MicroStrategy buys 55,500 BTC for $5.4 billion, boosting holdings to 386,700 BTC. Bitcoin near $100K as company invests further.
MicroStrategy continues its massive Bitcoin acquisition spree, adding 55,500 BTC for approximately $5.4 billion. This purchase, made at an average price of $97,862 per Bitcoin, boosts the company’s total Bitcoin holdings to 386,700 BTC. Currently, the total investment in Bitcoin is approximately $21.9 billion, the average price for which is $56,761 for one BTC as of November 24, 2024.
CEO of MicroStrategy Michael Saylor shared information about the high Bitcoin yield of the company on Twitter. The source said that in the YTD, the treasury operations have yielded 59.3% of BTC for the company. This has led to an additional of roughly 112125 BTC for shareholders, or roughly 341 BTC every day. At $100,000 per Bitcoin, this would be a total increase of $11.2 billion in 2024, or $34.1 million a day.
Bitcoin Price Nears $100K as MicroStrategy Expands Its BTC Holdings
The company’s buying spree of bitcoins is not likely to be set aside any time soon. On the 18th of November, it was revealed that the company had bought 51,780 more BTC for about $4.6 billion. This purchase was done at an average rate of $88,627 per Bitcoin. As a result, its investment in Bitcoin rose to $16.5 billion in total after the transaction.
With Bitcoin testing the $100,000 level, a lot of traders are looking forward to a breakout of this level. However, getting to six figures might be a problem for Bitcoin. Likely, the market sentiment and other macroeconomic factors could affect the cryptocurrency’s price change in the near future.
However, there might be some resistance to change; MicroStrategy stays committed to the Bitcoin plan. The firm has demonstrated a good intention of amassing Bitcoin as an investment asset, given the higher prices and high returns. Every time MicroStrategy makes an acquisition, it becomes the largest public holder of Bitcoin globally, and it still enjoys massive profits from its enormous BTC investments.
However, MicroStrategy’s strategy underscores its bullish outlook on Bitcoin since the cryptocurrency market continues to be highly unstable while the token is increasingly being adopted across the financial sector.
