If there is one company absolutely convinced of the transformative potential of bitcoin (BTC), it is MicroStrategy. While it is already among the largest holders of the flagship crypto in the world, the company has just made significant new investments in BTC.
MicroStrategy makes additional crypto investment in BTC
MicroStrategy seems determined to maintain its leading position among the world’s largest bitcoin (BTC) whales. The latest news is that the company has made additional BTC acquisitions this month.
Documents filed with the Securities and Exchange Commission (SEC) show that MicroStrategy acquired 16,130 bitcoins during this period. An impressive acquisition to say the least when we know that the unit price of BTC is around $37,898.
It is therefore concretely approximately 593.3 million dollars that MicroStrategy has invested as part of this acquisition which undoubtedly strengthens its position on the BTC market. Because the addition of these new assets adds to an already well-endowed portfolio.
Now, it has a total of 174,530 BTC for an average overall cost estimated at $5.28 billion. At current market prices, MicroStrategy’s bitcoin holdings reach a staggering value of over $6 billion!
MicroStrategy optimistic about the bullish potential of bitcoin (BTC)?
We can legitimately ask the question of why a company like MicroStrategy allows itself to acquire, in addition, a crypto that it already holds in interesting quantities.
The question is relevant when we know the particular volatility of the bitcoin market and the series of yoyos of the asset throughout this year. Especially since the flagship crypto has shone in recent days for the timidity of its upward movements. The asset has barely increased in value by 1.44% over the past week, for a daily loss of 0.83%.
In fact, MicroStrategy seems to demonstrate, through this acquisition, that it believes in the growth potential of bitcoin (BTC). A faith which could be in line with the projections of experts like Matrixport which predicts a price of bitcoin at 125,000 dollars by the end of 2024.
It should be noted that despite its timid price fluctuations in recent days, bitcoin still increased throughout the month of November which is ending. The queen of cryptos even managed to reach a monthly high of $38,415.
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