MicroStrategy Transfers $1,652 BTC as Bitcoin Struggles at $69K

• MicroStrategy transferred 1,652 BTC worth $114 million to a new wallet.
• The company holds a massive 252,220 BTC worth $17.56 billion.
• MicroStrategy aims to raise $42 billion in three years to buy BTC.

MicroStrategy, the largest corporate holder of Bitcoin (BTC), moved a significant 1,652 BTC to a new wallet, sparking interest among market participants and traders.

According to data from Lookonchain shared on X (formerly Twitter), MicroStrategy executed the transfer of 1,652 BTC around 10 pm UTC on Friday. The company possesses a substantial 252,220 BTC, valued at nearly $17.56 billion, with an average buying price of $39,266 and an unrealized profit of $7.65 billion.

This unexpected transfer from MicroStrategy followed the company’s announcement of its “21/21 Plan,” outlining a “strategic goal of raising $42 billion of capital over the next 3 years, consisting of $21 billion of equity and $21 billion of fixed income securities.” The company plans to continue allocating resources to purchase Bitcoin to generate significant Bitcoin yield.

Read also: MicroStrategy to Invest $42B More in Bitcoin

In its Q3 earnings report, MicroStrategy disclosed a substantial $2.1 billion raise in equity and debt, increasing its Bitcoin holdings by 11% in the quarter and boosting its year-to-date BTC yield to 17.8%. During the same period, the company also achieved a $24 million reduction in total annualized interest expense.

Bitcoin’s Gloomy Trajectory

Bitcoin fell below the $69,000 price level at the start of November, concluding “Uptober.” Traders secured profits as the market declined, and millions were liquidated. The leading digital asset is currently trading at $69,567.71, a critical support level, and appears poised to retest the resistance above $70,000.

CoinMarketCap data indicates Bitcoin gained 3.86% over the past week and a considerable 13.71% in the last 30 days. Moreover, the market leader is up 96.77% since November 2023 and is trading at a 5.8% discount from its all-time high of $73,750.