With the price of Bitcoin (BTC) having fallen to the $42,000 trading level after the sell-off earlier today, large-cap players are taking advantage of this decline. In the latest announcement, MicroStrategy Chairman, Michael Saylor, announced that his company has made a new purchase of $615 million in Bitcoins.
In the latest announcement, MicroStrategy Manager, Michael Saylor, disclosed an additional purchase of 14,620 BTC with a value of approximately $615.7 million. The average purchase price per Bitcoin is at the price level of $42,110. As of December 26, 2023, MicroStrategy's total Bitcoin holdings reached 189,150 BTC, valued at approximately $5.9 billion. The average cost of each Bitcoin in this entire holding is at the price level of $31,168. This move reaffirms MicroStrategy's commitment to Bitcoin as part of its strategic actions.
This is the first major purchase from MicroStrategy after the purchase of 155 BTC last month. Shares of MicroStrategy (NASDAQ: MSTR) have doubled on Bitcoin's gains in 2023. The price of Bitcoin is up 160% this year, MSTR shares are up 316% since the start of 2023.
Everyone in the crypto community is waiting for the launch of the first Bitcoin ETF in the United States. Based on the provisional schedule, it will happen by January 10 which is within two weeks.
Bitcoin price has recovered to $43,093 at the moment after experiencing a big drop earlier today. By breaking through the $44K level resistance, BTC price could take a step into the $47,000 to $50,000 zone.
