MicroStrategy Increases Bitcoin Purchases: 15,400 BTC Monday
As November ends and December starts, business analytics provider MicroStrategy has escalated its Bitcoin (BTC) purchases, topping 400,000 BTC.
A month after the business revealed aggressive stock sales ambitions to generate $21 billion for Bitcoin acquisitions, this purchasing spike occurred.
MicroStrategy sold 3.7 million MSTR shares last week, raising $1.5 billion, which was reinvested in Bitcoin. The corporation has bought Bitcoin four weeks running.
Bloomberg reports that MicroStrategy's at-the-market share program has $11.3 billion left. The objective is to raise $21 billion in fixed-income securities by 2027.
According to the company's latest SEC filing, it bought 15,400 Bitcoin from November 25 to December 1 at an average price of $95,976 per token.
From November 11 until now, the corporation has invested over $13.5 billion in BTC in three batches, totaling $38 billion, or 402,100 BTC at an average purchase price of $56,658 per coin.
Crypto Mining Firms Change Strategies
Other firms are trying to copy MicroStrategy's aggressive buying approach. On Monday, cryptocurrency mining business MARA Holdings claimed it had bought $618 million in Bitcoin over two months.
The corporation aims to use parts of a $700 million convertible senior note issue to buy more Bitcoin.
This occurrence has led miners like MARA to embrace a treasury strategy of stockpiling Bitcoin rather than selling it. MARA shares are up 8% year-to-date after a 44% slump earlier this year.
Riot Platforms, another mining business, proposes to temporarily cease the sale of mined BTC to strengthen its reserves after its share value dropped 20% this year and 59% in September.
The market's largest cryptocurrency is trading at $95,180, down 1.6% in 24 hours. The BTC price has been stabilizing between $91,000 and $98,000 for the last 10 days, failing to retest its record high of $99,540 and the elusive $100,000 milestone.
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