MicroStrategy made another Bitcoin purchase, acquiring 6,911 between March 17 and 23. This development is also significant as the firm, now known as Strategy, has crossed the 500,000 BTC mark and now holds 506,137 BTC. The MSTR stock has rebounded amid this development.
MicroStrategy Acquires 6,911 BTC For $584M
In a press release, MicroStrategy announced that it had acquired 6,911 Bitcoin for $584.1 million at an average price of $84,529 per BTC and has now achieved a BTC yield of 7.7% year-to-date (YTD).
The software company now holds 506,137 BTC, which it acquired for $33.7 billion at an average price of $66,608 per BTC. Strategy remains the public company with the largest Bitcoin holdings and holds over 2% of BTC’s total supply.
Meanwhile, this latest purchase comes just days after MicroStrategy announced that it had raised $722 million to buy more Bitcoin. The company also plans to raise up to $21 billion to accelerate its Bitcoin Treasury.
This undoubtedly provides a bullish outlook for the Bitcoin price, which broke above $85,000 yesterday following Michael Saylor’s hint at a BTC purchase by his company. The flagship crypto is also surging because of speculations that Donald Trump’s tariffs might not be as serious as earlier feared since they will only target specific sectors.
Besides Strategy, other whales are actively accumulating Bitcoin in anticipation of a massive rebound for the flagship crypto. Crypto analyst Ali Martine revealed that around 10,000 BTC were moved off exchanges last week. He noted that this often signals growing investor confidence and long-term holding behavior.
MSTR Stock Rebounds Alongside Bitcoin
MicroStrategy’s stock has rebounded alongside the Bitcoin price. Nasdaq data shows that the MSTR stock price is up over 4% in pre-market trading, trading at around $318. The stock had closed last week’s market in the green, having reclaimed the $300 mark.
Thanks to this development, MSTR is now up almost 5% year-to-date (YTD) and will be looking to reach new highs. It is worth mentioning that the stock is the best-performing major asset since Michael Saylor’s company adopted its Bitcoin Strategy in 2020.
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