$119,068.00
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0.24%$0.331538
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19.48%$0.99841
-0.00%Reading
Make that eight in a row.
MicroStrategy today announced the purchase of an additional $209 million worth of Bitcoin, its eighth consecutive weekly buy. The cloud computing firm turned “Bitcoin development” company says it paid an average price of $97,837 to acquire 2,138 BTC.
That means MicroStrategy, already the world’s largest corporate holder of Bitcoin, now owns a total of 446,400 BTC, today worth roughly $41 billion.
The company’s founder and executive chairman Michael Saylor first began acquiring Bitcoin for MicroStrategy’s treasury in 2020 following the pandemic-induced market crash in March of that year. As the Federal Reserve prepared to inject trillions into the U.S. economy, Saylor seized on the opportunity—and hasn’t looked back since.
Slowly buying more and more Bitcoin over the years, MicroStrategy recently picked up the pace. The Monday following Donald Trump’s win on Election Day, the company announced one of its biggest buys ever, snapping up more than $2 billion of Bitcoin at an average price of $74,463. It followed up with another $4.6 billion worth the next week, and then upped the ante again the week after that with its biggest single buy yet: $5.4 billion in one clip.
The company has continued buying Bitcoin every week since, with no sign of slowing down.
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...
Saylor’s bullish moves have typically buoyed Bitcoin’s price, but market action today has so far been muted. Bitcoin is down roughly 2% on the day, from a high of $94,000 today to around $91,700 as of this writing. That’s a long ways off from its all-time high of $108,135, which the coin hit just two weeks ago, but Saylor doesn’t appear at all worried.
MicroStrategy has acquired 2,138 BTC for ~$209 million at ~$97,837 per bitcoin and has achieved BTC Yield of 47.8% QTD and 74.1% YTD. As of 12/29/2024, we hodl 446,400 $BTC acquired for ~$27.9 billion at ~$62,428 per bitcoin. $MSTR https://t.co/58aXM7g6u2
— Michael Saylor⚡️ (@saylor) December 30, 2024
MicroStrategy has spent approximately $27.9 billion to build its Bitcoin treasury, nearly doubling its investment so far, Saylor reminded his followers on X (formerly known as Twitter).
So what’s the game plan? When will MicroStrategy sell off its BTC and start cashing out on those gains? Not any time soon—and maybe not ever, if Saylor can be taken at his word. In an interview with CNBC earlier this month, Saylor said: ”We’ll just keep buying the top forever.”
U.S. payments company PayPal said Wednesday it plans to launch a new platform this fall that will link domestic digital wallets to its global network of billions of users. Dubbed PayPal World, the system lets users of India’s UPI, China’s WeChat Pay, and Brazil’s Mercado Pago transact with PayPal or Venmo merchants abroad without opening new accounts or using cards. “Moving money across borders is incredibly complex, and this platform is designed to make it simple for nearly two billion users,”...
MEI Pharma, a publicly traded pharmaceutical company, closed a $100 million private placement on Wednesday to refashion itself into a litecoin treasury firm. MEI sold 29,239,767 shares of its common stock, raising roughly $100 million, Litecoin Foundation founder Charlie Lee told Decrypt. Under the agreement, the company sold its stock at $3.42 per share. Lee led the private placement alongside digital asset market maker GSR and will be joining MEI’s board of directors, according a statement fro...
A century-old Japanese textile company has become the latest financially battered firm to turn to Bitcoin as a treasury asset, announcing plans to purchase up to $5.4 million (800 million yen) in crypto to stabilize its bottom line after years of losses and muted cash flow. Kitabo Co., Ltd., a Tokyo Stock Exchange-listed textile manufacturer that produces synthetic fibers and industrial materials, announced in a statement on Tuesday that it will begin gradually acquiring Bitcoin using dollar-cos...
