$CME Bitcoin - main 2410(BTCmain)$
MicroStrategy Buys Another 27,200 BTC for $2B; Bitcoin Profits Sit at $11B
The company's bitcoin yield thus far this quarter is 7.4% and over 26% year-to-date.
Michael Saylor's MicroStrategy (MSTR), the largest corporate holder of bitcoin, has bought another 27,200 bitcoin (BTC) for almost $2 billion.
The Tysons Corner, Virginia-based firm now holds 279,420 BTC, worth just under $23 billion as bitcoin has scaled to an all-time high of above $82,000.
Its bitcoin stash was acquired for a cumulative $11.9 billion, meaning MicroStrategy is currently in profit to the tune of around $11 billion. The company's bitcoin yield thus far this quarter is 7.4% and over 26% year-to-date, MicroStrategy announced on Monday.
The latest acquisition of 27,200 has already banked over $200 million in profit, given they were acquired at at an average price of $74,463 apiece and have appreciated nearly $8,000 per coin.
MicroStrategy's bitcoin-acquisition strategy involves issuing shares and then acquiring BTC with the proceeds, which helps to drive bitcoin's price further and by extension pumps the MSTR share price.
MSTR shares are up over 9% in pre-market trading at $295 as of the time of writing.
https://www.coindesk.com/markets/2024/11/11/microstrategy-buys-another-27200-btc-for-2b-bitcoin-profits-sit-at-11b/
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