Everyone’s buying bitcoin except Strategy

It’s been a great week for bitcoin, which hit a new all-time high yesterday, crossing $112,000 for the first time.

Bitcoin treasury companies also notched a record, acquiring 159,107 bitcoin in Q2, according to Bitwise, far surpassing the 95,431 BTC purchased in Q1.

One notable absentee this week: Strategy, the largest bitcoin corporate holder, with 597,325 bitcoin, paused its weekly bitcoin purchases for the first time since April.

“Some weeks you just need to HODL,” cofounder Michael Saylor posted on X.

Others didn’t feel the same, and kicked off the second half of 2025 with more buys:

• Metaplanet acquired 2,205 bitcoin for $238.7 million and now holds 15,555 bitcoin.

• Another Japanese company, Remixpoint, raised $215 million via financing to purchase bitcoin, with a short-term goal of buying 3,000 bitcoin.

• Semler Scientific acquired 187 bitcoin for $20 million, now holding 4,636 bitcoin. Earlier this week, Benchmark Equity Research initiated coverage of the company with a “buy” rating and a price target of $101, a 140% upside from today’s price, following the company’s bitcoin pivot in May.

• Energy management platforms company KULR Technology also increased its bitcoin holdings, acquiring 90 bitcoin for $10 million. It now holds 1,021 bitcoin.

• Paris-based semiconductor company Sequans Communications, which surged earlier this week after raising 7x its market value to buy bitcoin, executed its first purchase, acquiring 370 bitcoin “as part of its newly launched bitcoin treasury strategy.”

• Another French company, The Blockchain Group, also added to its stockpile by acquiring 116 bitcoin. It now holds 1,904 bitcoin.  

• Further north, The Smarter Web Company, a London-listed technology company, acquired 226.42 bitcoin as part of its “10 Year Plan” treasury policy. It now holds 1,000 bitcoin.

• KULR Technology acquired 90 bitcoin and now has 1,021.

Meanwhile, new entrants to the treasury game keep coming. Real estate company Murano said it had executed a standby equity purchase agreement worth up to $500 million to invest in bitcoin.

The company, which owns and develops hotel, resort, and commercial properties throughout Mexico and aims to become “a major BTC holder,” acquired 21 bitcoin to start its stockpile.

Finally, Chinese bitcoin mining company Cango announced it mined 120.7 bitcoin: