MicroStrategy continues its Bitcoin (BTC) buying spree. The business intelligence firm netted 2,138 BTC for $209 million in its latest purchase, bringing its total holdings to 446,400 BTC.
MicroStrategy ends 2024 with another Bitcoin purchase
in a advertisement Made today, the US-based company stated that it had further bolstered its BTC reserves with a new purchase of 2,138 BTC. According to the announcement, MicroStrategy’s last BTC purchase occurred between December 23 and 29, at an average price of $97,837 per BTC.
To finance the purchase, MicroStrategy spent $209 million in cash selling 592,987 shares during the week. Today’s purchase also marks the eighth consecutive week that the company has purchased BTC.
MicroStrategy CEO Michael Saylor teased the purchase yesterday when he shared a chart called “Saylor Tracker” which tracks the company’s BTC purchases to date. Saylor stated that there were “puzzling” lines on the Saylor Tracker, hinting that a BTC buy could be on the horizon.
The company also revealed that its BTC performance, a metric used to evaluate the performance of its Bitcoin investments, had reached 74.1% year-to-date (YTD) as of December 30. For the period between October 1 and December 29, its BTC performance stood at 47.8%, highlighting significant gains in the last quarter.
Despite this acquisition, MicroStrategy’s latest BTC purchase failed to lift its stock price. At the time of writing, MicroStrategy (MSTR) stock is down 5.19% on the day. However, the stock is up an extraordinary 395% year to date, outperforming both Bitcoin and the S&P 500 in percentage terms.
Michael Saylor, known for his unwavering bullish stance on Bitcoin, recently stated that he intends to continue “buying the best forever.” The CEO confidently predicted that he would continue buying Bitcoin even if its price reached $1 million per BTC. Saylor has also urged a move away from gold, defending Bitcoin as the superior store of value. He previously commented:
Throw away your gold. Sell all American gold. [and] buy Bitcoin then trading is free because you can buy 5 million Bitcoin for the cost of gold. You will demonetize the entire gold asset class, and our enemies have gold in their banks, so their assets would go to zero. Our assets would amount to one hundred billion dollars.
2024: a decisive year for BTC adoption
2024 has been an important year for the flagship cryptocurrency in institutional terms. adoption. In January, the US Securities and Exchange Commission (SEC) approved Spot Bitcoin exchange-traded funds (ETFs), making it easy for institutional investors to gain direct exposure to BTC.
Similarly, a survey conducted in October highlighted that 72% of institutional investors are willing to invest in digital assets, further solidifying Bitcoin’s growing appeal. At press time, BTC is trading at $91,779, down 3.2% in the last 24 hours.
Featured image from Unsplash.com, graphics from Yahoo! Finance and TradingView.com
