MicroStrategy Adds More Bitcoin to Its Treasury
MicroStrategy, the largest corporate holder of bitcoin, has purchased an additional 27,200 BTC for roughly $2.03 billion, or $74,463 per bitcoin. This purchase, funded by selling shares, took place between October 31 and November 10, 2024. MicroStrategy now holds approximately 279,420 BTC, accumulated at an average price of $42,692 per coin, showcasing the company’s dedication to maintaining significant bitcoin reserves.
Aligning with Long-Term Bitcoin Investment Plans
Despite missing revenue expectations with a recent quarterly report, MicroStrategy remains committed to bitcoin. The firm reported a 17.8% yield on BTC year-to-date and announced plans to raise $42 billion over the next few years to expand its bitcoin holdings, underscoring its strategic focus on the asset.
Analysts Predict Additional BTC Boost
With market dynamics shifting after the U.S. presidential election, JPMorgan analysts believe MicroStrategy’s bitcoin acquisition and other favorable market factors may further drive BTC's value. MicroStrategy's investment could attract more capital to the cryptocurrency space, setting a bullish tone for bitcoin's future.
