Daily Scoop🍨: MicroStrategy Strengthens With Additional BTC 📣💪🚀
MicroStrategy Inc., the dot-com-era software maker turned leveraged Bitcoin proxy, bought an additional $1.5 billion of the cryptocurrency through the sale of stock.
It was the sixth consecutive Monday that the Tysons Corner, Virginia-based firm announced purchases of the digital asset. The purchases follow Friday’s announcement that MicroStrategy will be included in the Nasdaq 100 Index next week. It owns about $45 billion in Bitcoin.
The decision to add MicroStrategy to the Nasdaq 100 represents a major stamp of institutional acceptance for its controversy-courting founder, Michael Saylor, whose disdain for Wall Street convention has helped spur a 500% rally in its shares this year and made him a hero to Bitcoin bulls.
Its addition to the index on Dec. 23 is expected to fuel at least $2.1 billion stock purchases with over 200 exchange-traded products following the Nasdaq 100, according to Bloomberg Intelligence analyst James Seyffart.
MicroStrategy acquired 15,350 Bitcoin for an average price of approximately $100,386 from Dec. 9 through Dec. 15, according to an US Securities and Exchange Commission filing on Monday.
The company’s stock price has risen over 500% this year as it has accelerated its Bitcoin purchases. MicroStrategy aims to raise $42 billion over the next three years through at-the-market stock sales and convertible debt offerings, which will be used to buy more Bitcoin.
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