Bitcoin has been exploring new all-time highs (ATHs) recently, but Strategy still seems to be in accumulation mode as it has announced another large purchase.

Strategy Has Bought 4,225 Bitcoin In Latest Acquisition

As announced by Strategy Chairman Michael Saylor in an X post, the company has made a fresh Bitcoin acquisition, continuing its chain of 2025 buys. With the latest purchase, the firm has added 4,225 BTC to its holdings.

According to the US Securities and Exchange Commission (SEC) filing, the buy occurred between July 7th and July 13th, and involved an average BTC cost basis of $111,827. This means the 4,225 tokens were acquired for about $472.5 million.

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In the same period as the acquisition, BTC witnessed a breakout to new ATHs. If the purchase is to go by, it seems Strategy is still interested in buying even at these high prices. “Short Bitcoin if you hate money,” said Saylor in an earlier X post.

After the latest buy, the total holding of the firm has hit 601,550 BTC. The company spent around $42.87 billion to assemble this stack and today, its value stands at $72.25 billion, implying a significant profit of 68.5%.

Earlier in the day, another Bitcoin treasury company added to its holdings: Metaplanet. According to the X post by CEO Simon Gerovich, the company has added 797 BTC to its reserve, taking the total to 16,352 BTC. Unlike Strategy, though, the firm’s average coin cost basis is on the higher side, standing at $100,191 right now.

In some other news, while the big players in the market have been buying BTC for a while now, data from the on-chain analytics firm Glassnode suggests retail investors have finally joined in.

In the chart, the data of the Accumulation Trend Score is shown for the different segments of the Bitcoin userbase. The “Accumulation Trend Score” is an indicator that tells us about whether the BTC investors are accumulating or distributing.

From the graph, it’s visible that the score has recently been pretty close to 1 for the 1,000 to 10,000 BTC cohort. This means that these large hands, popularly known as the whales, have been showing a near-perfect accumulation trend. The latest rally in the cryptocurrency may be a product of this conviction.

While the whales have been buying, the rest of the Bitcoin market has been showing behavior that tends more toward distribution. The mega whales, carrying more than 10,000 BTC, have remained in selling mode with an Accumulation Trend Score around 0.3.

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Until recently, the hands with less than 1 BTC, the retail, were in a phase of distribution, but it seems the latest rally has caused them to change their tune, as they have started buying.

BTC Price

Bitcoin went up to $123,000 earlier, but it seems the asset has since seen a setback as its price is down to $119,900.

Featured image from Dall-E, Glassnode.com, chart from TradingView.com

Crypto exchange Kraken reported $472 million in revenue for the first quarter of 2025, reflecting a 19% year-over-year increase driven largely by heightened market volatility during the early days of President Trump’s second term.

In a statement released Thursday, the company attributed the revenue jump to increased trading activity amid volatile conditions, despite noting a sequential decline of 7% from Q4 2024.

Kraken Sees 17% EBITDA Growth

Adjusted EBITDA also rose 17% year-over-year to $187.4 million, while overall trading volume on the platform surged by 29% over the same period.

“While Q1 revenue declined 7% sequentially due to overall market softness, adjusted EBITDA rose 1% – highlighting Kraken’s resilience amid seasonality,” the company noted in a blog post.

The statement added that Q4 2024 saw unusually high trading activity due to the U.S. election season, which tapered off in the following quarter.

Kraken, which is preparing for a potential public listing in 2026, has continued to diversify its offerings.

The company recently acquired NinjaTrader to enable derivatives trading in the U.S. and has expanded into equities and ETFs through a brokerage deal with Alpaca.

In the UK, Kraken launched derivatives trading this week, marking a key move in its second-largest market.

Kraken Head of Derivatives Alexia Theodorou emphasized that while spot and derivatives volumes are currently similar, derivatives hold significantly greater growth potential.

The exchange also introduced Kraken Pay, a new consumer-focused financial app, alongside an institutional-grade API to enhance professional access.

The company reported a 250% increase in monthly trading volume and a 26% year-over-year rise in funded accounts during Q1.

“Assets on the platform continued to grow, although the value dipped slightly due to broader crypto market conditions,” the company stated.

Kraken also said it continues to gain market share and deepen client engagement despite macroeconomic uncertainty.

Co-CEO Arjun Sethi reaffirmed Kraken’s plans to go public, even amid cooling IPO sentiment.

Other exchanges like Bullish and Gemini have similarly signaled interest in entering public markets, although many remain cautious in light of unpredictable policy signals from the Trump administration.

Kraken Mulls 2026 IPO

Kraken is preparing for an initial public offering (IPO) as early as the first quarter of 2026, taking advantage of what appears to be a more favorable regulatory climate under President Donald Trump.

Kraken’s IPO plans are not yet final and could change in the coming months.

As reported, the SEC has agreed in principle to dismiss its lawsuit against cryptocurrency exchange Kraken, according to a statement from the company.

The case will be dropped with prejudice, meaning it cannot be refiled. Kraken will not admit to any wrongdoing, pay penalties, or change its business operations.

The SEC sued Kraken in November 2023, alleging it operated as an unregistered securities exchange, broker, clearing agency, and dealer.

The regulator also accused the company of commingling customer and corporate funds.

Kraken contested the charges, leading a federal judge to rule the case had enough merit to proceed to trial.

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