MicroStrategy, a software intelligence firm, has further reinforced its dominance as the largest corporate holder of Bitcoin with its recent acquisition. For the eighth consecutive week, MicroStrategy has ramped up its Bitcoin holdings.
Recently, it purchased an additional 2,138 BTC for $209 million in the week ending December 29. This move brings the company’s total bitcoin stash to a staggering 446,400 BTC, further cementing its market dominance.
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
Bitcoin: The Core of MicroStrategy’s Strategy
MicroStrategy’s commitment to Bitcoin is not just about holding the asset; it is a key part of the company’s business model. The company has surpassed publicly traded companies in building the largest digital currency reserve.
MicroStrategy’s strategy is clear: buy as much Bitcoin as possible and hold it long-term. Its relentless buying spree is financed by its at-the-market (ATM) program, which still has a substantial $6.88 billion in available funds.
Despite fluctuations in the price of Bitcoin, MicroStrategy remains unwavering in its commitment. The average price it paid for its latest Bitcoin purchase is $97,837. This brings its holdings’ overall average purchase price to $62,428 per Bitcoin.
At the time of writing, Bitcoin is trading at $92,009.61, down 2.66% in the last 24 hours as per CoinMarketCap data. This is 14.81% below its all-time high (ATH) of $108,000. MicroStrategy’s investment strategy strongly believes in Bitcoin’s future value, no matter the short-term market swings.
Michael Saylor’s Role in the Push
Much of MicroStrategy’s Bitcoin-centric approach can be attributed to its Executive Chairman, Michael Saylor. Saylor is a staunch advocate for Bitcoin, consistently emphasizing its role as a hedge against inflation. He believes the digital currency is a reliable long-term store of value.
Saylor’s leadership has reshaped MicroStrategy’s business model. Also, his investment in Bitcoin has drawn attention from investors and other corporate firms.
MicroStrategy’s Market Position and Nasdaq 100 Inclusion
MicroStrategy’s expansion into the crypto space has not gone unnoticed in the broader financial world.
In a significant milestone, the company recently joined the Nasdaq 100, a prestigious index of the largest companies in the U.S. The company now ranks 57th in the index, weighing 0.38%. This is a big deal for a company that has pivoted dramatically from software development to crypto investment.
However, despite this success, MicroStrategy’s stock price has declined. The company’s share price is currently 40% lower than its ATH of $534 per share, reached on November 21.
As of pre-market trading, MicroStrategy’s stock price hovers around $320 per share, a 3% drop. This volatility is a reflection of the unpredictable nature of both the stock market and the cryptocurrency landscape.
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