MicroStrategy has disclosed the acquisition of 12,333 bitcoins in its recent filing with the U.S. Securities and Exchange Commission. The purchase was made between April 29 and June 27 and was worth approximately $347 million.
The company now holds 152,333 bitcoin with an average price of $29,668 apiece.
MicroStrategy, a company specializing in business intelligence, mobile software, and cloud-based services, holds the most significant amount of Bitcoin among publicly traded companies. Since August 2020, the firm has been purchasing cryptocurrency as a hedge against inflation, as stated by co-founder Michael Saylor. Today, Saylor shared the news of the company’s continued expansion of its Bitcoin treasury on Twitter.
Bitcoin Technical Analysis
At the time of writing, Bitcoin trades around $30,000 after an attempt to break the $32,500 resistance. This pivotal level is essential to the continuation of the uptrend. Breakout from this resistance could lead to a massive uptrend rally reaching $40,000 to $42,000. If unsuccessful, Bitcoin can be seen in a prolonged sideways market.
