MicroStrategy Buys Another $458M Bitcoin, New ATH Soon?
The post MicroStrategy Buys Another $458M Bitcoin, New ATH Soon? appeared on BitcoinEthereumNews.com.
MicroStrategy, the leading publicly traded corporate holder of Bitcoin (BTC), has continued its BT buying spree. On Friday, September 20, 2024, the company announced it had purchased an additional 7,420 BTC for approximately $458.2 million at an average price of $61,750 per Bitcoin. MicroStrategy Keeps Up Bitcoin Buying Spree With the latest purchase, the company now holds a total of 252,220 BTC. This reserve was acquired at a total cost of around $9.9 billion, with an average purchase price of $39,266 per Bitcoin. Furthermore, the MSTR stock gained 1.08% to $148.22 in the trading session today. MicroStrategy has acquired 7,420 BTC for ~$458.2 million at ~$61,750 per #bitcoin and has achieved BTC Yield of 5.1% QTD and 17.8% YTD. As of 9/19/2024, we hodl 252,220 $BTC acquired for ~$9.9 billion at ~$39,266 per bitcoin. $MSTR https://t.co/JUtgztpzBu — Michael Saylor⚡️ (@saylor) September 20, 2024 This recent acquisition follows a large purchase the company made just a week earlier on September 12, 2024. In that transaction, MicroStrategy added 18,300 BTC to its holdings, purchasing the amount for about $1.11 billion at an average price of $60,408 per Bitcoin. Moreover, it’s worth noting that the company’s continued accumulation of Bitcoin has led to impressive returns, achieving a BTC yield of 5.1% quarter-to-date (QTD) and 17.8% year-to-date (YTD). MicroStrategy’s consistent buying pressure along with other players like Marathon Digital Holdings (MARA) and the institutional influx into spot Bitcoin ETFs, are seen as key factors contributing to potential bullish momentum in the crypto market. As a result, some analysts believe that Bitcoin could soon reach a new all-time high (ATH). Is BTC Nearing A New ATH? A major catalyst for the crypto market in the coming months is the redistribution of $16 billion from the bankrupt estate of FTX to its creditors. This process is…
Filed under: News - @ September 20, 2024 3:22 pm