The post MicroStrategy and MARA Double Down on Bitcoin Purchases appeared on BitcoinEthereumNews.com.

MicroStrategy has purchased $1.5 billion worth of Bitcoin, while Marathon Digital Holdings is raising $700 million to extend its Bitcoin purchases.  MicroStrategy’s acquisition adds 15,400 bitcoins to its portfolio, bringing its total holdings to 402,100. The company now owns nearly 2% of the capped 21 million bitcoin supply. Public Companies Continue an Extensive Trend of Bitcoin Purchases This purchase further extends MicroStrategy’s lead as the largest corporate Bitcoin holder. In November alone, the company purchased over $12 billion worth of BTC. The latest acquisition was completed at an average price of $95,976 per bitcoin.  Despite this move, MSTR stock prices fell nearly 1% during Monday trading. However, its year-to-date gains have mirrored Bitcoin’s performance, surging by nearly 500% so far this year. This rally recently placed MicroStrategy among the top 100 public companies in the US.  MicroStrategy (MSTR) Stock Performance Throughout 2024. Source: TradingView Since its first Bitcoin purchase in 2020, Saylor has advocated for companies to use Bitcoin as a treasury reserve asset. He also recently suggested Microsoft’s board of directors and its CEO Satya Nadella to invest in Bitcoin, saying that Microsoft should be powered by digital capital.  Earlier in October, Microsoft’s board urged its shareholders to vote against a proposal that suggested that the company diversify its portfolio through Bitcoin.  “There’s a pretty low supply of Bitcoin over the counter, so you have a supply shortage, and if Bitcoin moves above $100,000, there will be a big chase. I’m still confident that Bitcoin is going to close much higher before year-end, well above $100,000. It’s just a matter of time,” Entrepreneur Thomas Less said on CNBC today.  Meanwhile, Bitcoin mining firm Marathon Digital Holdings (MARA) announced a $700 million private offering of 0% convertible senior notes due in 2031. The offering, subject to market conditions, will target…

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Filed under: News - @ December 2, 2024 8:25 pm