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MicroStrategy Continues Bitcoin Buying Spree with $209M BTC Added
December 30, 2024
MicroStrategy has made another significant move in its Bitcoin buying spree, purchasing a whopping 2,138 Bitcoins (BTC) for approximately $209 million. This marks the eighth consecutive purchase made by the company over the past two months, further solidifying its position as the largest publicly traded company holding Bitcoin.
According to a recent press release, this latest acquisition has taken MicroStrategy’s overall holdings to an astonishing 446,400 BTC. The average cost per coin comes out to be $62,428, with the total cumulative investment in Bitcoin reaching a staggering $27.9 billion.
The recent purchase is not only notable for its sheer scale but also because it marks another milestone in MicroStrategy’s aggressive accumulation of Bitcoin. The company has now added 5,262 BTC to its reserves at a cost of $516 million just last week, following an earlier buying spree that began in early November.
Despite the extraordinary growth of its Bitcoin portfolio, MicroStrategy’s stock price has surprisingly taken a hit, with shares dropping by over 7% and trading at approximately 305.69 on Monday, December 30. However, it is important to note that this decline does not diminish the magnitude of MicroStrategy’s commitment to investing in Bitcoin.
On a year-to-date basis, MSTR shares have seen substantial growth, increasing by an impressive 346%. This can be attributed, in part, to the company’s substantial exposure to Bitcoin, which has been a significant factor driving its stock performance.
In related news, Michael Saylor, Executive Chairman of MicroStrategy, has reaffirmed his bullish outlook on Bitcoin. He has reiterated the company’s commitment to purchasing BTC and has vowed to continue this strategy going forward.
Source: www.cryptonewsz.com
