MicroStrategy Buys Another 21,550 BTC For $2.1 Billion

MicroStrategy has bought more Bitcoin for the fifth consecutive week, in a period that spans back to the beginning of November. The software company announced that it purchased 21,550 BTC for $2.1 billion, bringing its total holdings to 423,650 BTC.

MicroStrategy Acquires 21,550 BTC

In a press release, MicroStrategy announced that it acquired 21,550 for $2.1 billion at an average price of $98,783 per BTC and has achieved a BTC yield of 43.2% quarter-to-date (QTD) and 68.7% year-to-date (YTD).

As a result, the company’s total Bitcoin holdings now stand at 423,650 BTC, which they acquired for $25.6 billion at an average price of $60,324 per bitcoin. The software company made this recent purchase between December 2 and 8, marking the fifth consecutive week it bought the flagship crypto. With its latest purchase, the company now holds over 2% of Bitcoin’s total supply.

The company’s co-founder, Michael Saylor, recently called on the US to sell its gold to buy Bitcoin. Other companies are also looking to emulate MicroStrategy’s Bitcoin strategy, with manufacturer Worksport, one of the most recent, announcing that it would buy Bitcoin for its corporate treasury.

Meanwhile, the National Center for Public Policy Research (NCPPR) has submitted a shareholder proposal to Amazon, calling on the company to diversify at least 5% of its cash reserves into Bitcoin. At the same time, Microsoft could make history as the company’s shareholders will vote on a Bitcoin adoption proposal tomorrow.

MSTR Stock Remains Down

The MSTR stock is down in pre-trading and has failed to react positively to MicroStrategy’s Bitcoin purchase announcement. Nasdaq data shows that the stock is trading at around $391, down from its closing price of $395 on Friday last week.

However, that could change once the market opens. The MSTR stock has benefited massively from the company’s’s Bitcoin exposure, with the stock boasting a YTD gain of just over 500%, outperforming even BTC in the process.

Meanwhile, the Bitcoin price reclaimed $99,000 on the back of MicroStrategy’s announcement. The flagship crypto is again consolidating around this range having surged to as high as $104,000 last week.

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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.

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