MicroStrategy disclosed that it purchased 21,021 Bitcoin between July 28 and Aug. 3 for roughly $2.46 billion, paying an average of about $117,256 per coin. The transaction ranks among the largest single-week accumulations ever recorded by the enterprise-software maker, which has recast itself as a significant corporate holder of the cryptocurrency under Executive Chairman Michael Saylor. The latest outlay bolsters MicroStrategyโs already industry-leading Bitcoin treasury and underscores its strategy of funding sizeable, periodic buys through the capital markets. Barronโs reported that the companyโs shares advanced after the announcement, reflecting investor enthusiasm for its concentrated bet on the token. MicroStrategyโs move comes amid renewed corporate interest in digital assets. Tokyo-listed Metaplanet recently added 463 Bitcoin, while London-traded Smarter Web Company raised $10.75 million to expand its holdings to 2,050 coins. The buying spree contrasts with $223 million of outflows from digital-asset investment products cited by market analysts as traders mull the Federal Reserveโs interest-rate path.
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Michael Saylorโs Bitcoin juggernaut is at it again, buying near the highs with the kind of capital-markets firepower no other crypto firm can match https://t.co/1hkSuLysGB