MicroStrategy published Form 8-K, revealing that it recently added 3,000 more BTC tokens to its portfolio. The total number of tokens is now 193,000, for an approximate value of $9.9 billion. The recent addition came at a value of approximately $155 million. Its last month’s addition was 850 BTC tokens for $37.2 million.
The average buying price comes to $31,544 at $6.1 billion. Michael Saylor, the founder and executive chairman of MicroStrategy, has confirmed the numbers. The recent addition to its holding was done between February 15, 2024, and February 25, 2024. Bitcoin purchases have been made via the issuance and sale of MicroStrategy shares. MicroStrategy sold 1 million shares for $610 million at the end of December 2023.
Constant accumulation by MicroStrategy is one of the factors driving the price of BTC. The firm’s commitment to add more tokens instills a sense of optimism among others, inspiring them to expand their portfolio as well, for the value is teased to rise more in the times to come. BTC is currently listed at $56,216.24, with a rise of 9.28% in the last 24 hours. It further reflects a surge of 8.215 in the last 7 days.
Experts anticipate that the value of BTC could soar more around Bitcoin Halving. If true, it would soon surpass the ATH to target a new milestone of $100,000. Bitcoin is, at the time of articulating this piece, looking to test the resistance at around $60,000.
Another factor that is pushing the price to rise is the inflow in the market via Spot Bitcoin ETF. The growth in institutional and retail holdings complements it. Bitcoin ETF is the second-largest ETF commodity, having surpassed silver in terms of AUM. BTC ETF holds approximately $39.40 billion, while Silver rallies at $11.5 billion.
Bitcoin even surpassed $57,000 for a few moments on February 26, 2024. That was the highest in the last 2 years, or November 2021, to be more specific.
Digital asset investment products bagged an inflow of $598 million in the previous week. Bitcoin registered an inflow of $570 million during the same time window. Its year-to-date inflow is now at $5.6 billion.
Notably, there was a decline in the value of Bitcoin for a few days after the approval of eleven Spot Bitcoin ETF applications. What worked well for BTC was a rise above $40,000 and support below the same margin that fell in line with the 100-day Moving Average.
Bullish sentiments are simultaneously evident in the trading value of ETH. The token is up by 3.79% in the last 24 hours, exchanging hands at $3,224.89 at the time of articulating this piece. UNI, even though it is down, is poised to rise past its current value in the times to come.