In more bullish Bitcoin news, Michael Saylor’s company, MicroStrategy ($MSTR), saw shares jump on news that they’ve bought $617.5M more BTC.
As of late Wednesday, $MSTR stock was up nearly 10%.
MicroStrategy Stock surges on more BTC buying
The BTC purchase splash comes a few weeks prior to the expected BTC spot ETF approval.
Wake. Up. Wall. Street. $BTC $MSTR pic.twitter.com/CTiy5Eav5a
— Dylan LeClair 🟠 (@DylanLeClair_) December 27, 2023
The total amount of BTC bought in MicroStrategy’s latest purchase is 14,620.
MicroStrategy now owns 189,150 bitcoins, totaling north of $8 billion USD.
MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW
— Michael Saylor⚡️ (@saylor) December 27, 2023
Saylor tweeted that their average cost per BTC is now around $31,168.
See related: Our BTC forecast for 2024
MSTR’s latest bulk BTC purchase is adding to the already strong tailwinds for crypto in 2024.
However, as a word of caution to the readers, this does not mean BTC will keep going up in perpetuity.
We wouldn’t be surprised to see a slight BTC pullback after the hype of the BTC spot ETF wears off.
MicroStrategy Buys $615 Million Worth of Bitcoin, $50,000 Soon? by DEXWireNews on TradingView.com
Traders are also beginning to speculate if MSTR’s BTC buying spree will push the price of bitcoin up north of $50,000.
We could see this happening closer to the BTC spot ETF approval date — with a drawdown to be expected afterwards.
For investors that shy away from asset volatility, buying shares of $MSTR could garner solid BTC exposure, but will be directly correlated to the rise and fall of bitcoin.
Summary
Saylor’s bullishness on BTC is adding to a positive sentiment brewing within the crypto community.
We know BTC has a chance to revolutionize the world of finance and currency as we know it today.
It looks like institutions are finally seeing the value of DeFi and adopting accordingly.
For more detailed follow ups, but also for top crypto tips, we recommend to follow our premium crypto charting alerts in which we share much more details across 35 tokens, with timely insights combined with buy alerts.
