Led by corporate Bitcoin investor firm MicroStrategy, to which this purchase represents the largest since Bitcoin eclipsed $50,000 for the first time last month, the company doubled its Bitcoin reserves in the space of a day and increased its total Bitcoin holdings to 439,000 BTC worth roughly $45.6bn.
Proceeds from a convertible notes sales agreement were used to purchase the blockchain and bitcoin exchange at $100,386 per BTC, the company announced on December 16. MicroStrategy’s latest enhancement to its Bitcoin strategy drives home the point with the total of $27.1 billion in invested BTC at an average costing of $61,725 per coin.
Bitcoin Returns Highlighted By Saylor
But founder Michael Saylor focused on BTC performance, citing a return of 46.4 percent quarter to date and 72.4 percent year to date for the company. Saylor has reaffirmed his long term bullish position and has argued before that BTC could reach $1 million per coin and even amass billions in purchased BTC per day.
In December 9, we announced another noteworthy MicroStrategy transaction acquiring 21,550 BTC. A remarkable rally in its stock price has seen the company’s stock price rise by 490 percent year to date. MicroStrategy would now join the Nasdaq-100 Index (Nasdaq: NDX) on December 14, the exchange confirmed, which follows the top 100 non-financial companies on the exchange.
The inclusion is set to open before markets on December 23. MicroStrategy’s stock rose 3% in premarket trading to $408.70, according to TradingView, after the announcement. BTC, which saw a daily increase of 1.3 percent to $103,941 concurrently, was according to CoinGecko data.
MicroStrategy’s aggressive BTC purchase spree has left it firmly in the crypto space and underscored its belief in BTC long term potential, even if it’s volatile.
