MicroStrategy, the biggest corporate buyer of BTC, moved 1,652 BTC worth about $114.38 million to a new wallet. This transfer has drawn attention of many crypto investors and analysts as pointed out by the blockchain analysis platform Lookonchain.
The company has transferred a rather large amount of funds, but the balance of Bitcoin has not changed, which may indicate that there will be no sale this time. According to Lookonchain as of now, MicroStrategy holds 252,220 BTC worth of $17.56 billion.
Bitcoin’s Market Rise Boosts MicroStrategy’s Value
The company has an average purchase price of Bitcoin at $39,266 and has realised an unrealised value of $7.65 Bn. The Australian company has been buying bitcoins for years, and it now owns nearly 105,000 BTCs; Michael Saylor, CEO of MicroStrategy, is a vocal supporter of bitcoins as a better form of currency than fiat money.
MicroStrategy has other plans for Bitcoin in the pipeline. Over the last 3 years the company stated an aggressive plan to increase the total size of assets drastically. To that end, it plans to garner up to $42bn in equity and debt in an effort to increase its BTC holdings.
This gigantic funding target will be where further shares will be issued in at-the-market equity and fixed-income securities, and arrangements with banks are already in place for the transactions. Perhaps, this can be explained by the latest activity displayed by BTC on the market which by all indicators looks promising in MicroStrategy’s view.
However, with BTC at $69,470 at the time of writing, there was a slight 0.15% drop, the cryptocurrency has risen to the occasion since 2020 boosting an almost 2 thousand percent increase in the value of MicroStrategy’s share.
MicroStrategy’s investment, as threatened by the pandemic, is well armed and conservative and it echoes the company’s grand plan to achieve its financial goals regarding shareholder value through bitcoin, by using both the company’s funds and fund-raised capital to make it the world’s largest corporate holder of BTC.
