Bitcoin Braces For Huge Price Shock As MicroStrategys BTC Holdings Reach $30 Billion Following Latest Insane Buy
Michael Saylors software company-turned-Bitcoin development firm MicroStrategy has added to its Bitcoin stack. MicroStrategy now owns $30 billion worth of BTC after snapping up 51,780 tokens for $4.6 billion over the past seven days.
MicroStrategy Buys Another $4.6 Billion Of BTC Using Proceeds From Share Sale
MicroStrategy announced on Nov. 18 that it had bought 51,780 Bitcoin, spending just around $4.6 billion an average price of $88,627 per coin.
With the latest acquisition, the Tyson, Virginia-based firm now holds a total of 331,200 BTC in its treasury. At the current Bitcoin price of around $90,732.87, this stash is valued at a whopping $30 billion.
MicroStrategy has spent a total of $16.5 billion on the cryptocurrency for $49,874 per coin which means its close to doubling its investment.
The firm used fresh proceeds from a share sale under a sales agreement with financial companies like TD Securities, Barclays Capital, Cantor Fitzgerald, and Maxim Group to fund this latest purchase. MicroStrategy sold roughly 13.6 million shares for $4.6 billion between Nov. 11 and Nov. 13.
Under the agreement, the company still has about another $15.3 billion of shares it can sell, a Monday filing with the U.S. Securities and Exchange Commission shows.
MicroStrategys Biggest-Ever Bitcoin Purchase
According to CryptoQuant data, MicroStrategys latest BTC buying spree is its biggest one yet. The 51,780 BTC investment accounts for over 16% of the firms Bitcoin holdings.
MicroStrategy first purchased Bitcoin in August 2020. The companys ex-CEO and now-Executive Chairman Michael Saylor was striving to help a sleepy software firm during the COVID-19 pandemic and accrue the most returns for shareholders.
Just a week ago, the company announced it had bought 27,200 BTC for $2 billion, thus putting purchases over the last couple of weeks to around 72,000 BTC for an eye-watering $6.6 billion.
Following Bitcoin soaring to a new lifetime price peak above $93,400 last week, Saylor thinks Bitcoin is unlikely to ever slump to $60K.
I dont think it is going to $60,000, it is not going to $30,000, I think it is going to go up from here, the Bitcoin uber-bull asserted.
The MicroStrategy founder has previously set incredibly bullish price targets for the benchmark crypto. In September, for instance, he forecasted that BTC would hit $13 million per coin over the next 21 years. That would mark a 14,200% appreciation from the current market price.
Text source: ZyCrypto
