Business intelligence firm MicroStrategy Incorporated has acquired another 21,550 Bitcoin for $2.1 billion to drive its BTC adoption.
American software development firm MicroStrategy Inc (NASDAQ: MSTR) has continued with its Bitcoin (BTC) accumulation spree. MicroStrategy’s Chairman Michael Saylor announced earlier today that the firm had purchased an additional 21,550 BTC, valued at about $2.1 billion.
Notably, the latest BTC purchase marks MicroStrategy’s fifth consecutive weekly acquisition of the coin, demonstrating the firm’s commitment to the leading cryptocurrency. As revealed in a press release, MicroStrategy purchased the 21,550 BTC at approximately $98,783 per coin.
MicroStrategy has acquired 21,550 BTC for ~$2.1 billion at ~$98,783 per #bitcoin and has achieved BTC Yield of 43.2% QTD and 68.7% YTD. As of 12/8/2024, we hodl 423,650 $BTC acquired for ~$25.6 billion at ~$60,324 per bitcoin. $MSTR https://t.co/8r7bFqMFof
— Michael Saylor⚡️ (@saylor) December 9, 2024
This purchase has pushed the company’s BTC Yield to 43.2% Quarter-to-Date (QTD) and 68.7% Year-to-Date (YTD). As a result, MicroStrategy’s Bitcoin holdings now stand at 423,650 BTC, acquired for $25.6 billion at an average price of $60,324 per coin. With its latest purchase, the business owns over 2% of Bitcoin’s total supply.
The software company made this newest purchase between December 2 and 8. Coinspeaker reported that the company announced the purchase of 15,400 BTC on December 2 for about $1.5 billion. MicroStrategy envisions holding its Bitcoin for the long haul and plans to become the largest BTC bank. Institutional investors seeking to diversify into crypto largely support this ambitious goal.
In a bold prediction, a Bernstein analyst said MicroStrategy could own 4% of Bitcoin’s total circulating supply within the next ten years. Analyst Gautam Chhugani highlighted that the software firm is on an insatiable path to attract billions in global capital to invest in Bitcoin.
Meanwhile, the corporation has drawn global investors, including European central banks. MicroStrategy’s success has also inspired other firms worldwide to follow in its footsteps in using Bitcoin as a strategic reserve asset.
Worksport, a renewable energy powerhouse, is one of the most recent firms to announce that it will purchase Bitcoin for its corporate treasury. In November, Rumble Inc (NASDAQ: RUM), a fast-growing video-sharing platform and cloud services provider, launched a daring move toward Bitcoin adoption.
At the time, the company said it would purchase BTC worth $20 million, depending on the market outlook. Five days after the announcement, RUM rallied over 28% to trade at about $7.6.
Besides these firms, popular Bitcoin miner MARA Holdings Inc (NASDAQ: MARA) has unveiled plans to buy more BTC. MARA plans to use proceeds from its $700 million private offering of 0% convertible senior notes, due in 2031, to buy the BTC.
Meanwhile, the National Center for Public Policy Research (NCPPR) recently presented a shareholder recommendation to Amazon. The research foundation requests that the corporation diversify at least 5% of its financial reserves into Bitcoin.
At the same time, Microsoft might make history when its shareholders vote on a Bitcoin adoption proposal this week.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
