MicroStrategy has expanded its Bitcoin (BTC) holdings for the fifth week in a row, purchasing 21,550 BTC between December 2 and December 8. This acquisition, worth $2.1 billion, brings the company’s total crypto holdings to 423,650 BTC, according to an announcement by the software firm. The average cost of the latest purchase was approximately $98,783 per BTC.
MicroStrategy Buys More Bitcoin
With this purchase, the company now controls over 2% of BTC’s total circulating supply. Over time, MicroStrategy has spent $25.6 billion on Bitcoin acquisitions, at an average price of $60,324 per coin. The firm’s quarter-to-date yield on its Bitcoin investments stands at 43.2%, with a year-to-date yield reaching 68.7%.
MicroStrategy’s co-founder, Michael Saylor, has been an outspoken advocate for Bitcoin adoption. He recently suggested that the United States could benefit from selling its gold reserves to invest in Bitcoin. His comments underline the firm’s aggressive strategy in accumulating the leading crypto.
MicroStrategy has acquired 21,550 BTC for ~$2.1 billion at ~$98,783 per #bitcoin and has achieved BTC Yield of 43.2% QTD and 68.7% YTD. As of 12/8/2024, we hodl 423,650 $BTC acquired for ~$25.6 billion at ~$60,324 per bitcoin. $MSTR https://t.co/8r7bFqMFof
— Michael Saylor⚡️ (@saylor) December 9, 2024
Other companies are also moving toward Bitcoin investment strategies. Worksport, a manufacturing company, recently revealed plans to allocate part of its corporate treasury to Bitcoin. Similarly, the National Center for Public Policy Research (NCPPR) has introduced a shareholder proposal to Amazon, recommending the company allocate at least 5% of its cash reserves to Bitcoin.
Microsoft is also being closely watched in this regard. Shareholders of the tech giant are scheduled to vote on a proposal related to Bitcoin adoption, which, if approved, could mark a significant milestone in corporate crypto adoption.
BTC Price Breaks Above $100,000 Again
Despite facing rejection at $100,000 analysts were optimistic on Bitcoin price soaring beyond that level again. Moreover, growing institutional adoption as in the case of MicroStrategy offered the much-needed boost to BTC.
As of writing, the BTC price traded at $100,346.12, gaining 0.50% on Monday, December 9. Furthermore, the trading volume for Bitcoin skyrocketed 64.05% to $69.88 billion in the last 24 hours.
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