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Bitcoin

MicroStrategy Expands Bitcoin Treasury: Purchases 3,000 BTC, Total Holdings Reach 193,000

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Despite reports of a hack on the X (formerly Twitter) social media account of MicroStrategy, a well-known enterprise software company headquartered in Tysons Corner, Virginia, the firm has once again increased its Bitcoin (BTC) holdings by purchasing an additional 3,000 BTC this month. 

According to Bloomberg, the total value of this purchase amounts to $155.4 million, significantly increasing the company’s Bitcoin inventory to approximately $9.88 billion based on current market prices. 

MicroStrategy Continues Bitcoin Buying Spree

The transactions took place between February 15 and February 25, according to a filing with the US Securities and Exchange Commission (SEC) on Monday. As a result, MicroStrategy’s total Bitcoin holdings now stand at approximately 193,000 tokens.

Related Reading: Blasted By Deception: Layer 2 Project Suffers 500 ETH Rug Pull Onslaught

Co-founder of MicroStrategy, Michael Saylor, initiated the company’s Bitcoin buying spree in 2020 to hedge against inflation and diversify its cash reserves. 

In a recent interview on Bloomberg TV, Saylor emphasized his belief in holding onto the cryptocurrency, stating that “there’s no reason to sell the winner.” Since MicroStrategy began its Bitcoin acquisitions, the value of the cryptocurrency has surged by approximately 460%.

The average price for the latest 3,000 BTC acquisition was $51,813, contributing to an average price of $31,544 for the company’s entire Bitcoin holding, as disclosed in the filing. 

On Monday, the Bitcoin price remained relatively stable around $51,100 in the early hours of trading, however, the market’s largest cryptocurrency is showing signs of renewed bullish momentum and is currently trading at $52,800, representing a 2.5% increase in the past 24 hours.

As the value of BTC continues to soar, MicroStrategy’s significant Bitcoin holdings have become a testament to the company’s foresight and belief in the cryptocurrency as a viable investment. 

How MicroStrategy will manage its Bitcoin holdings in the future remains to be seen. Nonetheless, Saylor’s comments suggest a long-term stance, indicating that the company does not plan to sell its Bitcoin anytime soon.

BTC Poised To Break Previous ATH?

Bitcoin is making significant strides towards reaching its previous 26-month high, according to co-founders Yan Alleman and Jan Happel of data intelligence firm Glassnode. 

After being stuck between $51,000 and $52,000 since February 15th, the cryptocurrency appears ready to break out beyond $53,000, with momentum showing a strong upward trend. 

According to the Glassnode co-founder’s analysis, market sentiment is bullish, with expectations focused on the next price levels of $57,000 and $58,000 before hitting its all-time high (ATH) of $69,000, suggesting a continued rise and continuation of the current bull run.

Related Reading: Ripple Moves Out Of Character With Unscheduled 400 Million XRP Unlock, What’s Going On?

However, crypto analyst Michael Van de Poppe offers a contrasting perspective on the short-term outlook for BTC’s price. Van de Poppe expresses uncertainty about an immediate correction in the cryptocurrency’s price. 

The analyst suggests that the rally may peak between $54,000 and $58,000, followed by a substantial correction from $40,000 to $42,000. Van de Poppe’s analysis considers the impact of the upcoming halving event, which historically has influenced price movements in the cryptocurrency market.

Bitcoin
The daily chart shows BTC’s price trending upward. Source: BTCUSD on TradingView.com

Featured image from Shutterstock, chart from 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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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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