Skip to content
Menu

MicroStrategy Bolsters Bitcoin Holdings, Crypto Market Sees Gains

Cryptocurrencies Rise as MicroStrategy Acquires $150 Million Worth of Bitcoin

Major cryptocurrencies rose on Monday evening following an announcement by software developer MicroStrategy (NASDAQ:MSTR). 

Major cryptocurrencies rose on Monday evening following an announcement by software developer MicroStrategy  JAKUB PORZYCKI/GETTY IMAGES  

Cryptocurrency

Gains +/-

Price (Recorded 9:30 p.m. EDT)

Bitcoin (CRYPTO: BTC)

+0.50%

$26,259

Ethereum (CRYPTO: ETH)

+0.90%

$1,588

Dogecoin (CRYPTO: DOGE)

+0;29%

$0.060

As per a regulatory filing on Monday, MSTR revealed their acquisition of approximately $150 million worth of Bitcoin between August 1 and September 24.

“MicroStrategy, together with its subsidiaries, acquired approximately 5,445 bitcoins for approximately $147.3 million in cash, at an average price of approximately $27,053 per bitcoin, inclusive of fees and expenses,” the company said in the filing.

MicroStrategy has bolstered its Bitcoin holdings to around 158,245 BTC. The digital assets were acquired for an aggregate purchase price of approximately $4.68 billion, with an average purchase price of roughly $29,582 per bitcoin.

Gold, Silver Or Bitcoin: What Is The Best Hedge Against Inflation? Ask industry experts directly at the Zenger News’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!

Top Gainer (24 Hour)
 

Cryptocurrency

Gains +/-

Price (Recorded 9:30 p.m. EDT)

Chainlink

+7.55%

$7.48

Pepe

+6.18%

$0.0000007138

Frax Share

+5.66%

$5.63

Currently, the global crypto market capitalization stands at $1.04 trillion, a 1.10% decrease in the last day.

The S&P 500 started the final week of September with a climb, rebounding from the significant losses experienced earlier in the month. The broader index saw a 0.4% increase, reaching 4,337.44. Similarly, the Nasdaq Composite closed higher, rising by 0.45% to 13,271.32. 

Meanwhile, U.S. Treasury yields rose on Monday as investors assessed the future of interest rates and awaited upcoming economic data. The yield on the 10-year Treasury jumped over 10 basis points to 4.542%, its highest level since 2007 when it reached 4.57%.

This week, market participants will pay close attention to housing sector data and the personal consumption expenditure price index, the Fed’s preferred inflation gauge, which is set to be released on Friday. Additionally, remarks from various Fed speakers could provide further insights into the future of monetary policy.

Major cryptocurrencies rose on Monday evening following an announcement by software developer MicroStrategy  JAKUB PORZYCKI/GETTY IMAGES  

Analyst Notes

Crypto analyst Michael Van de Poppe highlights an interesting phenomenon in the market: When the markets start to rally, many people are still convinced that the markets will continue to decline, leading to new lows.

“Until they don’t and people need to FOMO back in.”

Daan Crypto highlights the often overlooked challenges of acquiring 158K Bitcoin in a market that is trending upwards, offering near-zero yields, and with the money printer back in action.

“If your plan is to buy these amounts, like Saylor, you better do it in a bear market or you simply won’t have the available supply,” the analyst said.

Another analyst, Zia ul Haque, pointed out an interesting fact: when Microstrategy increases its BTC holdings, the market tends to experience further dips.
 

When Microstrategy buy more #BTC, the market gives further dips.

Just a fact 😅

— Zia ul Haque (@ImZiaulHaque) September 25, 2023

Produced in association with Benzinga

“What’s the latest with Florida Man?”

Get news, handpicked just for you, in your box.

Check out our free email newsletters

Recommended from our partners