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Michael Saylor’s MicroStrategy has added 12,333 Bitcoins to its portfolio in the last two months.
according to company reportMicroStrategy, along with its subsidiaries, purchased assets for approximately $347 million in cash between April 29 and June 27 (average price per bitcoin of approximately $28,136).
This business intelligence company was able to purchase BTC for less than the current market price of $30,000. Together, the company and its subsidiaries hold about 152,333 bitcoins, worth a total of $4.52 billion.
According to sources, the company also sold about $500 million in shares in September to fund additional crypto purchases. SEC filings.
The recent acquisition is MicroStrategy’s largest acquisition of the year, surpassing its previous acquisition in 2016. march and Apriltotaling 7,500 BTC, worth $179.3 million.
MicroStrategy regularly buys bitcoin and has managed to maintain a strong position during the crypto winter that hit the price of BTC and other cryptocurrencies last year.
While market conditions are still improving and bitcoin is struggling to break above the $30,000 level, Michael Thaler believes cryptocurrencies are powerful stores of value.
BTC Price Prediction After MicroStrategy Acquisition
Since financial firms such as BlackRock applied for spot bitcoin ETFs this month, the price of BTC has surged, gaining more than 20% in less than a month. Additionally, Bitcoin investment products saw inflows of $187 million last week, according to data from CoinShares.
Meanwhile, cryptocurrency analysts’ assessments are mixed. A Twitter user predicted Bitcoin price movements, suggesting a bullish trend. The tweet pointed out that Bitcoin could recapture the $60,000 level given the M1 level.
Another user claimed that BTC could fall after the MicroStrategy acquisition. Purchasing power is staggering, but crypto assets have historically exhibited price volatility even after heavy institutional investment.
At the moment, the price of BTC has not reacted much to this news and appears to be trending downwards. Bitcoin is currently trading at $30.41 at the time of writing, down more than 1.5% over the past 24 hours.