Bitcoin Slips as Traders Shrug Off Latest MicroStrategy Buy
Bitcoin’s increasing reliance on purchase announcements for short rallies may not be an entirely healthy trend.
As a result, MicroStrategy now holds about 91,579 bitcoin.
BTIG also praised the firm's core business.
In making the announcement, the firm's board cited its "commitment to bitcoin."
This latest purchase brings the firm's total bitcoin holdings to around 91,326, bought for an average of $24,214 apiece.
According to Arcane, the new corporate buyers appear intent on keeping the cryptocurrencies for the long term "and see further upside potential in bitcoin."