For the past couple of weeks, the overall cryptocurrency market has experienced a significant price surge, attributed to the potential approval of a spot Bitcoin ETF. Amidst this, MicroStrategy, the business intelligence firm, acquired a massive amount of Bitcoin, presumably with foreknowledge of the result of the spot Bitcoin ETF approval.
MicroStrategy’s strategic 14,620 Bitcoin acquisition
According to a recent report, the largest corporate Bitcoin holder, MicroStrategy, acquired an additional 14,620 Bitcoins worth around $615.7 million in cash, at an average price of $42,110. This substantial accumulation of Bitcoin took place between November 30, 2023, and December 26, 2023, highlighting MicroStrategy’s confidence in cryptocurrency.
With this latest acquisition of 2023, MicroStrategy now holds 189,150 Bitcoins worth around $5.89 billion, with an average price of $31,168. This is not the first time MicroStrategy has acquired a significant amount of BTC; there have been several instances of such acquisitions. However, the current acquisition coincided with a bullish momentum in the overall cryptocurrency market, including Bitcoin, which surged more than 15% during this acquisition period.
Consistent Bitcoin acquisitions by MicroStrategy
This recent purchase marks the second consecutive month of continuous Bitcoin acquisitions by MicroStrategy. Over the last 60 days, MicroStrategy has acquired around 30,750 Bitcoins, valued at approximately $1.2 billion.
In addition, the chairman and founder of MicroStrategy shared news of this latest Bitcoin acquisition on X (previously Twitter). There have been several instances where Michael Saylor expressed his belief that “Bitcoin is going to change the world.”
The current acquisition of Bitcoin by MicroStrategy is likely to instill confidence in fellow investors who may have considered BTC too expensive when it was trading near $44,000 or $42,000. This vote of confidence from MicroStrategy may encourage more investors to participate, especially in light of the potential approval of a spot Bitcoin ETF.
As of now, Bitcoin is trading near $42,900, experiencing a mild 0.72% upside momentum in the last 24 hours. Looking at Bitcoin’s performance over the last 30 days, it has seen a significant over 15% upside momentum. Currently, BTC is consolidating in a tight range between $40,700 and $44,000; a breakout on either side is anticipated to initiate further momentum.
