MicroStrategy, now rebranded as Strategy, is inching closer to owning 600,000 Bitcoin. Their current stash? A whopping 597,325 BTC, worth almost $65 billion!
Strategy’s Bitcoin Buying Spree
Last week alone, they added another 4,980 BTC to their holdings, marking their 12th consecutive week of buying. This makes many wonder: will they keep the streak going for a 13th week? If so, they’ll not only break their own record but also surpass the coveted 600,000 BTC mark. CEO Michael Saylor’s recent tweet, however, hinted at a possible pause, leaving investors guessing.
The Ripple Effect
Strategy’s buying activity has a significant impact on the Bitcoin market. Announcements of new purchases often trigger price rallies. Many companies are watching their every move.
Corporate Bitcoin Holdings Soar
The trend isn’t limited to Strategy. Last week, 18 companies collectively added 8,400 BTC to their treasuries. This growing corporate interest in Bitcoin is pushing its price closer to its all-time high of $111,980. Currently, Bitcoin is trading around $108,650. Even BlackRock’s IBIT ETF has surpassed 600,000 BTC, showing the growing institutional appetite for crypto.
Legal Troubles Ahead?
Strategy and Saylor are facing a class-action lawsuit alleging they failed to disclose losses. A negative court ruling could significantly impact their future Bitcoin purchases.
What’s Next for Bitcoin?
The Bitcoin market is currently on the edge. Another purchase announcement from Strategy could easily push the price past its previous high. However, if they decide to hold off, we might see some profit-taking and a price dip. All eyes are on Saylor and his next move! The suspense is definitely building.