Highlights:
- Amid BTC’s remarkable price movements, MicroStrategy has boosted its Bitcoin holdings by splashing over $4 billion in new investments.
- MicroStrategy now boasts over 300K BTC stores after spending about $16.5 billion in four years.
- Bitcoin price has recovered significantly after a slight correction in the past few days.
American-based investment platform MicroStrategy has boosted its Bitcoin (BTC) holdings with another $4.6 billion investment. The investment firm’s latest BTC procurement is coming a few days after it splashed about $2 billion to increase its Bitcoin holdings to about 279,420 BTC.
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In the tweet relaying the recent purchase, Michael Saylor, a co-founder and Chief Executive Officer (CEO) at MicroStrategy, noted that the investment firm amassed an additional 51,780 BTC with over $4 billion in investment capital. According to the CEO’s X post, the investment firm procured the BTC tokens at $88,627 per token.
Furthermore, Saylor disclosed that with the latest accumulation, the business intelligence outlet now has 331,200 BTC, which costs the investment firm an average of $49,874 per token. He added that the company purchased over 300K BTC after spending approximately $16.5 billion over four years.
Considering its new accumulation, MicroStrategy’s investment return has recorded considerable spikes. Noteworthily, its Quarter-to-Date (QTD) and Year-to-date (YTD) profits registered increments of about 20.4% and 41.8%, respectively.
MicroStrategy has acquired 51,780 BTC for ~$4.6 billion at ~$88,627 per #bitcoin and has achieved BTC Yield of 20.4% QTD and 41.8% YTD. As of 11/17/2024, we hodl 331,200 $BTC acquired for ~$16.5 billion at ~$49,874 per bitcoin. $MSTR https://t.co/SRRtRrB2jO
— Michael Saylor⚡️ (@saylor) November 18, 2024
MicroStrategy Maintains Accumulation Culture Amid BTC’s Price Rally
Bitcoin’s remarkable market actions did not deter the investment firm from accumulating the flagship cryptocurrency. Notedly, BTC has displayed impressive market actions, evidenced by its recently established peak price.
After breaking previous all-time highs (ATHs), Bitcoin eventually settled at $93,477.11 on November 13. MicroStrategy’s consistent BTC investments imply that the company seems convinced about Bitcoin’s future reward potential.
Moreover, Saylor is always vocal about the pioneer cryptocurrency’s price appreciation tendency. In one of his X posts captured by Crypto2Community, the CEO asserted that BTC could hit $13 million in 2045.
The above bold prediction emerged on July 26 at the Bitcoin 2024 conference in Nashville during the MicroStrategy co-founder keynote address. Apart from explaining how he envisages BTC’s ascent to an incredible price level, he added that a bullish scenario would result in Bitcoin attaining prices as high as $49 million.
Bitcoin’s Price Reaction to MicroStrategy’s Latest Procurement
At the time of writing, Bitcoin is changing hands at about $91,500, reflecting a 1.3% upswing in the past 24 hours. Within the same time frame, its minimum and maximum prices reflected levels, ranging between $88,774.43 and $92,653.10.
Like the daily price change data, BTC’s weekly variable also recorded an 8.9% upswing, with price extremes fluctuating between $84,678.23 and $92,468.73. The price ranges based on specific periods underscores BTC’s remarkable recovery after a slight correction.
Meanwhile, because of its impressive market movements, Bitcoin’s market capitalization has soared to approximately $1.8 trillion, bringing its dominance to about 59.91%. Its 24-hour trading volume has spiked by roughly 54.2% and boasts approximately $65.82 billion valuation.
MicroStrategy Plans to Expand BTC Accumulations
In an October 30 tweet, MicroStrategy’s CEO disclosed the company’s Bitcoin investment plans for the next few years. Per Saylor, the American-based platform will raise $42 billion to acquire additional BTC over the next three years.
Highlighting how the investment outlet intends to raise the funds, the co-founder noted that it will incorporate a 21/21 Plan. The initiative entails attracting funds worth $21 billion each from two sources. The $42 billion first half will stem from At-the-Market (ATM) equity offerings. The other 50% will emanate from fixed-income securities.
MicroStrategy announces $42 billion capital plan including $21 billion ATM equity offering and a target of raising $21 billion in fixed-income securities. Join us at 5pm ET as we discuss our quarterly results and #Bitcoin Treasury Company plans. $MSTR https://t.co/eXYELbN1Dm
— Michael Saylor⚡️ (@saylor) October 30, 2024
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