MicroStrategy, a leading corporate investor in bitcoin (BTC), continues its strategic accumulation of the cryptocurrency by acquiring 14,620 BTC for approximately $615.7 million. This purchase elevates the company’s total BTC holdings to 189,150, with an estimated market value surpassing $5.9 billion.
CEO Michael Saylor confirmed the news of this purchase via a post on X, revealing that the average purchase price was $42,110 per Bitcoin.
MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW
— Michael Saylor⚡️ (@saylor) December 27, 2023
This acquisition is yet another example of MicroStrategy’s bullish outlook on Bitcoin. It is part of a string of proactive investments, which underscores the company’s commitment to bolstering its digital asset reserves.
MicroStrategy began acquiring bitcoin in August 2020 and has continued to accumulate cryptocurrency holdings in a disciplined manner. In the month prior to the acquisition, the company purchased 16,130 BTC worth approximately $608 million.
In tandem with its bitcoin accumulation strategy, MicroStrategy executed a successful at-the-market (ATM) shares offering, yielding $610.1 million out of the previously announced $750 million. This pragmatic capital infusion mechanism ensures the company’s robust financial positioning and underscores its ability to leverage strategic opportunities in the dynamic landscape of digital assets.
MicroStrategy’s decision to invest in Bitcoin has proven to be a wise move, generating substantial gains. As of early December, the company has amassed an estimated profit of around $2 billion. The company’s shares have also surged by nearly 315% within the last year.
Meanwhile, Bitcoin has demonstrated a remarkable 200% increase since the company began its investment, confirming its resilience and attractiveness as a monetary store of value.
MicroStrategy’s move to increase its Bitcoin holdings even more comes at a time when the cryptocurrency market is experiencing an upward trend. The possibility of regulatory approval for exchange-traded funds (ETFs) containing Bitcoin has generated a lot of optimism about institutional investments, further strengthening the outlook for the cryptocurrency.
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