The top Bitcoin-focused business intelligence firm in the world, MicroStrategy, has once again significantly increased its Bitcoin treasury. On November 18th, the firm made one of its highest acquisitions for Bitcoin worth $4.6 billion, according to official documents.
The crypto hedge-fund proxy bought 51,780 Bitcoins, making it the largest buy since it started acquiring the digital asset more than four years ago.
The purchase comes at a time when though the price of Bitcoin has tumbled a bit, the market still has overall optimism about digital assets. At the press time, Bitcoin is trading at $89,802.25, down nearly 0.97% as compared to the same time yesterday.
MicroStrategy Bitcoin Holdings Reach $29 Billion
According to a US Securities and Exchange Commission report on Monday, the enterprise software maker purchased the tokens between November 11 and November 17, as part of its corporate strategy. It currently has over owns over 331,200 BTC currently valued at $29 Billion
MicroStrategy used the proceeds of a share sale under an Oct. 30 sales agreement with firms such as TD Securities to purchase thousands of additional Bitcoin.
The firm sold 13.6 million shares for $4.6 billion between November 11 and November 13.
In a filing with the US Securities and Exchange Commission, the business stated that as of Nov. 17, there were approximately $15.3 billion worth of shares left for sale under the arrangement.
MicroStrategy’s Bitcoin Buying Comes As BTC Investors Show Optimism
Last week, Bitcoin witnessed its price skyrocketing and to become one of the best performing in the financial markets. Bitcoin crossed its essential $90K mark during that time.
Right now, Bitcoin has outperformed the largest financial assets in the world. Bitcoin recently become the seventh-largest asset in the world, surpassing Saudi Aramco.
Additionally, Bitcoin investors are at present rejoicing over the prospect of a change in leadership at the SEC. When word spread that Genser would be departing soon from his position, many in the industry expected that the next SEC chair would be a pro-crypto candidate.
Additionally, the rise in Bitcoin ETF holdings is indicative of a larger trend of traditional financial institutions showing greater interest in cryptocurrencies.
Furthermore, the market as a whole has remained stable due to the outcomes of the US 2024 elections. Investors in cryptocurrencies believe that Trump will increase market adoption and prevent the Securities and Exchange Commission from intensifying its oversight of the sector.
When Trump and his sons introduced World Liberty Financial, a new business, in September, it was evident that they favored the expansion of the bitcoin sector.