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MicroStrategy Announces Shocking $2 Billion Bitcoin Purchase

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Mon, 11/11/2024 - 12:55
MicroStrategy Announces Shocking $2 Billion Bitcoin Purchase
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Virginia-based business intelligence firm MicroStrategy has purchased 27,200 coins for $2.03 billion, according to its Monday press release.

The firm bought its latest batch of Bitcoins at an average price of $74,463.

After its most recent purchase, which was funded via an at-the-market (ATM) equity offering, MicroStrategy's total holdings have now swelled to almost $23 billion. The firm's average purchase price is now approaching the $43,000 mark. 

Earlier today, the price of Bitcoin hit yet another record high of $82,379 after surging by nearly 19% within just one week. It is currently trading slightly below the $82,000 level on the Bitstamp exchange. The cryptocurrency did not react to the most recent news despite the mammoth size of the purchase. 

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Meanwhile, MicroStrategy's shares are up as much as 9% in pre-market trading after the company's most recent announcement. The company's shares have surged by more than 27% over the past month, outperforming Bitcoin. 

MicroStrategy's market cap has now swelled to nearly $55 billion after the company's shares have gained nearly 300% on the year-to-date basis. It is currently the 373rd biggest company in the world, surpassing the likes of Volvo, Barclays and Volkswagen.  

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The company recently announced that it intended to raise a total of $42 billion in the long term in order to finance its Bitcoin purchases.

As reported by U.Today, MicroStrategy cofounder Michael Saylor recently predicted that nation-states might end up adopting Bitcoin as their treasury asset. He also sees the price of Bitcoin surging to as much as $13 million in the long term.

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