MicroStrategy Adds 5,262 BTC, Totaling 444,262 as Bitcoin Nears Pivotal $92K
MicroStrategy, the largest corporate holder of Bitcoin, has acquired an additional 5,262 BTC, spending $561 million at an average price of $106,662 per Bitcoin. This purchase brings the company’s total holdings to 444,262 BTC, with an average cost of $62,257 per Bitcoin. The announcement coincides with Bitcoin approaching a critical support level at $92K.MicroStrategy is set to join the Nasdaq 100 index on December 23, 2024. This inclusion will position the company among the top 100 firms on the Nasdaq, providing indirect Bitcoin exposure to investors in the Invesco QQQ Trust, an ETF managing $322 billion in assets.BTCUSD Corrects After $108K High, $92K Support Level in FocusBTCUSD has been undergoing a bearish correction on the daily chart. After reaching a high of $108K, it has been moving south with strong momentum. However, the $92,000 level appears to be a potential support. The price has reacted at this level multiple times before, and last week, it formed a bullish Pin Bar on the daily chart. These factors make this level an important one to watch.MicroStrategy has acquired 5,262 BTC for ~$561 million at ~$106,662 per bitcoin and has achieved BTC Yield of 47.4% QTD and 73.7% YTD. As of 12/22/2024, we hodl 444,262 $BTC acquired for ~$27.7 billion at ~$62,257 per bitcoin. $MSTR https://t.co/asDGerBV7q— Michael Saylor⚡️ (@saylor) December 23, 2024MicroStrategy Appoints New Bitcoin-Focused BoardThe company has also made leadership changes. New board members include Brian Brooks, former CEO of Binance.US and US Comptroller of the Currency; Jane Dietze, a board member at Galaxy Digital; and Gregg Winiarski from Fanatics Holdings. These additions signal the company’s focus on Bitcoin.Michael Saylor, co-founder and outspoken Bitcoin advocate, has reaffirmed his belief in buying Bitcoin at peak prices throughout its life cycle.Earlier, MicroStrategy acquired an additional 15,350 BTC for about $1.5 billion. Despite increasing its Bitcoin reserves, the company faces scepticism regarding its strategy of funding acquisitions through equity and debt, as reported by Finance Magnates. With a $92 billion market capitalization, MicroStrategy's stock is trading at a premium relative to its Bitcoin net asset value, which has raised concerns among investors. This article was written by Tareq Sikder at www.financemagnates.com.
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MicroStrategy, the largest corporate holder of Bitcoin, has acquired an additional 5,262 BTC, spending $561 million at an average price of $106,662 per Bitcoin. This purchase brings the company’s total holdings to 444,262 BTC, with an average cost of $62,257 per Bitcoin. The announcement coincides with Bitcoin approaching a critical support level at $92K.
MicroStrategy is set to join the Nasdaq 100 index on December 23, 2024. This inclusion will position the company among the top 100 firms on the Nasdaq, providing indirect Bitcoin exposure to investors in the Invesco QQQ Trust, an ETF managing $322 billion in assets.
BTCUSD Corrects After $108K High, $92K Support Level in Focus
BTCUSD has been undergoing a bearish correction on the daily chart. After reaching a high of $108K, it has been moving south with strong momentum. However, the $92,000 level appears to be a potential support. The price has reacted at this level multiple times before, and last week, it formed a bullish Pin Bar on the daily chart. These factors make this level an important one to watch.
MicroStrategy has acquired 5,262 BTC for ~$561 million at ~$106,662 per bitcoin and has achieved BTC Yield of 47.4% QTD and 73.7% YTD. As of 12/22/2024, we hodl 444,262 $BTC acquired for ~$27.7 billion at ~$62,257 per bitcoin. $MSTR https://t.co/asDGerBV7q— Michael Saylor⚡️ (@saylor) December 23, 2024
MicroStrategy Appoints New Bitcoin-Focused Board
The company has also made leadership changes. New board members include Brian Brooks, former CEO of Binance.US and US Comptroller of the Currency; Jane Dietze, a board member at Galaxy Digital; and Gregg Winiarski from Fanatics Holdings. These additions signal the company’s focus on Bitcoin.
Michael Saylor, co-founder and outspoken Bitcoin advocate, has reaffirmed his belief in buying Bitcoin at peak prices throughout its life cycle.
Earlier, MicroStrategy acquired an additional 15,350 BTC for about $1.5 billion. Despite increasing its Bitcoin reserves, the company faces scepticism regarding its strategy of funding acquisitions through equity and debt, as reported by Finance Magnates.
With a $92 billion market capitalization, MicroStrategy's stock is trading at a premium relative to its Bitcoin net asset value, which has raised concerns among investors. This article was written by Tareq Sikder at www.financemagnates.com.
