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Monday begins on a similar note for Bitcoin enthusiasts as MicroStrategy has made another massive acquisition, this time for $1.5 billion in BTC.
Popular Bitcoin bull Adam Back was quick to praise the company’s move, describing the average entry of $95,976 as a ‘good price.’
MicroStrategy has acquired 15,400 BTC for ~$1.5 billion at ~$95,976 per #bitcoin and has achieved BTC Yield of 38.7% QTD and 63.3% YTD. As of 12/2/2024, we hodl 402,100 $BTC acquired for ~$23.4 billion at ~$58,263 per bitcoin. $MSTR https://t.co/K3TK4msGp0
— Michael Saylor⚡️ (@saylor) December 2, 2024
This is the third consecutive Monday that the Michael Saylor-founded business intelligence behemoth has announced a substantial BTC purchase. Although the firm spent roughly $1.5 billion to acquire 15,400 BTC now, it still trails behind the record set last week of 55,500 BTC (worth $5.4 billion at the time).
With its latest acquisition, MicroStrategy’s total Bitcoin stash has risen to 402,100 BTC, bought at an average price of $58,263.
This means that the firm has spent almost $23.5 billion to accumulate its Bitcoin holdings. Given the asset’s current price of just over $95,000, this puts the value of the stash at well above $38 billion – or a paper gain of nearly $15 billion.
Blockstream’s co-founder and long-time Bitcoin supporter Adam Back commented on Saylor’s post, saying that “suckers” sold their BTC at prices below $100,000 to Saylor and MicroStrategy over the weekend.
This article first appeared at CryptoPotato
