The Nasdaq-listed business intelligence company bought back Bitcoin at a record price but failed to impact sentiments in the Bitcoin market.
Microstrategy is a business intelligence company listed on the Nasdaq market under the symbol $MSTR. This company has been buying Bitcoin continuously since 2020 under the leadership of its co-founder and CEO, Michael Saylor.
On December 23, 2024, Michael Saylor informed the Bitcoin community that his company purchased a new supply of Bitcoin at a trading price of $106,662.
With this latest purchase, the company purchased a net 5,262 BTC for $561 million. Now, this company owns 444,262 net BTC with a net unrealized gain of $14.5 billion.
Popular Bitcoin critic Peter Schiff asked how the company bought Bitcoin above the actual trading price of Bitcoin for the same day.
Bitcoin haters also speculated that the company is probably running out of funds as it bought less amount of Bitcoin this time.
Bitcoin price action
The current trading price of Bitcoin is $94,760 and this price level is down 10% over the last 7 days.
Notably, the trading price of Bitcoin is -12.5% lower than the trading price at which Microstrategy purchased Bitcoins.
Bitcoin Spot ETF Products to the Next Level
Notably, in the last 7 days, only 3,150 BTC were mined globally through miners, but in the same period, BlackRock purchased 13,699 BTC on behalf of BTC Spot ETF (IBIT) buyers, which is 4 times more than the amount of Bitcoin mined. .
Just a few days ago, Hester Peirce, the cryptocurrency-friendly commissioner of the United States Securities and Exchange Commission (SEC), suggested some innovative developments around Bitcoin Spot ETF products with respect to swapping.
The crypto-friendly SEC commissioner believes people will be able to redeem their BTC spot ETF funds for real Bitcoin directly in their private Bitcoin wallet starting next year.
Also read: Michael Saylor suggests Amazon founder Jeff Bezos invest in Bitcoin
