Famous crypto companies MicroStrategy and Tether bought additional Bitcoin during the recent price drop. How much Bitcoin do these companies hold, and do they have any sales plans for 2025? Here are the details:
Tether (USDT) Makes New Bitcoin Purchase
According to on-chain data, Tether withdrew 7,628.9 BTC from the Bitfinex exchange just 30 minutes ago. The fiat value of the transaction was approximately $7.05 billion. This purchase is part of Tether’s BTC acquisitions for this quarter. In a statement released in May 2023, Tether decided to use 15% of the company’s profits to regularly buy Bitcoin.
Tether currently holds a total of 82,983 BTC, valued at $76.8 billion. This positions Tether as the 6th largest Bitcoin wallet. They are reported to have purchased BTC at an average price of $36,222. At present, their profit from this investment stands at $4.72 billion.
MicroStrategy Continues Its Purchases: The Company Bought 2,138 BTC More
Meanwhile, MicroStrategy announced it purchased 2,138 BTC for $209 million. The company paid an average of $97,837 per Bitcoin. With this purchase, the company has achieved a return of 47.8% for the quarter and 74.1% since the beginning of the year. MicroStrategy now holds 446,400 BTC, which it bought for a total of $27.9 billion at an average price of $62,428 per BTC. This purchase marks the eighth acquisition in the past eight weeks.
Last week, MicroStrategy spent $516 million on 5,262 BTC. These purchases are part of an ongoing process that began in early November with billions of dollars in Bitcoin acquisitions. The company continues to be the largest publicly listed holder of Bitcoin. MicroStrategy plans to hold a shareholder meeting soon to further increase its BTC purchases.
MicroStrategy’s Bitcoin Purchases Fail to Affect MSTR Stock Price
Despite MicroStrategy’s BTC purchases, the MSTR stock price appears unresponsive to the news. According to Nasdaq data, MSTR shares have fallen more than 4% and are currently trading around $315. However, since the beginning of the year, the stock value has increased by more than 400%.
Famous economist Peter Schiff criticized Michael Saylor and MicroStrategy for their recent Bitcoin purchases in a tweet. Schiff pointed out that the average price of the BTC acquired is higher than the current Bitcoin price, adding that the company is no longer purchasing enough Bitcoin to drive the price up. Schiff, known as a Bitcoin critic, continues to oppose MicroStrategy’s BTC strategy. Interestingly, Schiff had previously proposed creating a digital currency called “USA Coin” instead of the U.S.’s proposed Strategic Bitcoin Reserve.
Could Bitcoin Surpass $130K Amid Massive Purchases?
Despite recent price corrections, BTC has entered a consolidation phase. This situation is setting the stage for the leading cryptocurrency to potentially reach $130,000 in the first quarter of 2025. In recent weeks, Bitcoin surged above $100,000 but underwent a few corrections, falling below $94,000. However, this consolidation, according to market analysts, signals the start of a major price increase.
Data shows that buying pressure from investors is increasing, and miners are selling less. Bitcoin’s price approaching the lower Bollinger Bands often indicates the start of a bull market. Bitcoin is currently trading around $93,134. These levels provide a suitable foundation for a significant recovery in the near future. According to analysts’ predictions, Bitcoin’s price could reach $130,000 in the first quarter of 2025. You can check out the latest bullish predictions for BTC in the article on Kriptokoin.com.