Business intelligence firm MicroStrategy purchased a whopping $4.6 billion worth of Bitcoin within a single week.
The publicly listed company added 51,780 BTC to its coffers at an average price of $88,627 per Bitcoin.
MicroStrategy's total holdings have now ballooned to 331,200 BTC (roughly $29.7 billion at current prices).
Alex DovbnyaVetle Lunde of K33 Research has noted that the number of coins added by MicroStrategy over the past week has doubled the global BTC ETP inflow over the same period of time (25,993 BTC).
Moreover, MicroStrategy now controls 1.6% of Bitcoin's total circulating supply, according to cryptocurrency analytics firm CryptoQuant.
The company's average purchase price is fast approaching the $50,000 mark, currently standing at $49,874.
MicroStrategy (MSTR) shares are up a mere 0.17% in premarket trading. They are up nearly 400% on a year-to-date basis, trading at a significant premium to Bitcoin.
Gamza KhanzadaevMeanwhile, the price of Bitcoin has now dipped below the $90,000 level after reaching an intraday high of $92,142. Bitcoin is down 3.8% from its all-time peak of $93,477, which was achieved five days ago.
Copying MicroStrategy's playbook
In the meantime, MicroStrategy's bold debt-for-Bitcoin playbook is gaining popularity. Earlier today, Bitcoin mining giant Marathon Digital (MARA) proposed a $700 million offering of convertible senior notes in order to finance its future BTC purchases.
Within the same day, Tokyo-based Metaplanet, which is known as "Japan's MicroStrategy," also announced the issuance of bonds worth roughly $12 billion.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin