Michael Saylor’s MicroStrategy has made another Bitcoin purchase, bringing the software company’s total holdings to 531,644 BTC. The MSTR stock has also rebounded amid this announcement, surging alongside the Bitcoin price.
Michael Saylor’s MicroStrategy Acquires 3,459 Bitcoin
In a press release, Michael Saylor’s MicroStrategy, now known as Strategy, announced that it acquired 3,459 bitcoin for $285.8 million at an average price of $82,618 per BTC. The company also achieved a BTC yield of 11.4% year-to-date (YTD) in the process.
This announcement comes just a day after Michael Saylor hinted at the company buying Bitcoin last week. Following this latest purchase, Strategy now holds 531,644 BTC, which it acquired for $35.92 billion at an average price of $67,556 per Bitcoin.
The software company remains the public company with the largest Bitcoin holdings, well ahead of MARA holdings. The recent purchase is a positive for BTC, especially considering that Strategy halted its Bitcoin purchase two weeks ago, which raised concerns about whether Saylor’s firm was choosing to wait on the sidelines amid the market downtrend.
However, MicroStrategy still has the capital to acquire more Bitcoin in the foreseeable future, which is bullish for the Bitcoin price. This year, the company has announced plans to raise almost $22 billion through stock sales to acquire more Bitcoin.
MSTR Stock Surges
Nasdaq data shows that MicroStrategy’s stock has surged amid the announcement of the company’s latest Bitcoin purchase. The MSTR stock is up over 3% in pre-market trading and is trading at around $310.
This rebound is likely thanks to the Bitcoin price surge, given the positive correlation between both assets. The BTC price has rallied back to the $85,000 mark and is looking to reach new highs.
The MSTR stock is currently up over 3% YTD. Meanwhile, the stock is up over 11% in the last five days, providing a bullish outlook for an asset that has been the best-performing since MicroStrategy adopted its Bitcoin Strategy.
Bitcoin critic and renowned economist Peter Schiff again criticized MicroStrategy following its latest BTC purchase. In an X post, he stated that the big problem is that the company’s average price keeps rising as the Bitcoin price keeps falling.
Schiff noted that Strategy has a 25% paper gain at the moment. However, he predicts that the company’s average cost will soon be above the market price, meaning its Bitcoin position will be held at a loss.
The post Michael Saylor’s MicroStrategy Acquires 3,459 Bitcoin For $285M, MSTR Stock Surges appeared first on CoinGape.
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