Virginia-based business intelligence company MicroStrategy has extended its weekly Bitcoin buying streak with another massive purchase.
The largest corporate holder of Bitcoin has acquired an additional 21,550 BTC for roughly $2.1 billion, according to a Monday filing.
This is the company's fifth weekly purchase in a row. As reported by U.Today, MicroStrategy previously announced its $1.5 billion purchase on Dec. 2.
Alex DovbnyaMicroStrategy's average purchasing price has now topped the $60,000 level, currently standing at $60,324 per coin.
According to Vetle Lunde, head of research at K33 Research, the company is now ahead of the illustrative capital-raising target that was presented back in October. According to the analyst, $11.09 billion has been raised via its at-the-market (ATM) equity offerings. The company is now inching closer to its 2026 target of $12 billion.
The company now holds nearly $42 billion worth of Bitcoin following the recent purchase. This represents roughly 2% of all Bitcoin that will ever be in existence.
As reported by U.Today, MicroStrategy CEO Michael Saylor recently urged the U.S. government to ditch gold reserves in favor of Bitcoin.
The company's shares are down 2.18% in premarket trading. Some analysts are sounding the alarm over MicroStrategy's risky Bitcoin strategy. Min Jung of Presto Research has noted that MicroStrategy is heavily reliant on continued Bitcoin price appreciation.
The leading cryptocurrency is currently trading at $98,258, according to CoinGecko data. Bitcoin has so far struggled to gain a foothold above the $100,000 level.
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Dan Burgin
Vladislav Sopov