While the cryptocurrency market continues its volatile course, some movements attract the attention of market players. On-chain analytics platform Lookonchain reported that institutional Bitcoin owner MicroStrategy moved a large amount of BTC. This transfer took place recently and attracted great interest from the crypto community. So what is the background of this transfer?
Bitcoin giant transferred 1,652 BTC, is it a sale?
As you follow from Kriptokoin.com, the leading crypto Bitcoin has succeeded in maintaining its position above $ 70,000. Bitcoin’s loss of altitude is pulling down almost the entire market. Therefore, market players are also keeping an eye on Bitcoin. MicroStrategy, known for its large Bitcoin holdings, continues to make strategic moves to manage its digital assets. Analytics platform Lookonchain reported that MicroStrategy transferred 1,652 BTC worth $ 114.38 million to a new wallet.
However, there was no reduction in MicroStrategy’s Bitcoin stock. There is no change compared to what the BTC giant announced at the end of September. Therefore, the latest move is probably not a harbinger of a sale transaction. Lookonchain stated that MicroStrategy currently owns 252,220 BTC worth $17.56 billion. He also noted that the average purchase price was $ 39,266. In this case, the unrealised profit of the Bitcoin giant is around $ 7.65 billion.
MicroStrategy plans to increase its BTC stash!
Looking ahead, MicroStrategy has ambitious plans to further expand its Bitcoin holdings. This week, MicroStrategy announced plans to raise $42 billion in funding over the next three years to buy more BTC . MicroStrategy prides itself on being the largest public institutional owner of Bitcoin, with nearly $18 billion on its financial statement. Now, MicroStrategy plans to increase its assets by selling up to $42 billion in equities and fixed income instruments. MicroStrategy claims to have hired banks to help it raise $ 42 billion through the sale of additional shares and fixed income to buy more Bitcoin after its transactions last year.
MicroStrategy says it has hired a number of banks to sell equities in a market offering that could bring in $21 billion and is also planning the sale of fixed-income instruments that could yield the same amount. It is noteworthy that MicroStrategy raised billions of dollars last year through the sale of shares to increase Bitcoin stock. Meanwhile, BTC declined after reaching $ 73,600 in the trading session on Tuesday. The leading cryptocurrency was trading at $ 69,147, down 3.27% in the last 24 hours. Based on 2020, Bitcoin has seen a meteoric rise so far. This resulted in a gain of almost 2,000% in the MicroStrategy share price.
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