Microstrategy acquires 16000+ Bitcoins amid bull rally
Business intelligence firm Microstrategy purchased another big amount of Bitcoin worth $593 million.
Microstrategy is a popular American company which provides access to AI-powered workflows, unlimited data sources, cloud-native technologies, and unparalleled performance to speed up time from data to action. In Aug 2020, this company started investment in Bitcoin under the leadership of former CEO Michael Saylor.
On 30 Nov 2023, Microstrategy announced that the company purchased an additional 16,130 Bitcoins for $593.3 million.
So now this company is holding nearly 174,530 Bitcoins on the balance sheet.
The company spent nearly $30,252/BTC to acquire this big amount of Bitcoin over the years. The current trade price of Bitcoin is $38,000. So the company is at 17% profit.
With this investment, this company is in profit of nearly $897.6 million which is a very big amount of profit for this Nasdaq-listed company in comparison to its revenue through its core business activities over the decade.
Two weeks ago during an interview, Microstrategy’s former CEO Saylor talked about Bitcoin halving and said that Bitcoin supply will cut off rapidly after Bitcoin halving (April 2024).
Bitcoin price action
The current trade price of Bitcoin is $38,064 and this trade price is 10.4% higher over the last 30 days of trade price.
For the last 7 days, the trade price of Bitcoin has fluctuated around $37k but finally today the trade price hits $38k.
According to the majority of Bitcoin analysts, this is a very big bullish sign for the Bitcoin rally.
Just a couple of days ago, an analyst predicted that Bitcoin would hit $40k as the next stable price level.
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