Reitar Goes Big: $1.5B Bitcoin Shopping Spree as Strategy Doubles Down

Another day, another whale-sized Bitcoin bet—this time from Reitar, throwing up to $1.5 billion into the crypto fray. Meanwhile, Strategy’s back at the buffet for seconds. Guess someone’s not reading the ‘volatility risk’ memos.

Wall Street’s playing catch-up while the crypto crowd laughs all the way to the (decentralized) bank. Just don’t ask about their 2022 portfolios.

Reitar announces BTC acquisition while Strategy buys again

On the same day, Strategy (formerly known as MicroStrategy) announced it purchased 705 BTC at a cost of $75.1 million. Strategy now holds 580,955 BTC, with a total value of over $60 billion.

Despite these moves, Wall Street remains skeptical. This week, TRUMP Media said it would raise $2.5 billion to buy Bitcoin, and GameStop announced a $500 million Bitcoin investment. A newcomer, Twenty One, backed by Tether, SoftBank, and Strike’s Jack Mallers, launched with plans to hold 42,000 BTC from the start, which would make it the third-largest corporate Bitcoin holder worldwide.

Shares of Trump Media fell more than 20% after its announcement, while GameStop’s stock dropped 17%. Investors appear unconvinced that these Bitcoin-focused strategies will pay off in the NEAR term.

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