MicroStrategy continues its aggressive Bitcoin acquisition strategy. The company recently purchased 21,550 BTC for $2.1 billion, solidifying its position as one of the largest corporate holders of Bitcoin.
MicroStrategy Acquires 21,550 BTC for $2.1 Billion
In a press release, MicroStrategy confirmed its latest Bitcoin purchase. The company acquired 21,550 BTC at an average price of $98,783 per Bitcoin between December 2 and 8. This marks the fifth consecutive week of BTC accumulation, bringing its total holdings to 423,650 BTC.
MicroStrategy’s Bitcoin stash, valued at $25.6 billion, was acquired at an average cost of $60,324 per Bitcoin. The holdings now represent over 2% of Bitcoin’s total supply, underscoring the company’s commitment to its BTC-focused strategy.
Michael Saylor Advocates for Bitcoin
Co-founder Michael Saylor has been a vocal Bitcoin advocate. Recently, he urged the US to sell its gold reserves and invest in Bitcoin. The company’s approach has inspired other firms, such as Worksport, which announced plans to include Bitcoin in its corporate treasury.
Meanwhile, Bitcoin adoption proposals are gaining traction in other industries. The National Center for Public Policy Research (NCPPR) has urged Amazon to diversify 5% of its cash reserves into Bitcoin. Microsoft shareholders are also set to vote on a Bitcoin adoption proposal soon.
MSTR Stock Faces Mixed Reaction
Despite MicroStrategy’s announcement, MSTR stohttps://www.nasdaq.com/market-activity/stocks/mstrck dipped slightly in pre-trading, trading at $391, down from last week’s closing price of $395. However, market dynamics could shift as trading begins.
The company’s Bitcoin strategy has driven its stock price up over 500% year-to-date (YTD), outperforming Bitcoin itself.
Bitcoin Reclaims $99K Amid MicroStrategy News
Following the announcement, Bitcoin reclaimed the $99,000 mark, briefly surging to $104,000 last week. As of now, the flagship cryptocurrency is consolidating within this range, reflecting growing market interest and confidence.
