MicroStrategy Bitcoin Investment Continues As 2024 Draws to a Close
Key Points:
- MicroStrategy increased its Bitcoin holdings to 444 BTC, valued at $42.7 billion.
- The company’s stock surged 476% in 2023, earning it a spot in the Nasdaq-100 index alongside Palantir and Axon Enterprise.
- Bitcoin’s rally past $100,000, driven by optimism over pro-crypto policies from the incoming Trump administration, has further propelled MicroStrategy Bitcoin investment.
MicroStrategy, the software developer behind one of Wall Street’s most aggressive Bitcoin investment strategies, extended its cryptocurrency holdings for the seventh week in a row.
Read more: Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049Â Â
MicroStrategy Bitcoin Investments Boosted to $42.7 Billion
The Tysons, Virginia-based company announced its latest acquisition in a filing with the SEC on Monday, noting that it funded the acquisition through the sale of its own stock.
The company sold 1,317,841 shares for net proceeds of approximately $561 million between December 16 and December 22. Thus, considering that the company still has about $7 billion worth of shares available to be sold under its existing agreement, there is still room for more MicroStrategy Bitcoin investments.
The latest purchase bursts the total holdings of Bitcoin to about 444 from an average worth of $42.7 billion, valued at current market prices. Over 2 per cent of the total supply of Bitcoin is represented by this.
The new MicroStrategy Bitcoin investment was made at an average price of $106,622 per coin, driving the average purchase price by the company to $62,257 per coin. Executive Chairman Michael Saylor hinted at the purchase long before it was actually announced.
Bitcoin’s Record Rally Fuels MicroStrategy’s Growth
Meanwhile, MicroStrategy’s stock has surged 476% year-to-date, placing the enterprise software company among the biggest gainers on the Nasdaq in 2024. That blistering performance earned the company a place in the Nasdaq-100 index, effective today.
Nasdaq said it reconstituted its index annually earlier this month and added MicroStrategy into it, along with other newcomers such as Palantir Technologies and Axon Enterprise.
Shares in MicroStrategy have jumped on the coattails of Bitcoin, which blew past $100,000. The digital asset was driven upwards by optimism for the incoming Trump administration being pro-crypto and impending legislative support from a crypto-friendly Congress.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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MicroStrategy Bitcoin Investment Continues As 2024 Draws to a Close
Key Points:
- MicroStrategy increased its Bitcoin holdings to 444 BTC, valued at $42.7 billion.
- The company’s stock surged 476% in 2023, earning it a spot in the Nasdaq-100 index alongside Palantir and Axon Enterprise.
- Bitcoin’s rally past $100,000, driven by optimism over pro-crypto policies from the incoming Trump administration, has further propelled MicroStrategy Bitcoin investment.
MicroStrategy, the software developer behind one of Wall Street’s most aggressive Bitcoin investment strategies, extended its cryptocurrency holdings for the seventh week in a row.
Read more: Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049Â Â
MicroStrategy Bitcoin Investments Boosted to $42.7 Billion
The Tysons, Virginia-based company announced its latest acquisition in a filing with the SEC on Monday, noting that it funded the acquisition through the sale of its own stock.
The company sold 1,317,841 shares for net proceeds of approximately $561 million between December 16 and December 22. Thus, considering that the company still has about $7 billion worth of shares available to be sold under its existing agreement, there is still room for more MicroStrategy Bitcoin investments.
The latest purchase bursts the total holdings of Bitcoin to about 444 from an average worth of $42.7 billion, valued at current market prices. Over 2 per cent of the total supply of Bitcoin is represented by this.
The new MicroStrategy Bitcoin investment was made at an average price of $106,622 per coin, driving the average purchase price by the company to $62,257 per coin. Executive Chairman Michael Saylor hinted at the purchase long before it was actually announced.
Bitcoin’s Record Rally Fuels MicroStrategy’s Growth
Meanwhile, MicroStrategy’s stock has surged 476% year-to-date, placing the enterprise software company among the biggest gainers on the Nasdaq in 2024. That blistering performance earned the company a place in the Nasdaq-100 index, effective today.
Nasdaq said it reconstituted its index annually earlier this month and added MicroStrategy into it, along with other newcomers such as Palantir Technologies and Axon Enterprise.
Shares in MicroStrategy have jumped on the coattails of Bitcoin, which blew past $100,000. The digital asset was driven upwards by optimism for the incoming Trump administration being pro-crypto and impending legislative support from a crypto-friendly Congress.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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