MicroStrategy Inc. (NASDAQ: MSTR), a leading enterprise analytics and mobility software provider, has announced a fresh Bitcoin (BTC) purchase.
MicroStrategy's Bitcoin Purchase
According to the announcement, MicroStrategy acquired 18,300 BTC for $1.11 billion. The purchase took place between August 6, 2024, and September 12, 2024. As a result, the company now holds 244,800 Bitcoins, worth over $14 billion at the current exchange rate of about $58k.
Market Impact
Despite fears of a short-term Bitcoin price sell-off, MicroStrategy and its subsidiaries have demonstrated their commitment to the network’s long-term prosperity. CEO Michael Saylor believes that Bitcoin price could easily reach $13 million in the next two decades. The company also sold its shares to acquire more Bitcoins, which could impact the stock market negatively if Bitcoin's price drops in the short term.
Other Companies and Bitcoin
According to the latest market data, Bitcoin price has rallied over 120 percent in the past year, whereas MSTR shares gained around 106 percent in the same period. Other companies, such as MARA Holdings Inc. (NASDAQ: MARA) and Metaplanet Inc. (Tokyo: 3350), have also made significant investments in Bitcoin recently.
MicroStrategy’s recent investment in Bitcoin showcases their belief in the long-term potential of the cryptocurrency and strengthens the company’s position in the digital assets domain.
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