Hassan Maishera
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.
JUST IN: $813,000,000 liquidated from the cryptocurrency market in the past 60 minutes.
— Watcher.Guru (@WatcherGuru) December 9, 2024
