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MicroStrategy Continues Bitcoin Buying Spree with $209M BTC Added
MicroStrategy has continued its aggressive accumulation of Bitcoin (BTC), adding 2,138 new coins to its reserves for a whopping $209 million. This marks the eighth consecutive purchase by the company over the past two months.
According to reports, MicroStrategy acquired the latest batch of 2,138 BTC at an average cost of $97,837 per coin. This has brought the company’s cumulative investment in Bitcoin to a staggering $27.9 billion. The average acquisition price for these purchases now stands at $62,428 per BTC.
As part of its strategy, MicroStrategy aims to hold onto its BTC holdings indefinitely, which is expected to result in substantial long-term gains given the market’s current trajectory. Furthermore, this massive investment has catapulted the company into a position as the largest Bitcoin-holding public entity.
The development follows a string of purchases initiated by the company earlier in November. The recent purchase spree has sparked intense debate among cryptocurrency enthusiasts and critics alike, with some questioning the strategic wisdom behind such aggressive buying.
Source: www.cryptonewsz.com
