MicroStrategy Announces Insanely Big Bitcoin Purchase
11/18/2024 20:10
The market is unimpressed by MicroStrategy's enormous Bitcoin purchase, with the BTC price dipping below the $90,000 level
The market is unimpressed by MicroStrategy's enormous Bitcoin purchase, with the BTC price dipping below the $90,000 level
Business intelligence firm MicroStrategy purchased a whopping $4.6 billion worth of Bitcoin within a single week.
The publicly listed company added 51,780 BTC to its coffers at an average price of $88,627 per Bitcoin.
MicroStrategy's total holdings have now ballooned to 331,200 BTC (roughly $29.7 billion at current prices).
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The company's average purchase price is fast approaching the $50,000 mark, currently standing at $49,874.
MicroStrategy shares are up a mere 0.17% in pre-market trading.
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Meanwhile, the price of Bitcoin has now dipped below the $90,000 level after reaching an intraday high of $92,142. Bitcoin is down 3.8% from its all-time peak of $93,477 which was achieved five days ago.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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