Last updated on March 13th, 2024 at 07:32 pm
As the power tussle for who holds the most BTC tokens continues, MicroStrategy has bought an additional 12k Bitcoins for $68,477 per token.
In a significant turn of events, the American business intelligence company, MicroStrategy, has added a massive amount of Bitcoin tokens to its holdings. The Virginia-based public firm made a groundbreaking move in the crypto market after it purchased an additional 12,000 BTC for approximately $821.7 million.
MicroStrategy now holds more Bitcoin than anyone
Consequently, this move has placed the Micheal Saylor-led company at the top of the corporate Bitcoin ownership table. According to the company’s CEO, the purchase was made with proceeds from convertible notes and excess cash.
MicroStrategy now holds a total of 205,000 Bitcoins, which as of March 10, 2024, were valued at around $6.91 billion, having been purchased at an average price of $33,706 per BTC.
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Source: X
MicroStrategy now has more Bitcoin assets on its balance sheet than financial behemoth BlackRock according to this most recent acquisition. With its IBIT iShares Bitcoin Trust, BlackRock currently owns 195,985.31 Bitcoins, while MicroStrategy has grown its holdings to 205,000 BTC.
Other companies in the list of top Bitcoin holding firms include Grayscale, Tesla, Marathon Digital Holdings, Galaxy Digital, and Coinbase.
Bitcoin smashes all-time high, breaks $71k
On March 11, the world’s leading cryptocurrency by market cap, Bitcoin, reached a new all-time high after it surged past $71,000. The spike sent excitement across the crypto market as evident in the crypto fear & greed index today, jumping by 3 points in the last 24 hours according to Alternative data.
MicroStrategy’s acquisition coincides with Bitcoin hitting a record high of $72,226 per coin, indicating growing interest, recognition, and use of Bitcoin as a real asset class. The strategic approach to investment management applied by MicroStrategy is demonstrated by its decision to amass Bitcoin as a treasury reserve asset.
As the price of Bitcoin continues to surge, analysts are already predicting new highs. As previously reported, Crypto Rover, a top crypto analyst shared his predictions with his 702k followers on X (formerly Twitter).
According to him, Bitcoin is poised to reach $100k per coin in the next 21 days, citing the Fibonacci extension. At press time, Bitcoin is trading at $71,800, representing a 3% increase in the last 24 hours.
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Read more:
- Popular Crypto Analyst Predicts Bitcoin to Break Above $100k in 21 Days, Possible?
- Crypto.com Transfers Massive 2 Trillion SHIB Tokens Between Wallets, What is Happening?
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.