Bitcoin’s price fell by 2% within an hour after MicroStrategy announced its eighth consecutive weekly BTC acquisition.
According to CryptoSlate’s data, the market reaction was less enthusiastic about the firm’s latest Bitcoin purchase, which dragged BTC down to $92,900 at the time of writing —a 10% drop from its record high of over $108,000.
Similarly, the company shares are down 4% at pre-market trading to $330, according to Google Finance data.
MicroStrategy’s Bitcoin acquisition
On Dec. 30, MicroStrategy Chairman Michael Saylor revealed that the company purchased 2,138 BTC for $209 million.
This marks the firm’s smallest acquisition in the last eight weeks, a period during which it accumulated approximately 195,000 BTC at a total cost of $18 billion.
The company has primarily funded these acquisitions using its at-the-market (ATM) program, which raises funds through the issuance of shares or securities. As of Dec. 30, MicroStrategy still has about $6.8 billion worth of shares available for sale that could be used to fund future BTC purchases.
These aggressive Bitcoin acquisitions have increased MicroStrategy’s reserves to 446,400 BTC, making it the largest corporate holder of the top crypto. Based on current market prices, these holdings are worth approximately $41.8 billion.
Saylor emphasized the strong performance of the firm’s Bitcoin holdings, which have generated a quarter-to-date return of 47.8% and a year-to-date yield of 74.1%.
