MicroStrategy continues to add more Bitcoin (BTC) to its coffers. Last Wednesday, the technology firm purchased 14,620 BTC for around $615.7 million.
According to the latest post of MicroStrategy Co-Founder and Chairman Michael Saylor on X, the 14,620 BTC acquisition was made at an average price of $42,110. This takes the company’s total haul to 189,150 BTC at $5.9 billion and at an average price of $31,168 per BTC, inclusive of fees and expenses.
With the present price and accumulation in the equation, the investment of MicroStrategy has already paid off by over $2 billion. This could further bubble considering that two major events are happening in the Bitcoin ecosystem next year, namely the ultimatum for the spot Bitcoin exchange traded funds (ETFs) filed under the US Securities and Exchange Commission (SEC) and the halving.
MicroStrategy started collecting Bitcoin back in August 2020 with an initial investment of $250 million. Over time, the company gradually added more to the haul until it reached the current numbers.
Right now, MicroStrategy is the seventh-largest Bitcoin whale in the world. It is only next to Bitfinex in the rankings, which is estimated to possess 192,508 to 200,000 BTC.
Surge in MicroStrategy Stocks
Before the latest Bitcoin purchase, MicroStrategy’s stocks went up by 327%, which pumped its market cap to $8.3 billion. In the last filing for Q3, the tech firm displayed $130 million in sales.
The company was joined by other Bitcoin whales, specifically Coinbase and Grayscale Bitcoin Trust. The three were also included in the top eight performers for companies valued above $5 billion.
A massive pay-out is expected for these whales once the anticipated approval of spot Bitcoin ETFs in the US finally takes place in January. Based on recent developments, the decision of the SEC could be hammered out by the 10th of that month.
How Bitcoin Moved with the News
As of this writing at 2:00 AM UTC on Thursday, Bitcoin is trading at $43,551 with a 2.5% gain on the 24-hour chart. This takes its market cap to $852.86 billion but trading volume significantly dropped by 12.76% as only $26.25 worth of the coin moved in wallets and crypto exchanges within that frame. During this time BTC moved from a low of $42,167 to the current high.
Bitcoin still has a lot of catching up to do from its $68,789 all-time high on November 10, 2021, though. However, with the super bullish projections centering on the digital asset, it may finally reclaim or even surpass that spot by next year.