MicroStrategy purchased $615 million worth of Bitcoin. With the latest acquisition, the total BTC value on MicroStrategy’s balance sheet reaches a staggering $6 billion. Meanwhile, a popular crypto analyst shared his views on BTC’s next move.
MicroStrategy bought another 14,000 Bitcoins
cryptokoin.comAs you follow from , Bitcoin dropped to 42 thousand dollars with the sales in the early hours today. However, buyers later stepped in and managed to contain the decline. Meanwhile, the big players seem to have made the most of this decline. In the latest announcement, MicroStrategy Chairman Michael Saylor announced that his company made a new Bitcoin purchase worth $615 million.
Michael Saylor announced that MicroStrategy purchased another 14,620 BTC for approximately $615.7 million. The average purchase price per Bitcoin was $42,110. As of December 26, 2023, MicroStrategy’s total BTC holdings reached 189,150 BTC. This corresponds to approximately 5.9 billion dollars. The average cost per BTc in this comprehensive holding is $31,168. This move reaffirms MicroStrategy’s commitment to Bitcoin as a strategic part of its treasury reserve.
This is the first major purchase from MicroStrategy following last month’s purchase of 155 BTC. The company holds the title of being the largest private company with the largest number of BTC on its balance sheet. MicroStrategy stock has doubled its pace of Bitcoin gains in 2023. While BTC price is up 160% year-to-date, MSTR stock is up a staggering 316% since the beginning of 2023.
The market is eagerly awaiting a spot Bitcoin ETF
Everyone in the crypto community is awaiting the launch of the first spot Bitcoin ETF in the US. According to the tentative schedule, this will happen by January 10, that is, in two weeks. When asked about the potential negative impact of the ETF launch on MSTR, Saylor suggested that MicroStrategy stands apart because of its status as an operating company, as opposed to ETFs that are unleveraged and charge fees.
He highlighted MicroStrategy’s ability to generate additional BTC through profit and loss (P&L) or capital markets operations. Saylor likened MicroStrategy to an airline. Thus, it underlined its unique position compared to ETFs. In essence, he argued that MicroStrategy offers higher performance and leverage without the associated fees.
Is BTC price heading to $50,000?
Bitcoin price faced a major decline earlier today. However, it later managed to recover and rose to $43,000 at press time. Currently, Bitcoin is floating in a narrow range of $42,000-44,000. According to analysts, it is possible for the BTC price, which broke the upper resistance, to move towards the $ 47,000-50,000 region. Popular analyst Michaël van de Poppe shared the following about BTC price movement:
Markets are still consolidating for BTC. Probably most of this upward movement is inside, consolidation is next. December resistance will be at 47-50 thousand dollars. Support stands at $36-39 thousand.
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