MicroStrategy Buys Bitcoin Again, Stocks Plunge
Key takeaways
- MicroStrategy announced the purchase of about $209 million worth of Bitcoin on Monday.
- The company has now reported new Bitcoin purchases for eight consecutive weeks.
- This latest round of buying pushed MicroStrategy’s total Bitcoin holdings to 446,400.
- MicroStrategy shares fell 6% in early trading Monday afternoon as Bitcoin prices fell.
The precise strategyMSTR(Buy more Bitcoin)Bitcoin against the dollar) last week, making the company acquire more digital currency for eight weeks in a row.
The software company turned Bitcoin buyer said in its filing to Securities and Exchange Commission (SEC) On Monday, it spent about $209 million in cash buying 2,138 bitcoins between December 23 and 29 at an average price of $97,837. The company now owns 446,400 Bitcoin.
Microstrategy shares, which Join the Nasdaq 100 Last week, it fell more than 6% in recent trading as the price of Bitcoin fell. The cryptocurrency has been trading at around $92,500 recently, down from last week’s highs of around $99,000 and the all-time high of $108,000 set two weeks ago.
Buy part of MicroStrategy ’21/21′ strategy
Bitcoin purchases over the past week were funded by In the market (ATM) stock sales as part of MicroStrategy’s previously announced “21/21” strategy. Plan 21/21 is the company’s strategy to raise $42 billion in capital by selling new stocks and fixed income securities to buy more Bitcoin.
MicroStrategy also reported a YTD “bitcoin return” of 74.1% in a filing on Monday. This metric measures the growth in the number of Bitcoins per share held by MicroStrategy.
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2024-12-30 20:46:00
