MicroStrategy continues its Bitcoin (BTC) buying spree. The business intelligence firm acquired 2,138 BTC for $209 million in its latest purchase, bringing its total holdings to 446,400 BTC.
MicroStrategy ends 2024 with another purchase of Bitcoin
in advertisement The US-based company announced today that it has boosted its Bitcoin reserves by purchasing 2,138 new Bitcoins. According to the announcement, MicroStrategy’s last purchase of bitcoin took place between December 23 and December 29, at an average price of $97,837 per bitcoin.
To fund the purchase, MicroStrategy spent $209 million in cash by selling 592,987 shares during the week. Today’s purchase also marks the eighth straight week the company has purchased BTC.
MicroStrategy CEO Michael Saylor teased the purchase yesterday when he shared a blueprint called “Sailor Tracker” which tracks the company’s BTC purchases to date. Saylor stated that there are “worrying” lines on the Saylor Tracker, indicating that a Bitcoin purchase may be on the horizon.
The company also revealed that its BTC return — a metric used to evaluate the performance of its Bitcoin investments — had reached 74.1% year-to-date (YTD) as of December 30. From October 1 to December 29, its BTC return reached 47.8%, highlighting the significant gains in the last quarter.
Despite this acquisition, MicroStrategy’s recent Bitcoin purchase failed to lift its stock price. At the time of writing, MicroStrategy (MSTR) stock is down 5.19% on the day. However, the stock is up an extraordinary 395% since the beginning of the year, outperforming both Bitcoin and the S&P 500 in percentage terms.
Michael Saylor, known for his unwaveringly bullish stance on Bitcoin, recently stated that he intends to continue “buying the top forever.” The CEO confidently predicted that he would continue to buy Bitcoin even if its price reached $1 million per Bitcoin. He also urged Saylor to move away from gold, and support Bitcoin as the superior store of value. He previously commented:
Dump your gold. Sell all the US gold, (and) buy bitcoin, then trading is free because you can buy 5 million bitcoins for the cost of gold. You will demonetize the entire gold asset class, our enemies will keep the gold in their banks, so their assets will go to zero. Our assets will reach one hundred trillion dollars.
2024: A watershed year for Bitcoin adoption
2024 was an important year for the leading cryptocurrency in terms of institutions Adoption. In January, the US Securities and Exchange Commission (SEC) issued a ruling consent Bitcoin exchange-traded funds (ETF), making it easier for institutional investors to gain direct exposure to BTC.
Likewise, a survey in October Highlight 72% of institutional investors are willing to invest in digital assets, which reinforces Bitcoin’s growing appeal. At press time, Bitcoin is trading at $91,779, down 3.2% over the past 24 hours.
Featured image from Unsplash.com, graphics from Yahoo! Finance and TradingView.com
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