- MicroStrategy continues its aggressive Bitcoin strategy, purchasing 2,136 BTC for US$209 million, bringing its total holdings to 446,400 BTC.
- MSTR has declined over 20% since its Nasdaq-100 inclusion in December, reversing its 442% year-to-date rally.
Another Monday… another MicroStrategy purchase. At this point, it looks like Michael Saylor never takes a day off when it comes to Bitcoin (BTC).
That’s right —the business intelligence firm has acquired another batch of Bitcoin, 2,136 BTC, a purchase worth US$209M (AU$336M), bringing the company’s total holdings to 446,400.
Although MicroStrategy slowed its acquisitions following significant purchases in November and December, it has continued to buy Bitcoin even though BTC is trading approximately 15% below its recent all-time high. As of this writing, the company’s holdings are valued at US$41.5B (AU$ 66.5 B), providing an unrealised profit of more than US$13B (AU$20.9B).
Related: Ripple’s Stablecoin RLUSD Sees 106% Growth in First Trading Weeks
As always, the world’s number one Bitcoin hater, Peter Schiff, was there to criticise the purchase. Classic Schiff move.
Anyway, Schiff claimed that MicroStrategy’s acquisitions are the primary driver behind Bitcoin’s price increases and argued that this smaller buy, executed at a price higher than the current market value, cannot sustain upward momentum for the cryptocurrency.
MSTR Share Price Drops Following Nasdaq-100 Inclusion
Bitcoin’s price has declined over the past few weeks, dropping from over US$108K (AU$173.5K) to US$94.2K (AU$151.3K), marking a 13% decrease. The drop follows the Federal Open Market Committee’s (FOMC) final meeting of the year, contributing to increased market uncertainty.
Despite its aggressive Bitcoin strategy, MicroStrategy’s stock, MSTR, has dropped by over 20% following its inclusion in the Nasdaq-100 on December 14, going from a November high of US$543 (AU$873) to around US$300 (AU$482).
This marks a sharp reversal after a year-to-date rally of 442%, suggesting traders are taking profits amidst broader market uncertainty.
Related: Aussie Analyst Says Crypto Done for, He’s Out if This Happens
Historically, MicroStrategy has experienced sharp pullbacks, with 40-50% declines not uncommon since adopting Bitcoin as its primary treasury asset in 2020. Some would see this either as just another pullback (aka, another buying opportunity), or that MSTR is testing its limits.
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