NASDAQ-Listed Company Buys another $650 Million of Bitcoin
MicroStrategy, a business intelligence company listed at NASDAQ, on Monday said it bought $650 million of Bitcoin at an average price of $21,925, pushing the number of BTC under their control to 70,470—or $1.15 billion. Earlier on, between September and October, the firm bought $475 million, adding $50 million in late November before stepping up even more after Monday's announcement.
The Bitcoin price is trading near the all-time high. One of the big benefactors in this rally has been MicroStrategy. The firm has so far bought $1.15 billion of BTC. It is their strategic investment in Bitcoin that spurred other firms, including Mode Banking, Square, and hedge funds, to seek crypto exposure, some via Grayscale. By doubling down on the store-of-value coin, there is renewed confidence that the crypto rally is just beginning and could hit the next targets of over $30k in early Q1 2021.
Impact on the BTC Price:
Bullish. MicroStrategy is spearheading the list of public companies investing millions in Bitcoin. According to a JP Morgan Analyst, more companies will sink almost $600 billion in crypto, including Bitcoin, in coming years.
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