Outside Source
MicroStrategy is back on the bitcoin purchasing market by allocating another $2 billion to accumulate more than 27,000 BTC.
It’s worth noting that the Michael Saylor-founded company now sits at a paper profit of around $11 billion given BTC’s recent price explosion.
MicroStrategy has acquired 27,200 BTC for ~$2.03 billion at ~$74,463 per #bitcoin and has achieved BTC Yield of 7.3% QTD and 26.4% YTD. As of 11/10/2024, we hodl 279,420 $BTC acquired for ~$11.9 billion at ~$42,692 per bitcoin. $MSTR https://t.co/uCt8nNUVqd
— Michael Saylor⚡️ (@saylor) November 11, 2024
The former CEO announced the latest acquisition on X, indicating that the firm’s total stash has now surged to 279,420 purchased to an averaged price of $42,692 per bitcoin. This means that MicroStrategy has spent in total approximately $11.9 billion.
Keeping in mind BTC’s current price tag of roughly $82,000, this means that the Wall Street-listed company’s holdings are worth over $22.9 billion. As such, it sits on a paper profit of roughly $11 billion.
MicroStrategy began its BTC accumulation strategy in mid-2020 and has made countless acquisitions since then with no plans to sell anytime soon. Most recently, the firm announced plans to spend another $42 billion over the next three years to add even more BTC to its balance sheet.
The cryptocurrency’s price has been on a roll lately, especially after Donald Trump’s landslide victory in the 24 US presidential elections. It stood below $70,000 back then but shot up by over 18% in the next week or so and broke above $82,000 earlier today to chart a new all-time high.
This article first appeared at CryptoPotato
