In a recent SEC statement, tech company MicroStrategy revealed that they had added over 1,000 Bitcoin to their holdings, shelling out a whopping $29.3 million in the process. This now puts their total Bitcoin count at a staggering 140,000, bought at an average cost of $29,803 per coin – making their investment over $4 billion.
It seems that they’re not the only ones interested in the cryptocurrency game, as Bank of America and Fidelity have also kept significant shares of MicroStrategy on their books. The buzz around Bitcoin shows no signs of slowing down, and it looks like more and more big players are looking to get a piece of the action.
In a recent SEC filing, Bank of America announced they had acquired over 86,000 shares of MicroStrategy during the first quarter. Just a few days later, Fidelity revealed they had picked up over 97,000 shares around the same time. While these numbers only cover the first few months of the year, they still offer a glimpse into the trading habits of these institutions. Despite the fact that MicroStrategy has started using Bitcoin as a reserve currency, many believe it is still one of the best ways to get exposure to digital currency. With founder Michael Saylor’s organization currently holding over 140,000 Bitcoins, it’s clear that there’s plenty of interest in this space.
MicroStrategy Defies Crypto Market Shakes and Continues Bitcoin Accumulation Amidst SEC and CFTC Proceedings
As the crypto market remains uncertain with mounting enforcement proceedings from the SEC and CFTC, MicroStrategy is undeterred in its quest to accumulate more and more Bitcoin to its portfolio. Despite accusations of tax wrongdoing against its former CEO, Michael Saylor, industry players, including crypto hedge funds and family offices, are watching MicroStrategy’s market swings.
While Bitcoin volatility has calmed down in recent weeks, traders are still assessing the asset’s bounce back from last year’s lows. Despite the uncertain macro circumstances, MicroStrategy remains committed to its long-term business policy of Bitcoin accumulation.
The Bollinger bands are moving significantly closer together on TradingView charts, indicating that volatility has diminished and the market currently appears to be calm.