Monday begins on a similar note for Bitcoin enthusiasts, as MicroStrategy has made another massive acquisition, this time for $1.5 billion in BTC.
Popular Bitcoin bull Adam Back was quick to praise the company’s move, describing the average entry of $95,976 as a “good price.”
MicroStrategy has acquired 15,400 BTC for ~$1.5 billion at ~$95,976 per #bitcoin and has achieved a BTC return of 38.7% QTD and 63.3% YTD. As of 12/2/2024, we have 402,100 $BTC acquired for ~$23.4 billion at ~$58,263 per bitcoin. $MSTR
—Michael Saylor⚡️ (@saylor) December 2, 2024
This is the third consecutive Monday that the business intelligence giant founded by Michael Saylor has announced a substantial purchase of BTC. Although the company spent approximately $1.5 billion to acquire 15,400 BTC now, it is still behind the record set last week of 55,500 BTC (worth $5.4 billion at the time).
With its latest acquisition, MicroStrategy’s total Bitcoin stock has increased to 402,100 BTC, purchased at an average price of $58,263.
This means that the company has spent almost $23.5 billion to accumulate its Bitcoin holdings. Given the asset’s current price of just over $95,000, this puts the value of the stash well above $38 billion, or a paper profit of nearly $15 billion.
Blockstream co-founder and long-time Bitcoin supporter Adam Back commented on Saylor’s post: saying that the “fools” sold their BTC at prices below $100,000 to Saylor and MicroStrategy over the weekend.
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