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ZyCrypto 2024-12-23 18:33:36

MicroStrategy Continues Bitcoin Buying Spree With Latest 5,262 BTC Purchase Amid Nasdaq-100 Entry

On Monday, Bitcoin treasury company MicroStrategy announced that it had spent roughly $561 million to acquire additional Bitcoin as it remains uber-bullish on the world’s largest and oldest cryptocurrency. This marks its seventh consecutive week of Bitcoin purchases . The purchase comes as MicroStrategy officially begins trading as a member of the Nasdaq-100 equity index. MicroStrategy Buys More Bitcoin At An Average Price Of $106K According to a Monday announcement , MicroStrategy purchased 5,262 Bitcoin between December 16 and December 22 and now holds 444,262 BTC in total, valued at over $41 billion as of press time. MicroStrategy bought its latest Bitcoin at an average price of $106,662 per coin — the highest cost the firm has ever paid per BTC. The latest purchase contributes to the firm’s outstanding Bitcoin yield of 47.4% quarter-to-date and 73.7% year-to-date, raising the average cost to $62,257 per Bitcoin. MicroStrategy has acquired 5,262 BTC for ~$561 million at ~$106,662 per bitcoin and has achieved BTC Yield of 47.4% QTD and 73.7% YTD. As of 12/22/2024, we hodl 444,262 $BTC acquired for ~$27.7 billion at ~$62,257 per bitcoin. $MSTR https://t.co/asDGerBV7q — Michael Saylor (@saylor) December 23, 2024 According to a Monday SEC filing, the Tysons, Virginia-based company financed its Bitcoin purchase by selling shares of its stock. Last week, MicroStrategy sold 1.3 million shares, generating roughly $561 million in net proceeds. While MicroStrategy has been snapping up the apex crypto since 2020, Monday’s announcement came at a historic time for the Michael Saylor-founded company. MicroStrategy was added to the Nasdaq-100 index earlier this month. MicroStrategy’s shares officially started trading as part of the index on December 23. The listing is bullish for the crypto industry as it indicates more mainstream acceptance of the fast-growing sector. Back in October, MicroStrategy announced plans to raise $42 billion in capital to support further Bitcoin purchases as part of its treasury reserve strategy. As of December 22, the firm revealed it had about $7 billion worth of shares still available for sale as part of its planned $21 billion equity offering and $21 billion in fixed-income securities. Bitcoin Price Action MicroStrategy’s latest BTC purchase aligns with Michael Saylor’s pledge earlier this month to continue scooping up BTC even at peak prices. “I’m sure that I will be buying Bitcoin at $1 million a coin — probably $1 billion dollars a day of Bitcoin at $1 million a coin,” Saylor posited. However, the price of BTC has plummeted by around 13.7% over the last six days since hitting a new record high mark above $108,000. The correction came after Federal Reserve Chair Jerome Powell said the central bank would reduce interest rates at a slower pace in 2025. Powell also clarified that the Fed was “not allowed to own Bitcoin” and “not looking for a law change.” The top crypto was changing hands for $93,458 as of publication time, representing a 2.3% drop on the day.

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