Companies Editor's Picks News

MicroStrategy Expands its Bitcoin Reserve: Acquires 14,620 BTC

MicroStrategy Reinforces Its Bet on Bitcoin with a Massive Cryptocurrency Purchase

MicroStrategy, the business intelligence company recognized for its firm commitment to Bitcoin, has once again taken a significant step in the acquisition of this cryptocurrency.

In a strategic move, the company revealed the purchase of 14,620 Bitcoins for a total of $615.7 million between November and December 2023.

This acquisition, at an average price of $42,110 per BTC, brings its impressive Bitcoin stash to a total of 189,150 BTC, with a cumulative cost of approximately $5.9 billion.

MicroStrategy’s strategy reflects the conviction of its CEO, Michael Saylor, a well-known advocate of Bitcoin and its long-term potential.

This latest purchase builds on previous acquisitions, including a major transaction of 16,130 Bitcoins in November at $36,785 per unit, further consolidating the company’s position in the cryptocurrency market.

MicroStrategy announcement comes at a crucial time, days before a key date: January 10

On this date, the financial community awaits the possible approval by the United States Securities and Exchange Commission (SEC) of a Bitcoin ETF.

According to Saylor, the approval of a Bitcoin ETF would be a monumental milestone on Wall Street, opening the doors for participation by institutional and retail investors who previously did not have access to this cryptocurrency.

However, there are divided opinions regarding the possible risks associated with a Bitcoin ETF.

Some analysts warn about the possibility that this instrument will drive investors away from self-custody and generate a considerable amount of unbacked Bitcoins.

MicroStrategy Expands Its Bitcoin Reserve: Acquires 14,620 BTC for $615.7 Million

There is even skepticism about the potentially destructive impact that a successful ETF could have on the Bitcoin market, pointing to the possibility of an adverse scenario.

The recent acquisition of MicroStrategy reinforces its confidence in the potential of Bitcoin, but also raises debates about the possible risks and opportunities that could arise with the approval of a Bitcoin ETF in the United States.

Related posts

Two Canadian crypto firms tackle fraud charges


Reasons why Ethereum continues to grow


G20 to Propose “Robust” Global Rules for Cryptocurrencies in October

Joseph Alalade