MicroStrategy Spends $2.1 Billion on Further Bitcoin Purchases 💰
MicroStrategy has made a substantial Bitcoin purchase of 21,550 new Bitcoin, investing $2.1 billion at a rate of $98,783 per BTC. This marks the company's second Bitcoin acquisition in December and continues its strategy of accumulating the cryptocurrency.
The acquisition is part of a broader trend of significant Bitcoin purchases by institutional investors, with the company having spent over $15 billion on Bitcoin since November. Michael Saylor, MicroStrategy's CEO, has been a strong proponent of Bitcoin, considering it a long-term investment.
Saylor's advocacy of a 'Bitcoin accumulation plan' is evident in the company's substantial holdings, making MicroStrategy one of the world's largest Bitcoin holders. This approach has led to a significant rise in the firm's stock price, particularly in 2024, benefiting from Bitcoin's bullish market cycle.
The Bitcoin price reached $100,000 this year, prompting increased purchases from other major institutional investors such as BlackRock. Consequently, these institutions now collectively hold more Bitcoin than Satoshi Nakamoto.
While some reports criticize MicroStrategy's Bitcoin-focused strategy due to limited underlying capital flows, the company's approach has inspired other public firms to increase their Bitcoin holdings in anticipation of even higher future prices.
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