MicroStrategy, the business intelligence company, just added another 2,138 Bitcoins to its collection! This latest purchase, costing them $209 million, brings their total Bitcoin holdings to a whopping 446,400 BTC.
Another Bitcoin Purchase
The company announced this latest buy, made between December 23rd and 29th, at an average price of $97,837 per Bitcoin. To pay for it, they sold off some of their own stock. This marks their eighth straight week of buying Bitcoin!
Saylor’s Hints and Big Gains
MicroStrategy CEO, Michael Saylor, hinted at the purchase beforehand, posting a chart tracking the company’s Bitcoin acquisitions. He even mentioned some “disconcerting” lines on the chart, suggesting a purchase was imminent. The company also reported a fantastic 74.1% year-to-date return on its Bitcoin investments as of December 30th.
Stock Price Dip, But Still Up Big
Despite the Bitcoin purchase, MicroStrategy’s stock price took a small hit. However, it’s still up a massive 395% year-to-date – significantly outperforming both Bitcoin itself and the S&P 500.
Saylor’s Bold Predictions
Saylor, known for his unwavering belief in Bitcoin, has stated he’ll keep buying even if the price hits $1 million per Bitcoin! He’s even suggested ditching gold entirely in favor of Bitcoin, claiming it’s a far superior store of value.
2024: A Big Year for Bitcoin
2024 has been a huge year for Bitcoin’s institutional adoption. The SEC approved spot Bitcoin ETFs, making it easier for big investors to get involved. Surveys also show a growing number of institutional investors are interested in digital assets.
Current Bitcoin Price
At the time of writing, one Bitcoin is trading around $91,779.
