MicroStrategy Buys Another 55,500 BTC For $5.4 Billion

MicroStrategy has again increased its Bitcoin holdings. The software company announced it purchased 55,500 BTC for $5.4 billion, bringing its total to 386,700 BTC.

MicroStrategy Acquires 55,500 BTC

In a press release, MicroStrategy announced that it acquired another 55,500 BTC between November 18 and 24 for an average price of $97,862 per bitcoin and has now achieved a BTC yield of 35.2% quarter-to-date (QTD) and 59.3% year-to-date (YTD).

The company now holds 386,700 BTC, which it acquired for $21.9 billion at an average price of $56,761 per bitcoin. MicroStrategy remains the public company with the largest Bitcoin holding.

Interstingly, MARA Holdings, the public company with the second-largest bitcoin holdings, announced last week that it had purchased 5,771 BTC at an average price of $95,554 per bitcoin. However, the Bitcoin miner is still far behind MicroStrategy as it holds approximately 33,875 BTC compared to the software company’s 386,700 BTC.

The software company is the fourth-largest Bitcoin holder behind Satoshi Nakamoto, Binance, and BlackRock. It is worth mentioning that they have been accumulating BTC since August 2020, when the company’s co-founder Michael Saylor proposed the ‘Bitcoin Strategy.’

This Bitcoin Strategy has positively impacted the company’s stock, MSTR, which has been one of the best-performing assets since 2020. The MSTR price has again positively reacted to this recent Bitcoin acquisition announcement.

Nasdaq data shows that the stock is up almost 4% in market pre-trading and over 6% since the market closed last week on November 22. It is worth mentioning that MicroStrategy briefly broke into the top 100 publicly traded US companies.

Meanwhile, the company will undoubtedly hope that its feat this year will grant it inclusion in the Nasdaq 100 when the annual reranking announcement is made on December 13, later this year.

What Next For The Bitcoin Price?

Amid MicroStrategy’s recent purchase, crypto analysts continue to discuss the future trajectory of the Bitcoin price as the flagship crypto eyes the $100,000 milestone. Crypto analyst CrediBULL Crypto recently stated that Bitcoin’s outlook is “insanely” bullish in the short, mid, and high timeframes.

However, MikyBULL Crypto warned that Bitcoin needs to stay above the $94,000 level. The crypto analyst claimed that if BTC loses that level and starts breaking down lower timeframe impulsive structure, it will be the first indication of a momentum shift and a potential larger correction.

He added that this larger correction could cause the Bitcoin price to drop to mid- to low $80,000. Whatever happens, the flagship crypto is unlikely to have peaked in this market cycle. VanEck Chief Matthew Sigel recently predicted that the Bitcoin price will still rally to as high as $180,000.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.