Several corporations made massive commitments to their Bitcoin treasuries this week. K Wave Media plans to acquire 88 BTC, spending hundreds of millions, while DDC and Animoca are investing $100 million.

Ethereum is also seeing renewed interest, as several corporate holders spent millions on fresh acquisitions last night. Nonetheless, Bitcoin is the lightning rod for institutional capital right now.

Bitcoin’s All-Time High Triggered Another Corporate Race

The Bitcoin treasury strategy, where corporations invest huge sums into massive BTC stockpiles, has been sweeping the globe. Last week, a surge of new companies began or substantially upscaled their Bitcoin holdings, and more are joining.

K Wave Media, a South Korean firm, announced plans to make major acquisitions, aiming to hold 88 bitcoins:

“We believe that this financing structure positions us to execute one of the most ambitious corporate Bitcoin accumulation strategies in the world. Our objective is clear: to scale our holdings toward 10,000 bitcoins as soon as possible while maintaining strong investor alignment and full transparency,” claimed CEO Ted Kim.

Considering Bitcoin’s price reached an all-time high yesterday, K Wave is trying to build a huge treasury. The firm claimed that it’s partnering with Anson Funds, an investment company that will provide it with $500 million in financing.

At least 80% of these proceeds will go to BTC acquisitions, but K Wave may invest as much as $1 billion.

Another firm doubling down on the Bitcoin treasury strategy is DDC Enterprise, which has already been buying BTC. Today, it announced a partnership with Animoca Brands to invest $100 million into DDC’s stockpile.

Animoca, which has been pursuing diverse revenue strategies, will help manage DDC’s investments, gaining market experience and some of the yield.

Furthermore, although Bitcoin is definitely the preferred asset, several companies are building treasuries of different altcoins. Solana, for example, has its own MicroStrategy-type whale, and data from Lookonchain revealed seven large ETH transactions last night. Several came from corporate buyers, and the total quantity of Ethereum reached $358 million:

Of course, a few of these transactions were anonymous whales, which may not have anything to do with corporate holders. One was even part of a chain of money laundering from yesterday’s GMX hack. Still, this trend shows that corporate treasury acquisitions are not necessarily related to Bitcoin.

However, the Bitcoin treasury plan is causing fears of an impending bubble.

How sustainable is this rampant BTC investment? Some corporate crypto holders are outperforming the assets they custody, which may indicate extreme levels of speculation.