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MicroStrategy Buys Additional 21,550 Bitcoin for Roughly $2.1 Billion as BTC Dipped to $95k

Twitter icon  •  Published 1 year ago on December 9, 2024  •  Hassan Maishera

MicroStrategy purchased 21,500 bitcoins for $2.1 billion as Bitcoin’s price nosedived to the $95k region after losing 5% of its value on Monday.

MicroStrategy Buys Additional 21,550 Bitcoin for Roughly $2.1 Billion as BTC Dipped to $95k

TL;DR

  • MicroStrategy has spent another $2.1 billion to purchase over 21k bitcoins.

  • Bitcoin dipped by nearly 5% on Monday to briefly hit the $95k level.

MicroStrategy Purchases 21,550 Bitcoins

Business intelligence firm MicroStrategy announced Monday that it purchased 21,500 bitcoins for roughly $2.1 billion in cash between Dec. 2 and Dec. 8, 2024. The Michael Saylor-led company revealed this in a filing with the U.S. Securities and Exchange Commission.

In its filing, MicroStrategy revealed that the average purchase price was $98,783 per coin, including fees and expenses. The company purchased these bitcoins after raising the money via the issuance and sale of company shares. Between Dec. 2 and Dec. 8, 2024, MicroStrategy sold an aggregate of 5,418,449 shares for aggregate net proceeds of approximately $2.13 billion.

Thanks to its latest purchase, MicroStrategy now holds approximately 423,650 bitcoins as of Dec. 8. According to the filing, the aggregate purchase price of said bitcoins equates to roughly $60,324 per coin, costing MicroStrategy approximately $25.6 billion in total.

This is the fifth consecutive week that MicroStrategy has purchased bitcoins. Last week, the company purchased 15,400 bitcoins for $1.5 billion after selling over 3.7 million shares.

BTC Dips to $95k as Altcoins Suffer Huge Losses

The cryptocurrency market underwent a correction on Monday, with Bitcoin losing roughly 5% of its value. The dip saw Bitcoin briefly test the $95k support level before recovering to now trade above $97k per coin.

Altcoins suffered greater losses, with some dipping by more than 20% on Monday. Ether, the second-largest cryptocurrency by market cap, lost 7% of its value and now trades at $3,700 per coin.

Cardano’s ADA and Ripple’s XRP both lost 15% of their values, making them the worst performers among the top 10 cryptocurrencies by market cap. Thanks to the massive dip, over $800 million was liquidated from the cryptocurrency market on Monday.

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Author

Read Hassan Maishera's articles →
Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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