Software company MicroStrategy today announced another massive Bitcoin buy—the fourth such purchase in as many weeks.
The newly dubbed “Bitcoin development company” said Monday that it bought approximately 15,400 Bitcoin for $1.5 billion between November 25 and December 1.
It snapped up the orange coins at an average price of approximately $95,976, the announcement added.
MicroStrategy has acquired 15,400 BTC for ~$1.5 billion at ~$95,976 per #bitcoin and has achieved BTC Yield of 38.7% QTD and 63.3% YTD. As of 12/2/2024, we hodl 402,100 $BTC acquired for ~$23.4 billion at ~$58,263 per bitcoin. $MSTRhttps://t.co/K3TK4msGp0
MicroStrategy now holds 402,100 Bitcoin. At today’s price, that’s about $39 billion in the leading cryptocurrency. Bitcoin is now trading for $97,000, according to CoinGecko.
The formerly sleepy software company now securitizes Bitcoin by buying the asset and allowing investors to buy its Nasdaq-listed shares to get exposure to the cryptocurrency.
MicroStrategy co-founder and Executive Chairman Michael Saylor came up with the idea back in 2020. The company in August of that year spent $250 million on the asset.
Saylor claims to have found the ultimate way to store value: The tech entrepreneur argues that Bitcoin is the best bet if companies want to get returns for their shareholders, as the digital coin is scarce and appreciates more than other investments each year.
“Whoever gets the most Bitcoin wins,” Saylor said in a March interview.
And he may have a point: MicroStrategy stock (NASDAQ: MSTR) was trading for less than $15 a share before the company started buying Bitcoin. Today, it’s trading for $389, and surged to a new all-time high price last month. The company has beat most other firms on the S&P 500.
Strategy, fronted by outspoken Bitcoin bull and Executive Chairman Michael Saylor, added to its sizable Bitcoin holdings Monday with the purchase of 20,356 BTC—or approximately $2 billion worth.
The purchase is the latest in a string of Bitcoin purchases dating back to 2020, when Strategy (formerly MicroStrategy) and Saylor made the strategic decision to allocate capital to the leading cryptocurrency to “maximize long-term value for shareholders.”
Since that time, the business intelligence firm...
MicroStrategy has repeatedly bought Bitcoin since 2020, but this year accelerated its buys as the price of Bitcoin surges. The firm recently said that it will raise $42 billion in additional funding to continue buying Bitcoin, as it has started to do recently.
Just over a week after launch, Pump.fun’s token has stooped below its initial coin offering price—which raised $600 million in just 12 minutes earlier this month. This means that everyone who bought the token in that sale is now at a loss.
It comes as PUMP has dropped 15% over the past 24 hours, according to DEX Screener, to a price of $0.003767. That’s 5% lower than the ICO valuation of $0.004. It comes as the Pump.fun community appears to be growing restless that an airdrop date hasn’t been an...
Altcoins including Ethereum and Dogecoin retraced on Tuesday as crypto markets pulled back from the euphoric highs seen just days after President Trump signed landmark stablecoin legislation into law.
Among the top 20 cryptocurrencies, Hedera (HBAR) led losses, dropping 5.2% on the day, followed by Hyperliquid (HYPE), down 5.1%, according to CoinGecko.
Ethereum (ETH) declined 2.6%, Chainlink (LINK) fell 3.3%, and Dogecoin (DOGE) dropped 1.5% in the past 24 hours. Other major altcoins followed su...
JPMorgan Chase is reportedly exploring the option of offering loans directly secured by clients' crypto holdings, a potential policy shift at the bank whose CEO once dismissed Bitcoin as a "fraud."
The Wall Street giant could begin lending against digital assets, including Bitcoin (BTC) and Ethereum (ETH), as early as next year, according to people familiar with the matter who spoke to the Financial Times.
JPMorgan has yet to respond to Decrypt’s request for comment.
The bank's acceptance of cr...