MicroStrategy purchased 2,138 bitcoins for $209 million, marking another huge move in the bitcoin market. This transaction boosts the company’s total Bitcoin holdings to a staggering 446,400 BTC, worth nearly $41.5 billion at current market rates.
The newest transaction, made between December 23 and December 29, is the business intelligence firm’s seventh straight week of Bitcoin acquisitions. MicroStrategy funded the purchase with proceeds from the sale of 592,987 shares during the same week, for an average cost of $97,837 per Bitcoin.
A Strong Year for Bitcoin Investments.MicroStrategy reported a 74% year-to-date yield on its Bitcoin assets, demonstrating the strong performance of its cryptocurrency strategy. From October to December, the company’s Bitcoin yield averaged 47.8%, demonstrating consistent returns despite market swings.
Michael Saylor, the company’s co-founder and executive chairman, is confident in Bitcoin’s future. Saylor has previously stated that MicroStrategy will continue to accumulate Bitcoin at any price, demonstrating his long-term outlook for the digital asset.
Future Plans for ExpansionIn order to continue its aggressive Bitcoin acquisition strategy, MicroStrategy has sought clearance to considerably raise its authorized share count. The proposed amendments will increase the number of Class A common shares to 10.33 billion and the allowed preference shares to more than one billion.
This move intends to give the company more financial flexibility to fund future purchases, in line with its ambitious goal of solidifying its position as a significant Bitcoin holder.
Commitment to Bitcoin’s futureMichael Saylor’s strong support for Bitcoin continues to drive the company’s strategy, eliciting both acclaim and criticism. While some dispute the viability of such large-scale investments, MicroStrategy’s efforts have unquestionably established it as a prominent player in the cryptocurrency field.
MicroStrategy remains committed to Bitcoin’s potential as a transformative financial asset, even in the face of obstacles and variable stock performance. With its most recent acquisition and plans for future expansion, the corporation shows no indications of pausing its quest for Bitcoin domination.
