MicroStrategy Acquires 18,300 Bitcoin Amid Market Sell-Off
The post MicroStrategy Acquires 18,300 Bitcoin Amid Market Sell-Off appeared first on Coinpedia Fintech News
MicroStrategy Inc. (NASDAQ: MSTR), a leading enterprise analytics and mobility software provider, has announced a fresh Bitcoin (BTC) purchase. While other investors offloaded their Bitcoin holdings, as depicted by the notable cash outflows from the spot BTC ETFs in the past few weeks, MicroStrategy has announced that it acquired 18,300 BTCs for $1.11 billion.
According to the announcement, MicroStrategy invested in Bitcoin between August 6, 2024, and September 12, 2024.
As a result, MicroStrategy now holds 244,800 Bitcoins, worth over $14 billion at the current exchange rate of about $58k.
MicroStrategy has acquired 18,300 BTC for ~$1.11 billion at ~$60,408 per #bitcoin and has achieved BTC Yield of 4.4% QTD and 17.0% YTD. As of 9/12/2024, we hodl 244,800 $BTC acquired for ~$9.45 billion at ~$38,585 per bitcoin. $MSTR https://t.co/WBBRSKxA1U
— Michael Saylor
(@saylor) September 13, 2024
Market Impact of MicroStrategy’s Bitcoin Acquisition
Despite fearing a short-term Bitcoin price sell-off, MicroStrategy and its subsidiaries have demonstrated their commitment to the network’s long-term prosperity. Furthermore, Saylor believes that Bitcoin price could easily reach $13 million in the next two decades.
Notably, MicroStrategy sold its shares to acquire more Bitcoins. Consequently, the company’s stock market could suffer if the Bitcoin price tanks in the short term.
According to the latest market data, Bitcoin price has rallied over 120 percent in the past year, whereas MSTR shares gained around 106 percent in the same period.
Other companies—led by MARA Holdings Inc. (NASDAQ: MARA) and Metaplanet Inc. (Tokyo: 3350)—have also made significant investments in Bitcoin in recent times.
