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MicroStrategy extended its weekly Bitcoin buying spree for the seventh consecutive time, solidifying its position as the largest corporate Bitcoin holder with nearly $45 billion in assets. Michael Saylor, MicroStrategy executive chairman, announced the company bought 5,262 Bitcoin (BTC) for $561 million at an average price of $106,662 before the recent market correction. The Virginia-based software company now holds 444,262 BTC, reinforcing its lead as the top institutional Bitcoin holder. With an initial investment of $27.7 billion, MicroStrategy recorded nearly $15 billion in unrealized profits at the time of writing, despite last week’s cryptocurrency market downturn. 24-hour BTC price chart – Dec. 23 | Source: crypto.news Replies from skeptics citing Bitcoin’s current price versus MicroStrategy’s buying price flooded Saylor’s weekly announcement on X. Following hawkish from the Federal Reserve, a market-wide correction saw BTC trading below $95,000 at press time. Critics, including U.S. stockbroker and economist Peter Schiff, took aim at Saylor’s approach, referring to the latest purchase as the firm’s smallest in seven weeks. Schiff argued that MicroStrategy should focus on buying the dip to maximize shareholder value. It seems like you are running out of firepower to keep propping up Bitcoin. Plus, not only is this your smallest buy, but the first time your average purchase price has been above the market price on the Monday you disclosed the buy. — Peter Schiff (@PeterSchiff) December 23, 2024 In addition to the Bitcoin purchase, MicroStrategy disclosed in a Form 8-K filing with the Securities and Exchange Commission that it had sold approximately 1.32 million shares of MSTR convertible notes, raising over $7 billion. The funds are reportedly intended for further Bitcoin acquisitions. While Saylor announced the smallest purchase in seven weeks, Metaplanet, hailed as Japan’s MicroStrategy, unveiled its biggest BTC buy yet. The Tokyo-based company pumped $60.6 million into…

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Filed under: News - @ December 23, 2024 4:25 pm