MicroStrategy apes $593m into Bitcoin

Michael Saylor’s digital software giant bought 16,130 BTC, increasing the worth of the company’s total Bitcoin holdings to over $6 billion at current prices.

MicroStrategy, one of the largest corporate holders of Bitcoin (BTC), bought more of crypto’s leading token by market cap according to founder Michael Saylor and a Nov. 29 filing with the Securities and Exchange Commission (SEC).

Saylor’s firm purchased an additional 16,130 BTC at an average price of $36,785 per Bitcoin. This scoop raised MicroStrategy’s total Bitcoin portfolio to some 174,530 coins acquired for  $30,252 on average.

As crypto.news reported, MicroStrategy spent $5.3 million bolstering its BTC holdings following the close of Q2 2023.

You might also like: Michael Saylor’s MicroStrategy in profit again following Bitcoin price surge

With Bitcoin’s price trading above $37,600 at press time, per Coingecko, MicroStrategy’s BTC net worth sits around a staggering $6.5 billion. The company started buying Bitcoin in 2020 amid global economic uncertainty as a means of hedging its balance sheet against rising inflation. 

Since then Bitcoin has increased in value severalfold, peaking at $69,000 during the height of crypto’s bull run in 2021 and possibly making its way back to all-time highs on the back of spot Bitcoin ETF optimism.

BTC has recorded price rallies in recent months due to news and speculations surrounding Bitcoin ETF applications filed by Wall Street titans, such as BlackRock. Crypto-native entities like Grayscale and Hashdex have also submitted bids for the same product, which experts say would attract billions of dollars into crypto. 

BlackRock and other issuers have modified their respective filings in response to SEC feedback, a move that has likely increased anticipation that approvals could roll out sooner rather than expected.

Read more: SEC Chair Gary Gensler comments on prospects for spot Bitcoin ETF
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Ainslie Bullion Integrates Chainlink Price Feeds

‍Ainslie Bullion is pleased to announce that they have integrated Chainlink Price Feeds . By integrating the industry-leading decentralized oracle network, Ainslie Bullion now has access to high-quality, tamper-proof price feeds needed to help price precious metals, such as gold, silver and platinum, on their platform using accurate market data. This will provide their customers with stronger assurances that the price oracles that Ainslie Bullion is using are highly secure, reliable, and transparent. They chose Chainlink as their oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading decentralized finance (DeFi) protocols, maintaining robust security and high availability even amidst unexpected events and high market volatility. After reviewing various oracle solutions to help price precious metals, we integrated Chainlink Price Feeds because they provide a multitude of critical Features such as: High-
Read more

Price analysis 11/29: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

Image
Bitcoin is struggling to sustain above $38,000, but the bulls have not given up much ground, which some analysts say increases the chance of a rally to $40,000. Bitcoin (BTC) is trying to sustain above the overhead resistance of $38,000 for the second consecutive day and start the next leg of the uptrend. The excitement among market observers may have increased after the United States Securities and Exchange Commission (SEC) delayed its decision on the applications of Franklin Templeton and Hashdex exchange-traded funds. Bloomberg ETF analyst James Seyffart speculated in a X (formerly Twitter) post that the SEC may have taken this step “to line every applicant up for potential approval by the Jan. 10, 2024 deadline.” While many analysts believe that the ETF listing will be a watershed moment for Bitcoin, Genesis Trading head of derivatives Joshua Lim cautioned in a X post that traditional finance investors have already bought the rumor and may exit the trade close to the ETF announcem
Read more