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Michael Saylor Highlights Hut8’s Big Bitcoin Purchase
In a recent X post, the head of MicroStrategy shared news about crypto mining company Hut8 making a massive purchase. According to the announcement, Hut8 has acquired 990 Bitcoins for approximately $100 million. This new addition brings their total holdings to over 10,000 BTC, valued at around $1 billion as of December 18.
Notably, this significant investment echoes Michael Saylor’s approach to accumulating and holding Bitcoin in his company’s reserves. MicroStrategy, a business intelligence software company, has been aggressively buying and holding BTC, with Saylor arguing that the cryptocurrency is an attractive asset for corporations seeking long-term value appreciation.
The sheer scale of Hut8’s purchase highlights the growing trend among institutional investors, including mining companies, to accumulate and hold Bitcoin in their reserves. This move can be seen as a strong indication that many businesses are reevaluating their stance on Bitcoin and considering it a viable option for long-term financial planning.
As we continue to monitor these developments, it will be fascinating to see how this trend evolves and potentially impacts the broader market.
Source: u.today
