British companies are flocking to invest in Bitcoin, with losses exceeding £80 million
At the beginning of this year, driven by the surge in Bitcoin prices and the increasing demand from investors for American "Bitcoin asset management companies" (such as Strategy), many British companies have followed suit in deploying Bitcoin investment strategies. During a summer rally, the market value of Strategy once surpassed $127 billion (equivalent to £95 billion).
However, according to calculations by The Daily Telegraph, many British companies that jumped on the bandwagon completed their purchases just as the Bitcoin market approached its peak.
13 British listed companies collectively spent approximately £364 million to purchase nearly 4,300 Bitcoins, with an average purchase price of $113,105 (equivalent to £85,076).
Last Friday, the trading price of Bitcoin was $87,950, down 22% from the aforementioned average purchase price. Additionally, the £40 million loss caused by the cryptocurrency company Satsuma selling assets means these companies have accumulated losses of approximately £79.1 million.
