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MicroStrategy Expands Its Bitcoin Holdings with 2,138 Additional Bitcoins
In a recent move, MicroStrategy, a leading provider of cloud-based business intelligence solutions, has made another significant investment in the world’s largest cryptocurrency by market capitalization – Bitcoin. The company announced that it has acquired an additional 2,138 Bitcoins, bringing its total holdings to an impressive 446,400 BTC.
As previously reported, MicroStrategy had initially disclosed that it had purchased 3,907 Bitcoins at an average price of $30,700 per bitcoin. Since then, the company has continued to expand its portfolio by acquiring more Bitcoin. The latest addition takes its cumulative investment in Bitcoin to a staggering $27.9 billion, with an average purchase price of $62,428 per coin.
It is essential to note that this significant investment comes at a time when the cryptocurrency market continues to experience volatility. Despite the recent downturns, MicroStrategy’s acquisition reflects the company’s long-term confidence in the potential of Bitcoin as a valuable asset class.
The development has also sparked a flurry of reactions from industry experts and investors alike, who are watching closely to see whether the move will have any significant impact on the overall market sentiment.
To date, it appears that MicroStrategy’s BTC yield has performed impressively well. Data reveals that the company has seen an astonishing 47.8% quarter-to-date return and a remarkable 74.1% year-to-date gain.
While Bitcoin’s daily and weekly charts show negative price action, with prices currently trading around $93,114 at the time of writing. It is interesting to note that over the past 24 hours, BTC has dropped by a considerable 1.8%, while it has fallen by 2.6% in the past week.
Meanwhile, MicroStrategy’s stock (MSTR) was down 13.3% in pre-market trading as investors reacted negatively to the acquisition news.
As always, we recommend that you do your own research and consult with a financial advisor before making any investment decisions.
The article above provides a concise summary of MicroStrategy’s Bitcoin acquisitions and its potential impact on market sentiment.
Source: coinjournal.net
