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bitcoin

MicroStrategy Keeps Stacking Bitcoin, Adds 2,138 BTC In Latest Purchase

Ash Tiwari
by Ash Tiwari
8 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

MicroStrategy continues its Bitcoin (BTC) buying spree. The business intelligence firm scooped 2,138 BTC for $209 million in its latest purchase, pushing its total holdings to 446,400 BTC.

MicroStrategy Ends 2024 With Another Bitcoin Buy

In an announcement made today, the US-based company stated it had further bolstered its BTC reserves with a fresh 2,138 BTC purchase. According to the announcement, MicroStrategy’s latest BTC purchase occurred between December 23 through December 29, at an average price of $97,837 per BTC.

Related Reading: MicroStrategy’s ‘Intelligent Leverage Strategy’ Ideal For Bitcoin Exposure, Report Says

To finance the purchase, MicroStrategy spent $209 million in cash by selling 592,987 shares during the week. Today’s buy also marks the eighth consecutive week of the firm purchasing BTC. 

MicroStrategy CEO, Michael Saylor, teased the purchase yesterday when he shared a chart called the “Saylor Tracker” that tracks the company’s BTC purchases to date. Saylor stated that there were “disconcerting” lines on the Saylor Tracker, hinting that a BTC purchase may be on the horizon.

The company also revealed that its BTC yield – a metric used to assess 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 yield stood at 47.8%, highlighting significant gains in the final quarter.

Despite this acquisition, MicroStrategy’s latest BTC purchase failed to lift its stock price. At the time of writing, MicroStrategy stock (MSTR) is down 5.19% on the day. However, the stock has surged an extraordinary 395% YTD, outperforming both Bitcoin and the S&P 500 in percentage terms.

MSTR stock
Source: Yahoo! Finance

Michael Saylor, known for his unwavering bullish stance on Bitcoin, recently stated that he intends to keep “buying the top forever.” The CEO confidently predicted he would continue purchasing Bitcoin even if its price reached $1 million per BTC. Saylor has also urged a pivot away from gold, championing Bitcoin as the superior store of value. He previously commented:

Dump your gold. Sell all the US gold, [and] buy Bitcoin, then the trade is free because you can buy 5 million Bitcoin for the cost of the gold. You will demonetize the entire gold asset class, and our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to a hundred trillion dollars.

2024: A Watershed Year For BTC Adoption

2024 has been a significant year for the flagship cryptocurrency in terms of institutional adoption. In January, the US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETF), making it easier for institutional investors to gain direct exposure to BTC.

Related Reading: Semler Scientific Scoops 303 Bitcoin For $29.3 Million – How It Compares To Other Corporate BTC Holders?

Similarly, a survey 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 trades at $91,779, down 3.2% in the past 24 hours.

bitcoin
BTC trades at $91,779 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from Yahoo! Finance and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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