Strategy Adds $110M in Bitcoin as Paraguay Denies Legal Tender Claim After X Post
Bitcoin adoption surges as Strategy buys $110M in BTC, KULR plans $300M raise for treasury growth, and Paraguay battles fake legal tender claims after X account incident.
Because Bitcoin
June 9, 2025
KULR Technology to Raise $300M for Bitcoin Treasury Expansion, Joins Institutional Adoption Push
KULR Technology Group announced plans to raise $300 million through an at-the-market stock offering to expand its Bitcoin treasury and working capital. The California-based firm, which now brands itself as a “Bitcoin-First” company, aims to increase its BTC holdings as part of a long-term strategy to grow Bitcoin per share. KULR currently holds 920 BTC worth nearly $996 million. The move aligns with a broader trend of companies, both public and private, adding Bitcoin to their treasuries—many inspired by Michael Saylor’s Strategy. KULR has also joined the “Bitcoin for Corporations” initiative to further institutional adoption of Bitcoin.
Strategy Buys Another $110M in Bitcoin, Expands Holdings to Over 582,000 BTC Amid Ongoing Accumulation Streak
Strategy has purchased 1,045 more Bitcoin for $110.2 million, according to an SEC filing, continuing a nine-week accumulation streak as BTC trades near its all-time high. Acquired at an average price of $105,426, the firm now holds 582,000 BTC, worth around $40.8 billion. The buy follows Strategy’s expanded $1 billion stock offering, aimed at funding further Bitcoin acquisitions. The offering includes 10% yield preferred shares tailored for institutional investors. Strategy’s aggressive Bitcoin strategy, launched in 2020, has driven its market cap from $1.2 billion to $104.6 billion, inspiring other firms like Metaplanet, The Blockchain Group, and Norwegian Block Exchange to adopt similar treasury models.
Paraguayan President’s Office Denies Bitcoin Legal Tender Announcement After Suspicious X Post
Paraguayan President Santiago Peña’s office denied claims from his personal X account stating that Paraguay had adopted Bitcoin as legal tender and created a $5 million BTC reserve. The official government account urged the public to disregard any unverified posts not issued through official channels and is working with X to clarify the incident. The personal post, which included a wallet address, was quickly deleted, raising suspicions of a hack or scam. This follows a pattern of crypto-related misinformation on X, including past high-profile account hijackings like that of Indian Prime Minister Modi and the U.S. SEC.
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