Digital Assets: MicroStrategy Bumps Up Its Exposure To Bitcoin, Adds $347M
MicroStrategy now has an investment worth $4.52 billion in bitcoin.
MicroStrategy (NASDAQ: MSTR), a business intelligence and software company, has increased its bitcoin holdings by purchasing an additional 12,333 BTC for approximately $347 million. This acquisition brings Microstrategy’s total cryptocurrency holdings to 152,333 BTC, acquired at an average price of $29,668 per bitcoin. The company’s co-founder and executive chairman, Michael Saylor, announced the purchase on Twitter.
The newly acquired bitcoins were obtained between April 29 and June 27, according to Microstrategy’s filing with the U.S. Securities and Exchange Commission (SEC). At the time of the announcement, the price of bitcoin stood at $30,109. (Bitcoin.com)
Saylor has been an outspoken advocate for bitcoin and noted that the cryptocurrency has gained support from various sectors, including presidential candidates, regulators, legislators, money managers, bankers, investors, and the general public. He believes that bitcoin will continue to empower economic growth in the future.
MicroStrategy’s announcement coincided with several positive developments in the crypto industry. Blackrock, the world’s largest asset manager, filed for a bitcoin trust, potentially signaling the launch of a spot bitcoin exchange-traded fund (ETF). Other major companies, such as Fidelity, are reportedly following suit. Although the SEC has yet to approve a spot bitcoin ETF, these filings have sparked optimism for future approval.
Additionally, prominent financial institutions recently launched EDX, a cryptocurrency exchange facilitating the trading of four cryptocurrencies. Deutsche Bank has applied for a license to offer crypto custody services in Germany, and HSBC enabled bitcoin and ethereum ETF trading on its mobile apps in Hong Kong.
Overall, the purchase of bitcoin by MicroStrategy aligns with the positive momentum in the crypto industry, showcasing growing institutional interest and confidence in digital assets.
Related Story: The BlackRock ETF Filing; BTC At $30,298; Are The Stars Lining Up For Bitcoin?
Image by 21saturday from Pixabay
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