Big Move from MicroStrategy Despite Bitcoin ETFs: They Bought BTC!

MicroStrategy’s chairman and founder, Michael Saylor, announced Monday that the company will be valued at $155 million. Bitcoin He stated that he purchased and increased MicroStrategy’s BTC assets to 193,000. This is interpreted as a significant move despite the existence of Bitcoin ETFs.

MicroStrategy, purchased approximately 3,000 Bitcoins, as stated in a new filing with the U.S. Securities and Exchange Commission on February 26. This purchase occurred at an average price between February 15-25, 2024, paying approximately $51,813 for each BTC.

Saylor disclosed that MicroStrategy and its affiliates purchased 193,000 BTC at an average price of $31,544 for a total of $6.09 billion. These purchases were made with the proceeds from the issuance and sale of shares.

Saylor noted that Bitcoin ETFs remain immune to the potential negative impact on the company. He emphasized that MicroStrategy is in a different position due to its status as an operating company, as opposed to non-leveraged and fee-free ETFs.

MicroStrategy is diversifying with Coinbase Prime for secure asset management by entrusting 98% of its BTC assets to Fidelity Custody.

MSTR stock gained 1.71% in pre-market hours today and is trading at $699.2. MSTR shares have recently started to rise along with the Bitcoin rally. As a result, the stock has gained 316% since 2023. MSTR shares have gained 39% in the last month and over 160% in a year.

Bitcoin price is up 1% in the last hour, recovering from its 24-hour low of $50,931 and currently trading at $51,410. 24-hour trading volume increased by 10%, indicating increased interest among traders.

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