurchased 11,000 BTC, resulting in a net increase of 1,000 BTC to its portfolio. This move brought Metaplanet’s total holdings to 44,000 BTC and continued the firm’s ongoing accumulation strategy that began earlier in the year.
Metaplanet’s approach involves taking advantage of market swings by actively managing its holdings, with this latest quarterly activity aligning with its stated intentions to pursue further Bitcoin exposure amid periods of price volatility.
Largest New Addition Comes From Strive
Strive led the recent buying among the three companies, announcing it accumulated 2,000 BTC between September 28 and October 2 at an average price of $84,422 per Bitcoin. The investment amounted to about $169 million. Strive now holds 29,462 BTC, making it one of the largest listed Bitcoin treasuries by volume.
Strive has consistently ramped up its Bitcoin purchases during episodes of market weakness. The firm’s earlier acquisition also took place following a notable pullback in the cryptocurrency’s price, signaling a strategy of accumulating more exposure during downturns.
Despite significant purchases by institutional treasuries, including 3,334 BTC from three companies, Bitcoin slipped below $85,000 after fresh rejection at around $87,000, indicating that corporate demand alone is not driving a sustainable rally in the current market.
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