RE: Nice rise27 Dec 2023 22:22
🚀 "Dec 27 (Reuters) MicroStrategy said on Wednesday it had bought bitcoin worth about $615.7 million in cash, amid growing expectations that the top U.S. markets regulator will soon approve a spot bitcoin exchange traded fund (ETF).
The company and its subsidiaries purchased about 14,620 bitcoins at an average price of roughly $42,110 between Nov. 30 and Dec. 26, according to a regulatory filing.
Shares of the Virginia-based company jumped 8% in afternoon trading. MicroStrategy has surged over 350% this year, while bitcoin has gained nearly 160%.
"This is not a short-term trading strategy but rather reflects a belief that bitcoin will ultimately prove a superior store of value," said analysts at TD Cowen.
MicroStrategy, which began buying the cryptocurrency in 2020, said it together with subsidiaries now holds about 189,150 bitcoins bought for about $5.9 billion.
The company has said its bitcoin investments are intended as long-term holdings and that it expects to continue to accumulate the world's biggest and best-known cryptocurrency.
Like I said Saylor is not selling😁.