MicroStrategy Buys 3K Bitcoin Amidst Growing Crypto Holdings
NAIROBI – (Coinchapter.com) MicroStrategy buys 3k Bitcoin, further expanding its already massive holdings. The software company added another 3,000 BTC to its portfolio, a purchase worth approximately $155 million. This latest acquisition brings MicroStrategy’s total Bitcoin investment to a staggering 193,000 BTC, acquired for around $6.09 billion.
Unfortunately, Microstrategy’s Bitcoin purchase announcement coincided with a security breach. The company’s X account was hacked and used to promote fraudulent token airdrops, resulting in the theft of over $440,000 in user funds, according to on-chain investigator ZachXBT.
MicroStrategy Buys 3K Bitcoin, Part of Their Long-Term Plan
Microstrategy began its Bitcoin treasury strategy in 2020 and has become one of the world’s largest Bitcoin holders. The company’s total Bitcoin investment now stands at approximately $6.09 billion, with an average purchase price of $31,544 per Bitcoin.
MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin. As of 2/25/24, @MicroStrategy now hodls 193,000 $BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR https://t.co/micudbYf3P
— Michael Saylor (@saylor) February 26, 2024
Following this development, the overall cryptocurrency market is experiencing positive momentum. The global crypto market cap currently sits at $2.06 trillion, reflecting a 3.47% increase over the past 24 hours. Bitcoin (BTC) continues to lead the market, with a current price of $53,379.34. Ethereum (ETH), the second-largest cryptocurrency, trades at $3,151.68.
Bitcoin ETFs Surpass Gold ETFs?
To clarify, Microstrategy’s Bitcoin purchase coincides with a broader surge in institutional interest in Bitcoin. Recent moves suggest that investors may increasingly view Bitcoin as a potential hedge against inflation and a viable alternative to traditional assets like gold.
Recently, the growing popularity of Bitcoin ETFs (Exchange Traded Funds) highlights this trend. Moreover, ETFs provide investors with easy exposure to Bitcoin without the need to purchase or store the cryptocurrency directly themselves. Interestingly, the recent surge in Bitcoin ETF holdings raises the intriguing question of whether Bitcoin ETFs could eventually surpass the size of Gold ETFs.
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Filed under: Bitcoin - @ February 26, 2024 11:44 pm