MicroStrategy continues its Bitcoin (BTC) purchases. The business intelligence firm collected 2,138 BTC for $209 million in its latest purchase, pushing its total value to 446,400 BTC.
MicroStrategy Ends In 2024 With Another Bitcoin Purchase
In an announcement made today, the US-based firm said it has bolstered its BTC reserves with a new purchase of 2,138 BTC. According to the announcement, MicroStrategy’s latest BTC purchases took place between December 23 and December 29, at an estimated price of $97,837 per BTC.
To finance the purchase, MicroStrategy spent $209 million by selling 592,987 shares during the week. Today’s buying also marks the eighth consecutive week of strong BTC buying.
MicroStrategy’s CEO, Michael Saylor, played up the acquisition yesterday when he shared a chart called “The Saylor Tracker” which tracks the company’s BTC purchases to date. Saylor said there are “confusing” lines on the Saylor Tracker, indicating that a BTC buy may be imminent.
The company also revealed that its BTC yield – a metric used to evaluate the performance of Bitcoin investments – has reached 74.1% year-to-date (YTD) as of December 30. In the period between October 1 and December 29, the Its BTC. yield stood at 47.8%, highlighting significant gains in the last quarter.
Despite this acquisition, MicroStrategy’s recent BTC purchases failed to lift the stock price. At the time of writing, MicroStrategy (MSTR) stock is down 5.19% on the day. However, the stock is up an impressive 395% YTD, outperforming Bitcoin and the S&P 500 in percentage terms.
Michael Saylor, known for his unwavering stance on Bitcoin, recently said he intends to continue “buying high forever.” The CEO confidently predicted that he will continue to buy Bitcoin even if its value reaches $ 1 million per BTC. Saylor also urged a pivot away from gold, championing Bitcoin as the ultimate store of value. You previously commented:
Lose your gold. Sell all US gold, [and] buy Bitcoin, then trading is free because you can buy 5 million Bitcoin for the cost of gold. He will make money in every class of gold assets, and our enemies hold gold in their banks, so that their assets will go to zero. Our assets can reach one hundred billion dollars.
2024: The Water Year of BTC Discovery
The year 2024 has been an important year for the flagship cryptocurrency according to the institution adoption. In January, the US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETF), making it easier for institutional investors to gain direct exposure to BTC.
Similarly, the survey in October highlighted that 72% of institutional investors are willing to invest in digital currencies, which further reinforces the growing appeal of Bitcoin. At press time, BTC is trading at $91,779, down 3.2% in the last 24 hours.
Featured image from Unsplash.com, Charts from Yahoo! Finance and TradingView.com
Source link