Bitcoin

Strong

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/microstrategy-boosts-bitcoin-holdings-with-major-purchase/" data-wpel-link="internal">MicroStrategy Boosts Bitcoin Holdings with Major Purchase</a> 
Software company MicroStrategy, led by Bitcoin advocate Michael Saylor, has significantly increased its Bitcoin (BTC) assets once again. The company recently announced the acquisition of 18,300 additional BTC for approximately $1.11 billion. With this latest purchase, MicroStrategy’s total Bitcoin holdings have surged to around $9.45 billion, comprising 244,800 BTC as of September 2024. 
<h2 style="text-align: justify" id="strong-microstrategy-s-strategy-for-accumulating-bitcoin-continues-strong-strong">MicroStrategy’s Strategy for Accumulating Bitcoin Continues Strong</h2> 
MicroStrategy, which has transformed from a software firm into a notable Bitcoin entity, has made this recent purchase to solidify its position as the largest public institutional investor in Bitcoin. The company’s aggressive accumulation strategy, which began in 2020, is based on the belief that Bitcoin serves as a superior store of value compared to traditional fiat currencies. 
Michael Saylor, MicroStrategy’s CEO, frequently expresses confidence in Bitcoin’s long-term potential, arguing that the largest <a href="https://en.coin-turk.com/circle-launches-euro-backed-stablecoin-on-solana-blockchain/" data-wpel-link="internal">cryptocurrency</a> offers protection against inflation and economic uncertainty. 
This latest acquisition was financed through a combination of cash reserves and a recently completed $750 million bond issuance. This financing strategy has become a cornerstone for the company, allowing it to enhance its Bitcoin reserves by leveraging both existing assets and external funding. 
With this acquisition, MicroStrategy now controls approximately 1.3% of Bitcoin’s total supply (21 million BTC). The company had announced its previous purchase on August 1, revealing that it acquired 169 BTC. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-388632" src="https://coin-turk.com/wp-content/uploads/2024/09/Microstrategy-Bitcoin.png" alt="" width="760" height="563"> 
<h2 style="text-align: justify" id="strong-bitcoin-s-initial-reaction-was-negative-strong">Bitcoin’s Initial Reaction Was Negative</h2> 
Interestingly, Bitcoin reacted negatively to MicroStrategy’s recent BTC purchase. Just prior to the announcement, Bitcoin was trading above $58,000 but dropped to $57,830 following the news. 
As of the time of this writing, Bitcoin is trading at $57,834. 
The post <a href="https://en.coin-turk.com/microstrategy-boosts-bitcoin-holdings-with-major-purchase/" data-wpel-link="internal">MicroStrategy Boosts Bitcoin Holdings with Major Purchase</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

MicroStrategy Boosts Bitcoin Holdings with Major Purchase

Table of Contents

COINTURK NEWS

Other articles published on Sep 13, 2024

Is Dogecoin Ready to Skyrocket with Whale Investors Piling In?

Penpie DeFi Protocol Hacked, $27M in Crypto Stolen

Nillion and NEAR Protocol Collaborate to Advance Decentralized AI Applications

Coinbase Premium Sends Super-Rare Bullish Signal for BTC

Coinpedia Fintech News

Mind Network Allocates Over 1.5% of Token Supply to Puffer Finance

Join our free newsletter for daily crypto updates!