The famous corporate software company MicroStrategy, with headquarters in Tysons Corner, Virginia, has boosted its Bitcoin (BTC) holdings by buying an extra 3,000 BTC this month, despite rumors of a breach on its X (previously Twitter) social network account.
The transaction, which totals $155.4 million, brings the company’s Bitcoin inventory to over $9.88 billion at current market values, according to Bloomberg.
Filings with the US Securities and Exchange Commission (SEC) on Monday revealed that the transactions occurred between February 15 and February 25. Consequently, MicroStrategy now has about 193,000 tokens worth of Bitcoin.
MicroStrategy’s co-founder Michael Saylor started the company’s Bitcoin purchasing frenzy in 2020 as a way to diversify their cash holdings and protect themselves from inflation.
Saylor recently spoke on his intention to keep the cryptocurrency in an interview with Bloomberg TV, when he said, “there’s no need to sell the winner.” The value of Bitcoin has increased by over 460% since MicroStrategy started buying it.
As revealed in the filing, the most recent purchase of 3,000 BTC cost $51,813, bringing the total value of the company’s Bitcoin holdings to an average of $31,544.
As of early Monday trading, the price of Bitcoin was hovering at $51,100, but the market leader is displaying indications of fresh positive momentum, and is now trading around $52,800, a 2.5% gain over the last 24 hours.
The large Bitcoin holdings of MicroStrategy are evidence of the company’s vision and faith in Bitcoin as an investment opportunity, especially given the ongoing price surge of BTC.
The future of MicroStrategy’s Bitcoin holding management is uncertain. Still, Saylor’s remarks point to a long-term perspective, suggesting the business has no plans to sell its Bitcoin in the near future.
The co-founders of the data analytics business Glassnode, Yan Alleman and Jan Happel, have said that Bitcoin is closing in on its 26-month peak.
The cryptocurrency has been trading in a tight range between $51,000 and $52,000 since February 15th, but recent momentum indicates that it is about to break out over $53,000.
The study of the Glassnode co-founder indicates that the market is now in a positive mindset, with potential price targets of $57,000 and $58,000, followed by an all-time high (ATH) of $69,000, indicating that the present bull run will likely continue.
Michael Van de Poppe, a cryptocurrency expert, has a different take on the near-term prospects for the price of Bitcoin. Van de Poppe said he doesn’t know whether the price of the coin will immediately adjust.
According to the expert, the price might reach its highest point between $54,000 and $58,000 before seeing a significant decline between $40,000 and $42,000. According to Van de Poppe’s research, the impending halving event will have an effect on bitcoin market price fluctuations.
Also Read: Bitcoin leak expected to cease as GBTC reaches lowest-ever $22M outflow
