MicroStrategy Buys Another $2 Billion Bitcoin, Taking BTC Hoard Past $23 Billion As Analysts Eye BTC At $100K

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Insidebitcoin2024/11/12 06:33

By:Insidebitcoin

MicroStrategy has acquired 27,200 more Bitcoin for over $2 billion, boosting the value of its portfolio to about $23.5 billion as some analysts say Bitcoin is headed for $100K.

The firm said in a Nov. 11 statement that it bought another 27.2k BTC for $2.03 billion between Oct. 31 and Nov. 10, taking its total holdings to 279,420 BTC. The latest Bitcoin were acquired at an average price of $74,463.

The company is now sitting on Bitcoin profits in excess of $11 billion.

MicroStrategy To Double Down On Bitcoin Purchases

As the largest corporate Bitcoin holder, MicroStrategy’s aggressive strategy sets it apart in the crypto investment space, dwarfing other major corporate buyers of BTC like Marathon Digital and Riot Platforms, whose Bitcoin holdings are valued at $2.1 billion and $840 million, respectively.

Despite already holding an unmatched quantity of Bitcoin, MicroStrategy’s ambitions remain unbridled.

The company recently announced its “21/21” initiative , an audacious three-year plan to amass an additional $42 billion in Bitcoin. This initiative envisioned the firm raising $21 billion through equity and another $21 billion via fixed-income investments, reflecting MicroStrategy’s unwavering belief in Bitcoin as a cornerstone of its financial strategy.

Will Bitcoin Hit $100K?

Donald Trump’s election win has buoyed the crypto market, prompting some analysts to say the Bitcoin price may pass $100k.

Among those is Bitget Research’s chief analyst Ryan Lee, who sees Donald Trump’s election win firing up Bitcoin for a run at the huge $100k level.

“With the Republican sweep in Congress, there may be favorable developments in the regulatory framework for the crypto market, which would be a long-term positive for the industry,” he said.

Bitcoin has surged 5.2% in the last 24 hours to trade at $84,745 as of 12.58 p.m. EST after setting a new all-time high of $84,962 earlier in the day.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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