In a strategic move that has effectively captured the attention of the crypto space, Microstrategy has once again strengthened its Bitcoin portfolio, cementing its position as the largest corporate holder of BTC globally.
MicroStrategy encourages BTC holdings
In a recent one submit on December 27, the US Securities and Exchange Commission (SEC) announced that the business intelligence software company, Microstrategy has been enlarged Bitcoin owning 14,620 BTC worth approximately $615.7 million.
“On December 27, 2023, MicroStrategy Incorporated (“MicroStrategy”) announced that, during the period between November 30, 2023 and December 26, 2023, MicroStrategy, together with its subsidiaries, acquired approximately 14,620 bitcoins for approximately $615.7 million in cash. at an average price of approximately $42,110 per bitcoin, including fees and charges,” the report said.
It added:
As of December 26, 2023, MicroStrategy, together with its subsidiaries, owned a total of approximately 189,150 bitcoins, which were acquired at an aggregate purchase price of approximately $5.895 billion and an average purchase price of approximately $31,168 per bitcoin, including fees and expenses. .
The founder and chairman of Microstrategy, Michael Saylor also announced the company’s substantial BTC purchase via his X (formerly Twitter) handle. This movement has led to curiosity among crypto enthusiasts and investors, raising questions about the crypto investor’s ultimate strategy and the motivations behind the company’s accumulation of significant amounts of Bitcoin.
Microstrategy’s strategic BTC investment is also coming stealthily as anticipation for Spot Bitcoin ETF grows. The significant purchase of BTC raises the possibility that the company has information that could put it in a strong position to potentially take advantage of the gains Discover the Bitcoin ETF craze while simultaneously leading the 2024 Bitcoin bull run cycle.
BTC price above $43,000 | Source: BTCUSD on Tradingview.com
MSTR Shares Soar Amid Bitcoin ETF Frenzy
As a micro strategy is expanding its BTC portfolio on one front, the company is simultaneously witnessing a rise in share value. The business intelligence software company has seen it MSTR stock Performance will skyrocket by more than 300% by 2023. At the time of writing, MSTR’s price is trading at $613.80, up 15.25% in the past five days according to Market overview.
This price increase can largely be attributed to expectations surrounding the Bitcoin Spot ETF in the United States. The crypto industry is currently watching as the SEC is approaching the crucial deadline to reject or approve Discover Bitcoin ETFs. The end date of the SEC’s Bitcoin ETF decision is already scheduled for January 10, 2024.
Featured image of Milk Road, chart from Tradingview.com
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