Bitcoin bull MicroStrategy continued to buy BTC for the seventh week in a row. With its latest purchase, the company now has a total of 444,262 BTC. This purchase coincides with the company’s Nasdaq listing today.$BTC
MicroStrategy Bought Another 5,262 BTC
MicroStrategy announced that it has purchased 5,262 BTC for $516 million at an average of $106,662 per BTC. The company also said that it achieved a 47.4% quarterly and 73.7% annual BTC return. It currently holds 444,262 BTC worth $27.7 billion at an average of $62,257 per BTC. This is MicroStrategy’s seventh consecutive purchase.
Last week, MicroStrategy announced that it had purchased an additional 15,350 BTC for $1.5 billion. The company continues to increase its holdings despite the stagnation in the price of Bitcoin. This purchase also coincided with the company’s inclusion on the Nasdaq-100 today. MicroStrategy has achieved this success largely through its Bitcoin investments. The company currently has approximately $15 billion in unrealized profits thanks to its Bitcoin investment. Additionally, MSTR shares have gained over 470% since the beginning of the year, outperforming major stocks such as Bitcoin and the “Magnificent 7.” MSTR has outperformed all of these assets thanks to the “Bitcoin Strategy” that Michael Saylor and his team have adopted since 2020.
The latest MicroStrategy acquisition news has not had a positive impact on MSTR stock. Nasdaq data shows that the company’s stock is down around 2%. MSTR shares are currently trading at around $359. Bitcoin’s price is fluctuating between $94,000 and $96,000, suggesting that there is still uncertainty in the market. This has raised concerns about whether the bull market is over.
Despite this, some crypto analysts say that BTC is still in bull territory. An analyst named Titan of Crypto says that there is no reason to worry as long as BTC stays above the trendline between $85,000 and $90,000. The analyst adds that the monthly candle is currently bullish, but there is still a week to go before it closes. The future of MicroStrategy’s Bitcoin strategy is largely shaped by BTC’s price action. CryptoQuant CEO Ki Young Ju stated that MicroStrategy’s Bitcoin strategy could go bankrupt if BTC falls to $16,500.