The post MicroStrategy Purchases $1.1 Billion in Bitcoin, Reinforces Position as Largest Corporate Holder appeared on BitcoinEthereumNews.com.

MicroStrategy (NASDAQ: MSTR) has once again increased its Bitcoin holdings, purchasing an impressive 18,300 BTC, valued at just under $1.1 billion between August 6 and September 12. This recent acquisition highlights the firm’s ongoing commitment to Bitcoin, a strategy that began in 2020 under the guidance of its founder and Chairman, Michael Saylor. According to an SEC filing, the firm bought these Bitcoins at an average price of around $60,408 per token, slightly above the prevailing market price of $58,214. MicroStrategy boosts Bitcoin holdings with a $1.1 billion purchase, reasserting its bullish stance on the cryptocurrency. Discover the details in our latest article. MicroStrategy Makes Major Bitcoin Purchase Amid Market Fluctuations MicroStrategy has made headlines once again by acquiring 18,300 Bitcoin, a move that solidifies its position as the largest corporate holder of the cryptocurrency. This strategic purchase, totaling nearly $1.1 billion, occurred between August 6 and September 12. The average purchase price for these Bitcoins was approximately $60,408 each, as per the firm’s SEC filing. Notably, this price is slightly above the current market valuation of Bitcoin, which stands at $58,214. Historical Context and Strategic Implications MicroStrategy’s aggressive Bitcoin accumulation began in August 2020 when prices hovered around $12,000. This recent purchase marks the company’s largest acquisition since February 2021, when it bought 19,452 BTC. The funds for this latest purchase were raised through the sale of 8,048,449 shares of MicroStrategy’s stock. As a result, the company now holds a staggering 244,800 BTC, valued at approximately $14.14 billion according to CoinGecko. MicroStrategy’s Market Influence and Competitive Edge With its substantial Bitcoin holdings, MicroStrategy controls about 1% of Bitcoin’s total market capitalization. This far surpasses other corporate holders such as Marathon Digital Holdings and Riot Platforms. The firm’s bold strategy has not only earned it a leading position in the…

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Filed under: News - @ September 13, 2024 6:20 pm