MicroStrategy Acquires 2,138 BTC, MSTR Stock Fails To React
Highlights
- MicroStrategy bought 2,138 BTC, bringing its total BTC holdings to 446,400.
- This is the company's eight purchase in as many weeks.
- The company is set to hold a shareholders' meeting to vote on buying more BTC.
MicroStrategy has announced another Bitcoin purchase, bringing its total BTC holdings to 446,400. This is the company’s eighth Bitcoin acquisition in as many weeks.
MicroStrategy Acquires 2,138 BTC For $209 Million
In a press release, MicroStrategy announced that it had acquired 2,138 BTC for $209 million at an average price of $97,837 per bitcoin. The company has also achieved a BTC yield of 47.8% quarter-to-date (QTD) and 74.1% year-to-date (YTD).
The software company now holds 446,400 BTC, which it acquired for $27.9 billion at an average price of $62,428 per bitcoin. This is the company’s eighth purchase in as many weeks.
Last week, MicroStrategy acquired 5,262 BTC for $516 million. This Bitcoin purchase streak extends way back to the start of November when it began by acquiring billions of BTC.
The software company remains the public company with the largest Bitcoin holdings and isn’t showing any signs of relinquishing that crown anytime soon. Instead, it is reportedly set to hold a shareholders meeting in order to vote on buying more BTC.
Meanwhile, MicroStrategy’s stock failed to react to this recent Bitcoin purchase. Nasdaq data shows that the MSTR stock price is down over 4% and is currently trading at around $315.
However, the stock is still up since the year, partly thanks to the software company’s exposure to Bitcoin. MarketWatch data shows that the stock is up over 400% YTD.
Peter Schiff Criticizes Michael Saylor And His Company
In an X post, renowned economist Peter Schiff criticized Michael Saylor and MicroStrategy on their recent Bitcoin purchase. He stated that they have announced a smaller purchase at an average price that is above the current Bitcoin price.
The economist added that the company is no longer buying enough Bitcoin to keep the price rising. Schiff had previously spoken against MicroStrategy, predicting that the MSTR stock would eventually crash.
Schiff is a known Bitcoin critic, which could explain why he is also speaking against MicroStartegy’s BTC Strategy. Interestingly, he recently proposed that the US create a ‘USA Coin’ instead of proceeding with the proposed Strategic Bitcoin Reserve.
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