[Bitcoin Now] Bitmax Acquires 51 More Bitcoins... Holds 551 in Total, No. 1 Among Korean Companies

Bitmax, a KOSDAQ-listed company, has solidified its title as the "largest holder" among domestic listed companies by making additional purchases of Bitcoin.

On August 12, Bitmax announced in a regulatory filing that it had acquired 51.1142 Bitcoins (BTC) for a total of 8,238,080,000 KRW. The purchase price per Bitcoin was approximately 161,170,000 KRW.

Bitmax began purchasing Bitcoin on March 10 and, as of this date, now holds a total of 551 Bitcoins. The valuation amounts to around 90.2 billion KRW, with an average purchase price of approximately 146,860,000 KRW per Bitcoin.

The company stated, "Recently, the U.S. administration issued an executive order allowing cryptocurrency investments in 401(k) retirement plans, resulting in about 265 million dollars flowing into Bitcoin and strengthening institutional buying. Due to regulatory easing, an increase in institutional investment, and Bitcoin's growing integration into the financial system, its price has approached an all-time high of 123,000 dollars."

The company added, "We plan to further diversify our assets and enhance corporate value by increasing our Bitcoin holdings, as Bitcoin's presence in the global financial system continues to grow."

The global cryptocurrency market is valued at 4.06 trillion dollars, surpassing Microsoft's market capitalization. Of this, Bitcoin's market capitalization is about 2.5 trillion dollars, accounting for 60% of the total market.

Recently, Bitcoin prices have remained strong at around 120,000 dollars, as 260 million dollars in new capital flowed in following the U.S. government's decision to allow cryptocurrency investments in retirement accounts. Some Wall Street experts predict that Bitcoin could surpass 200,000 dollars.

Jeff Kendrick of Standard Chartered expects Bitcoin to reach 200,000 dollars this year, Peter Jung of Presto forecasts 210,000 dollars, Tom Lee of Fundstrat projects 250,000 dollars, and Josh Olszewicz of Canary Capital believes it could rise as high as 300,000 dollars.

A Bitmax representative said, "Amid the bullish trend in virtual assets, we are aggressively increasing our portfolio allocation by expanding our purchase volume. This is a strategy focused on strengthening our position for long-term holding rather than seeking short-term gains."