MicroStrategy Buys 55,500 Bitcoins Worth ~$5.4 Billion!
Shrishesh Tanksalkar25 Nov 20241 min read
MicroStrategy has significantly expanded its Bitcoin holdings, acquiring an additional 55,500 BTC for approximately $5.4 billion at an average price of $97,862 per Bitcoin. As of November 24, 2024, the company holds a total of 386,700 BTC, purchased for around $21.9 billion at an average acquisition cost of $56,761 per Bitcoin.
Analysts at Bernstein predict MicroStrategy will own 4% of Bitcoin’s global supply by 2033, fueled by its $42 billion capital plan for acquisitions, expected to be utilized within 18 months. Raising confidence in its strategy, Bernstein increased its end-of-2025 price target for MicroStrategy stock to $600.
MSTR Stock Surge
Microstrategy witnessed an incredible 24.7% rise in its stock (NASDAQ: MSTR) price this week. The uptrend was buoyed by Bitcoin’s rally and the company’s planned financial moves. Widely known for its aggressive Bitcoin hodling and accumulation strategy, Microstrategy had cited a convertible debt, that offers a 0% interest rate grabbing the market’s attention.
Bitcoin Price Today
Despite Bitcoin’s recent dip, whales continue to accumulate. According to Lookonchain, six new wallets collectively withdrew 1,110 BTC, valued at $107.7 million, from Binance on Sunday, signaling strong buying activity despite market fluctuations.
Bitcoin hit a new all-time high of $99,588 on Friday, coming within $412 of the $100,000 milestone. Over the weekend, BTC dipped 3.8% to $95,734 on Sunday but rebounded swiftly, closing at $97,900.
FAQs
- MicroStrategy’s latest update confirms a holding of 334,420 Bitcoins, with more acquisitions anticipated.
