MicroStrategy, the world’s largest corporate holder of bitcoin, has continued its accumulation phase by purchasing 2,136 BTC for approximately $209 million at an average price of $97,837 per bitcoin. This marks the company’s eighth consecutive Monday purchase, bringing its total stash to over 446,000 BTC.
Accumulation Efforts
MicroStrategy’s latest purchase brings its total investment in bitcoin to approximately $27.9 billion at an average price of $62,428 per bitcoin. The company’s holdings now have a current value of $41.5 billion, resulting in an unrealized profit of over $13 billion.
Price Impact
Despite bitcoin’s recent price drop, MicroStrategy’s holdings remain a significant factor in the market. Critics, such as Peter Schiff, have argued that the company’s purchases are the primary driver of bitcoin’s price increase. However, it’s worth noting that bitcoin’s price has fallen 15% in the past couple of weeks, dropping from over $108,000 to its current level of $93,000.
Ongoing Investment
While MicroStrategy’s purchases have slowed down in recent weeks, the company continues to allocate millions to its bitcoin holdings. The latest purchase came at an average price of $97,834 per BTC, which is above the current market price. As the company continues to accumulate, its holdings will likely remain a significant factor in the bitcoin market.
Financial Performance
MicroStrategy’s bitcoin holdings have achieved a yield of 47.8% QTD and 74.1% YTD, demonstrating the company’s commitment to its investment strategy. The company’s financial performance will likely continue to be influenced by its bitcoin holdings, making it an interesting case study for investors and market analysts.
Source: Cryptopotato.com
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