Bitcoin soared past $122,000 this week as Strategy Inc. made a $740 million purchase and Conflux unveiled a new offshore yuan stablecoin.
Key Takeaways
- 1Strategy Inc. purchased over 6,200 Bitcoin for $740 million as the price topped $123,000
- 2The company now holds more than 607,000 BTC, worth around $43.6 billion
- 3Conflux launched a new offshore yuan-backed stablecoin and unveiled Conflux 3.0
- 4Bitcoin’s current price is $117,922 following strong institutional interest and market momentum
What Happened
Strategy Inc. expanded its Bitcoin treasury with a massive $739.8 million buy, acquiring 6,220 BTC just as prices touched a new high of $123,000. Meanwhile, Conflux launched an offshore Chinese yuan-backed stablecoin in partnership with AnchorX and Eastcompeace, aiming to support cross-border finance.
Strategy Goes All In as Bitcoin Price Spikes
Bitcoin saw a sharp rally this week, briefly trading above $123,000 before settling near $117,922. Capitalizing on the surge, Strategy Inc., led by Michael Saylor, added 6,220 Bitcoin to its already dominant crypto treasury. According to a filing with the U.S. Securities and Exchange Commission, the coins were bought at an average of $118,940 each, pushing Strategy’s total Bitcoin holdings to 607,770 BTC.
- The company has spent around $43.6 billion on Bitcoin to date
- The average purchase price stands at $71,756 per coin
- The latest acquisition was funded in part by a previously announced $4.2 billion share sale
Despite volatility, Strategy continues to hold firm. The company has not commented on the exact timing, but filings confirm the deal closed before the weekend.
In an interesting twist, while the company added to its Bitcoin stockpile, senior executive Wei-Ming Shao sold shares worth nearly $30.6 million over two weeks, raising some eyebrows.
Conflux Launches New Stablecoin Backed by Offshore Yuan
As Strategy was making headlines with its Bitcoin purchase, Chinese blockchain firm Conflux made its own splash. During a three-day conference in Shanghai, the company revealed the third version of its public network, Conflux 3.0, which can handle over 15,000 transactions per second and supports onchain AI agent calls.
More significantly, Conflux announced a stablecoin project backed by the offshore Chinese yuan, developed with AnchorX and Eastcompeace. While it’s unclear if this stablecoin is the same as AnchorX’s AxCNH, which recently received in-principle approval in Kazakhstan, it’s poised to be part of China’s Belt and Road Initiative.
- TokenPocket will promote the stablecoin in Central Asia, Southeast Asia, and other regions
- The stablecoin will support real-world asset applications
- The initiative comes amid a wave of 40 stablecoin license applications in Hong Kong
This move highlights China’s shifting approach to digital currencies, especially as regulators in Shanghai are urging deeper research into stablecoins.
Institutional Momentum Continues
Beyond Strategy and Conflux, the broader market also saw signs of rising institutional interest. Japanese investment firm Metaplanet bought an additional 797 Bitcoin, boosting its total to 16,353 BTC. Meanwhile, Block Inc., led by Jack Dorsey, made headlines by joining the S&P 500, a move seen as a major win for Bitcoin’s mainstream credibility.
CoinLaw’s Takeaway
I love seeing big institutional players go all in on Bitcoin like this. Strategy’s $740 million buy is not just a headline, it’s a confidence signal that Bitcoin is far from done. And Conflux launching a yuan-backed stablecoin? That’s a massive step toward crypto globalization, especially with China cautiously reentering the digital currency game. With regulatory shifts and more stablecoin licenses popping up, we’re not just watching prices go up, we’re witnessing a power shift in global finance.
