Microstrategy Boosts Bitcoin Holdings with $615.7M Purchase

Microstrategy, the Nasdaq-listed software intelligence firm, adds 14,620 bitcoin to its holdings, reaching a total of 189,150 bitcoin valued at $5.9 billion. Chairman Michael Saylor anticipates the impact of spot bitcoin ETFs, calling them a significant development on Wall Street.

Microstrategy, the Nasdaq-listed software intelligence firm led by Michael Saylor, has increased its bitcoin holdings with a recent purchase of 14,620 BTC, amounting to approximately $615.7 million. This strategic move brings the company’s total cryptocurrency holdings to an impressive 189,150 bitcoin, acquired at an average price of $31,168 per coin.

Saylor highlighted the success of Microstrategy’s bitcoin strategy, adopted in August 2020, as the price of BTC surged by 253% since then. In comparison, traditional markets such as the S&P 500 and Nasdaq saw more modest increases. Saylor emphasizes Bitcoin as a reliable store of value and an attractive long-term investment, outperforming traditional assets.

In a bold statement, Saylor sees spot bitcoin exchange-traded funds (ETFs) as potentially the most significant development on Wall Street in the last 30 years. The SEC is currently reviewing 13 spot bitcoin ETF applications, with expectations of approval for multiple by January 10, 2024.

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