MicroStrategy transferred 4,922.697 BTC, worth $294 million, to three new addresses, aligning with its strategy to increase Bitcoin holdings.
The transfer coincided with the Federal Reserve's rate cut, sparking Bitcoin's 3% price surge and a rise in the global crypto market cap.
MicroStrategy now holds 244,800 BTC, following a recent $1.11 billion purchase, solidifying its position as one of the largest Bitcoin holders.
MicroStrategy has transferred 4,922.697 BTC today. The transaction, worth about $294 million, was reported by blockchain intelligence firm Arkham. The company transferred Bitcoin to three new, unmarked addresses: bc1qtrâŠw3rad7, bc1qfyâŠumtjgl, and bc1qmkâŠ0ecgzt.Â
https://twitter.com/WuBlockchain/status/1836567233730088996
This transfer occurred between 1:12 and 1:59 UTC+8. This move is part of MicroStrategy's ongoing strategy to expand its position in the cryptocurrency sector.
MicroStrategy Transfer Follows Federal Reserve Announcement
The transfer coincided with the Federal Reserve's announcement of a 50-basis-point rate cut. In reaction, Bitcoin's price increased by 3%, mirroring the 3% increase in the worldwide cryptocurrency market capitalization. The market capitalization surpassed $2.14 trillion immediately after the announcement.
MicroStrategy carried out the Bitcoin transfer in four different transactions. These transactions totaled 360.251 BTC, 2,026 BTC, 395.446 BTC, and 2,141 BTC. While the aim of the transfers is unknown, it has aroused interest among investors.
Recent Financial Moves Support Bitcoin Strategy
MicroStrategy's latest Bitcoin activity follows the announcement of a private sale of convertible senior notes worth $875 million. These notes, with an annual interest rate of 0.625%, are only available to qualified institutional buyers under the Securities Act.Â
The company raised the offering from the original $700 million. MicroStrategy intends to use the net proceeds to purchase further Bitcoin, expanding its cryptocurrency portfolio.
MicroStrategy's Growing Bitcoin Portfolio
MicroStrategy currently holds 244,800 BTC, boosting its status as one of the world's largest Bitcoin holdings. Despite Bitcoin's volatility, the company remains committed to its strategy of using Bitcoin as a treasury reserve asset.
On September 13, MicroStrategy purchased 18,300 BTC for $1.11 billion. This transaction increased the company's overall Bitcoin holdings to approximately $9.45 billion. The purchases cost an average of $38,585 per Bitcoin.
MicroStrategy's recent Bitcoin payments demonstrate the company's continuous commitment to cryptocurrency. Although the particular reason for these actions is unclear, they demonstrate the company's belief in Bitcoin's position in its financial strategy.
The post MicroStrategy Executes Major $294 Million Bitcoin (BTC) Transfer Amid Market Shifts appeared first on Crypto News Land.
