MicroStrategy Buys Bitcoin for the 8th Consecutive Week, BTC Dips to $92k

TL;DR

• MicroStrategy has purchased another 2,138 BTC for $209 million at $97,837 per bitcoin.

• Bitcoin has dropped to the $92k region after losing 1% of its value.

MicroStrategy Buys More Bitcoins, BTC Dips to $92k

Michael Saylor-backed MicroStrategy has purchased bitcoins for the eighth consecutive week. The company announced this on Monday, December 30th. In his X post, Saylor revealed that MicroStrategy bought 2,138 BTC for $209 million at $97,837 per bitcoin and has achieved a BTC Yield of 47.8% QTD and 74.1% YTD.

MicroStrategy has acquired 2,138 BTC for ~$209 million at ~$97,837 per bitcoin and has achieved BTC Yield of 47.8% QTD and 74.1% YTD. As of 12/29/2024, we hodl 446,400 $BTC acquired for ~$27.9 billion at ~$62,428 per bitcoin. $MSTR https://t.co/58aXM7g6u2

— Michael Saylor⚡️ (@saylor) December 30, 2024

The acquisition was funded through share sales under MicroStrategy’s at-the-market (ATM) program, for which they have $6.88 billion left on the ATM program. This latest development comes as MicroStrategy joined the Nasdaq 100 last week and currently ranks 57 with an index weighting of 0.38%.

Earlier this month, MicroStrategy spent another $1.5 billion to acquire 15,350 bitcoins.

BTC Dips to $92k

Bitcoin’s end-of-the-year poor performance continues as the world’s leading cryptocurrency by market cap lost 1% of its value on Monday. At press time, Bitcoin’s price stands at $92,719 and could dip lower if the bearish momentum continues.

Most altcoins are also in the red as the profit-taking continues. Ether is down 2% and now trades at $3,346 per coin. Cardano’s ADA is the worst performer among the top 10 cryptocurrencies by market cap, losing 3% of its value in the last 24 hours. 

With altcoins underperforming, the total cryptocurrency market cap dipped by $300 million to $3.24 trillion.