MicroStrategy has undertaken yet another Bitcoin purchase. According to a document filed with the SEC, the listed firm purchased Bitcoin’s worth $1.3 billion between December 2 to December 8.
The purchase, which consisted of around 21.5K bitcoins, has bought the total Bitcoin holdings of MicroStrategy at $42 billion. The company now holds a whopping 423,650 BTC.
MicroStrategy Buys More Bitcoin After BTC Trades at ATH
The purchase for Bitcoin comes at a time when the OG-cryptocurrency was trading at its highest. In the week containing 2nd December and 8th December, the prices for Bitcoin had skyrocketed to hit the all time high level of $100k, making the purchase an extremely costly one.
However, the purchase also comes ahead of the incoming US president Donald Trump’s big day of swearing in. The crypto market has anyhow planned for a big bull run under Trump’s presidency. Given that this milestone is achieved, MicroStrategy’s move to hold Bitcoins will be extremely fruitful.
MicroStrategy’s Previous Bitcoin Buy
The top Bitcoin-focused business intelligence firm in the world, MicroStrategy, had previously increased its Bitcoin treasury by a sizeable sum.
Official documents state that on November 18th, the company paid $4.6 billion for Bitcoin, one of its biggest purchases to date. The company’s purchase of 51,780 Bitcoins was its largest since it started buying the cryptocurrency over four years ago.
MicroStrategy Becomes Top 100 Listed
Just previously, Bitcoin giant MicroStrategy moved up in the ranks to become one of the top 100 listed companies in the US. According to official data, the firm jumped up to the 97th rank in the list of top 100 listed firms in the US on November 20th.
The upgrade came at a time when Bitcoin had shattered multiple records in terms of trading. For that particular week, Bitcoin had been hitting new all-time highs almost every second day amid optimism and bullish investor sentiments.
The day the US 2024 election results were announced marked the beginning of this Bitcoin price rally. On the strength of the optimism surrounding a Republican victory, the price of Bitcoin hit its first all-time high in the early hours of November 6.
Trump’s support for cryptocurrency and the rise in the price of Bitcoin have particularly improved the state of the market.
Despite the news on Bitcoin buying MicroStrategy, stock is still down nearly 2%. However, this could just be a general weakness in the financial market. The stock of the firm will likely track the advancement in the financial diaspora in the coming days.