[ad_1]
MicroStrategy, the largest corporate holder of Bitcoin, has
acquired an additional 5,262 BTC, spending $561 million at an average price of
$106,662 per Bitcoin. This purchase brings the company’s total holdings to
444,262 BTC, with an average cost of $62,257 per Bitcoin. The announcement
coincides with Bitcoin approaching a critical support level at $92K.
MicroStrategy is set to join the Nasdaq 100 index on
December 23, 2024. This inclusion will position the company among the top 100
firms on the Nasdaq, providing indirect Bitcoin exposure to investors in the
Invesco QQQ Trust, an ETF managing $322 billion in assets.
BTCUSD Corrects After $108K High, $92K Support Level in
Focus
BTCUSD has been undergoing a bearish correction on the daily
chart. After
reaching a high of $108K, it has been moving south with strong momentum.
However, the $92,000 level appears to be a potential support. The price has
reacted at this level multiple times before, and last week, it formed a bullish
Pin Bar on the daily chart. These factors make this level an important one to
watch.
MicroStrategy has acquired 5,262 BTC for ~$561 million at ~$106,662 per bitcoin and has achieved BTC Yield of 47.4% QTD and 73.7% YTD. As of 12/22/2024, we hodl 444,262 $BTC acquired for ~$27.7 billion at ~$62,257 per bitcoin. $MSTR https://t.co/asDGerBV7q
— Michael Saylor⚡️ (@saylor) December 23, 2024
MicroStrategy Appoints New Bitcoin-Focused Board
The company has also made leadership changes. New board
members include Brian Brooks, former CEO of Binance.US and US Comptroller of
the Currency; Jane Dietze, a board member at Galaxy Digital; and Gregg
Winiarski from Fanatics Holdings. These additions signal the company’s focus on
Bitcoin.
Michael Saylor, co-founder and outspoken Bitcoin advocate,
has reaffirmed his belief in buying Bitcoin at peak prices throughout its life
cycle.
Earlier, MicroStrategy
acquired an additional 15,350 BTC for about $1.5 billion. Despite
increasing its Bitcoin reserves, the company faces scepticism regarding its
strategy of funding acquisitions through equity and debt, as reported by Finance Magnates.
With a $92
billion market capitalization, MicroStrategy’s stock is trading at a premium
relative to its Bitcoin net asset value, which has raised concerns among
investors.
This article was written by Tareq Sikder at www.financemagnates.com.
[ad_2]
Source link
