The price of Sui jumped to $3.37 on February 4, representing an increase of 8.5%. This came after the announcement that Sui Bridge now accepts Wrapped Bitcoin (wBTC). This integration permits the movement of Bitcoin from Ethereum to Sui
Enabling various decentralized finance (DeFi) activities. As wBTC is integrated, it is now treated as a fully composable asset which can be lent, borrowed, traded, and otherwise used across DeFi including Bluefin, Navi, Suilend.
With this event in the news, analysts are more optimistic about the future of Sui. For example Patrick Bush from VanEck believes Sui will rival Ethereum and Solana, applying a price target of $16 in 2025 which would be a 326% increase from its current price.
However Bush also mentions some potential issues that could limit Sui’s long-term appreciation which include the lack of a clear business development strategy as well as an unproven infrastructure that does not perform well under more demanding conditions.
US Crypto ATM operator Bitcoin Depot adds $5m in BTC to treasury
The American company, Bitcoin Depot, which operates cryptocurrency ATMs, has further increased investment in Bitcoin,”.
Bitcoin Depot purchased an added 5 million US dollars in Bitcoin, bringing the total holdings to 71.5 BTC. This is above 7 million at the time of purchase. CEO Brandon Mintz claimed that, “longstanding belief of depot is in Bitcoin as a key financial asset as well as a store of value,” which also allows shareholders to gain advantage from future price increases.
According to Coin ATM Radar, Bitcoin Depot has around 8,213 kiosks in U.S., Canada and Puerto Rico which makes it the largest network of cryptocurrency ATMs. The company was listed in the Nasdaq stock exchange in July 2023 under the name BTM which makes it the first company dealing with Crypto ATM to go public.
Since June 2024, Bitcoin Depot has set aside a portion of its reserves into Bitcoin and tried implementing a Bitcoin treasury strategy. This was done after Bitcoin prices swole over 63%. Unfortunately, on the same day of the acquisitions Bitcoin Depot stock BTM dropped by 2.5% signalling that this new strategy has not prickled the shareholders yet.
Bitcoin Depot imitates MicroStrategy, which was the first company to utilize the Bitcoin treasury model in 2020. The Intelligence company has purchased more than 471,000 BTC which are currently valued above $46 billion.
Other companies that trade publicly in the U.S, such as KULR Technology Group, Selmer Scientific, Acurx, and Riot Platforms, also recently increased their Bitcoin investments. This trend has been noted in other countries as well. There are firms like Genius Group from Singapore and Metaplanet from Japan that use Bitcoin as part of their strategic assets.
