MicroStrategy, a Bitcoin bull, bought more BTC for the seventh week in a row. With its latest purchase, MicroStrategy currently owns 444,262 BTC. This latest purchase comes amid MSTR’s Nasdaq listing, which will take place today.
MicroStrategy bought another 5,262 BTC
MicroStrategy announced in a press release that it purchased 5,262 BTC for $516 million at an average price of $106.662 per BTC. It also announced a 47.4% quarter-to-date (QTD) and 73.7% year-to-date (YTD) BTC return. The company now owns 444,262 BTC, which it acquired for $27.7 billion at an average price of $62,257 per BTC. This was the company’s seventh acquisition in as many weeks.
MicroStrategy entered the Nasdaq-100 thanks to Bitcoin!
Meanwhile, last week, MicroStrategy announced the purchase of 15,350 BTC for $ 1.5 billion. The software company continues to increase its Bitcoin holdings despite BTC’s stagnant price action. Meanwhile, this latest acquisition comes amid the company’s Nasdaq-100 listing, which will take place today. It has achieved this feat in part thanks to its Bitcoin investment, which has largely paid off so far.
MicroStrategy is currently sitting on an unrealised profit of around $15 billion from its Bitcoin investment. Meanwhile, MSTR stock has been one of the best performing assets. MSTR stock is up over 470% YTD, outperforming other major stocks, including Bitcoin and the ‘Magnificent 7’. It’s worth noting that MSTR has outperformed all of these assets since 2020, when Michael Saylor and company adopted the ‘Bitcoin Strategy’.
How did the Bitcoin market react?
MSTR stock failed to react positively to MicroStrategy’s recent acquisition news. Nasdaq data indicates that the stock fell almost 2%. It also shows that it is currently trading at about $ 359. Meanwhile, the Bitcoin price continues to range between $94,000 and $96,000. So, as you’ve been following from Kriptokoin.com, the market remains tepid. Therefore, this has led to concerns that the bull run is over.
However, crypto analysts suggest that BTC is still in the bull zone. Crypto analyst Titan of Crypto states that as long as BTC remains above the trend line between $ 85,000 and $ 90,000, there is no reason to worry. The analyst noted that the monthly candle is not currently bullish. However, he added that there is still a week to go before it closes.
It is worth noting that the Bitcoin price action greatly influenced the structure of MicroStrategy due to their exposure to BTC. CryptoQuant CEO Ki Young Ju recently announced that if BTC falls below $ 16,500, the software company’s Bitcoin Strategy will lead to bankruptcy.
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