MicroStrategy buys Bitcoin for the seventh consecutive week

MicroStrategy (MSTR) bought the dip, increasing its bitcoin hoard for the seventh consecutive week while strengthening its position as the largest corporate holder of the leading cryptocurrency.

The company purchased 5,262 btc for $561 million last week, bringing its total digital currency hoard to 444,262 btc.

The latest news comes as MicroStrategy begins its first full day of trading as a member of the Nasdaq 100 stock index. In premarket trading, the stock price held steady above $364.2.

Chief Executive Michael Saylor said the latest bitcoin acquisition had an average price of $106,622 per bitcoin. At the current market price, the company's total bitcoin hoard is now worth around $42.2 billion, bringing its overall average purchase price to $62,257 per bitcoin.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.7758620689655″>

BREAKING

PURCHASE MICROSTRATEGY 5,262
btc WORTH $561 MILLION WHILE
EVERYONE WAS SELLING OUT OF PANIC.

NOW YOU HAVE 444,262 bitcoin
VALUE $42.7 BILLION pic.twitter.com/RLQuG4Khco

– Ash crypto (@Ashcryptoreal) <a target="_blank" href="https://twitter.com/Ashcryptoreal/status/1871183229799285007?ref_src=twsrc%5Etfw”>December 23, 2024

MicroStrategy uses $7.08 billion program to buy bitcoin

The company paid for this latest purchase by drawing on its stock market program, which has $7.08 billion in available funds. MicroStrategy's practice of financing its <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin“>bitcoin The purchases with sales of shares are characteristics of the idiosyncratic strategy under which the company uses traditional markets to build its treasury denominated in cryptocurrencies.

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