Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR)
MicroStrategy, the self-described bitcoin (BTC) development company, increased its holdings of the largest cryptocurrency for the eighth consecutive week.
The company, which already holds more bitcoin than any other publicly traded company, bought another 2,138 BTC for $209 million in the week ended Dec. 29, bringing its total holdings to 446,400 BTC.
Once again, Executive Chairman Michael Saylor teased the announcement on Sunday in a post on X. The average purchase price of bitcoin was $$97,837, which raised the average purchase price to $62,428.
The purchase was funded through share sales under the company’s at-the-market (ATM) program, for which they have $6.88 billion left on the ATM program.
MicroStrategy joined the Nasdaq 100 last week and currently ranks 57 with an index weighting of 0.38%.
The share price is currently 40% below the record high it hit Nov. 21. It is down 3% in pre-market trading, taking it to around $320 per share.
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James Van Straten
https://www.coindesk.com/markets/2024/12/30/micro-strategy-buys-a-further-2-138-btc-adding-to-stash-for-8th-consecutive-week
2024-12-30 13:07:26
