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MicroStrategy announces massive BTC purchase ahead of potential Bitcoin ETF

MicroStrategy announces massive BTC purchase ahead of potential Bitcoin ETF

MicroStrategy (NASDAQ: MSTR), a leading company holding a substantial amount of Bitcoin (BTC), remains steadfast in its commitment to cryptocurrency. The publicly traded firm has further increased its holdings of flagship crypto.

MicroStrategy company had expanded its Bitcoin holdings via the acquisition, which amounted to approximately $615.7 million or 14,620 Bitcoin, equivalent to $42,110 per Bitcoin, as announced by its owner, Michael Saylor, via X post on December 27.

This announcement has been confirmed by the form released by the Securities and Exchange Commission (SEC) that between November 30, 2023, and December 26, 2023, MicroStrategy and its subsidiaries acquired the above-specified amount in this period.

MicroStrategy now holds more than 180,000 Bitcoin

Along with the announcement of the new acquisition, Saylor shared the update, which stated that Microstrategy now holds 189,150 BTC, obtained for approximately $5.9 billion at an average cost of $31,168 per Bitcoin.

With this new acquisition, MicroStrategy has inched closer to owning 1% of the total BTC in supply, while the valuation of $5.9 billion represents 0.7% of the total market cap of this digital asset.

Recent acquisitions by this firm align with its outlook, as Saylor views this crypto as a currency of the future and is widely optimistic about its price.

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