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FameEX Hot Topics | Microstrategy Boosts Bitcoin Investment to $347 Million, Elevating Total Holdings to 152,333 BTC

2023-06-29 17:04:00

Microstrategy, the renowned business intelligence and software company listed on Nasdaq, has further increased its bitcoin holdings by purchasing an additional 12,333 BTC for approximately $347 million. This acquisition has propelled Microstrategy's total cryptocurrency holdings to an impressive 152,333 BTC. The company's co-founder and executive chairman, Michael Saylor, took to Twitter to make the announcement.

Saylor revealed that the recent purchase was made at an average price of $28,136 per bitcoin. He also disclosed that as of June 27, 2023, Microstrategy has accumulated a total of 152,333 BTC at an average price of $29,668 per bitcoin. These additional coins were acquired between April 29 and June 27, as stated in the company's filing with the U.S. Securities and Exchange Commission (SEC). It's worth noting that the current price of bitcoin stands at $30,109.

Saylor has long been a vocal proponent of bitcoin, and in a recent tweet, he expressed his belief that the cryptocurrency now enjoys support from various influential entities such as presidential candidates, regulators, legislators, money managers, bankers, investors, and the general public. Saylor anticipates a future filled with positive developments for those who seek to expand the use of bitcoin as a tool for economic empowerment.

Microstrategy's announcement arrived amidst a series of positive advancements in the cryptocurrency industry. Notably, Blackrock, the world's largest asset manager, recently filed for a bitcoin trust, which many speculate to be a spot bitcoin exchange-traded fund (ETF). This move by Blackrock has inspired several other major companies, including Fidelity, to submit similar filings, thereby instilling optimism within the crypto space that the Securities and Exchange Commission may soon approve a spot bitcoin ETF.

Moreover, the launch of EDX, a cryptocurrency exchange facilitating the trading of four cryptocurrencies, made waves in the financial world. Noteworthy investors in the platform include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. Additionally, Deutsche Bank has applied for a license to offer crypto custody services in Germany, highlighting the growing institutional interest in digital asset infrastructure. In a similar vein, banking giant HSBC recently enabled bitcoin and ethereum ETF trading on its mobile apps in Hong Kong.

These recent developments signify the increasing adoption and acceptance of cryptocurrencies within traditional financial institutions, paving the way for wider cryptocurrency integration into global markets. Microstrategy's continued accumulation of bitcoin and the positive momentum in the industry indicate a promising future for the mainstream adoption of cryptocurrencies as valuable financial instruments.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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