MicroStrategy, the largest publicly traded Bitcoin holder, recently moved 1,652 BTC—valued at around $114.38 million—to a new wallet. This move comes after its Q3 2024 earnings, raising speculation within the crypto community. The wallet, which shows only this single transaction, signals a possible intent to securely hold rather than sell.
MicroStrategy Moves 1,652 BTCs To A Wallet
Lookonchain reported that MicroStrategy transferred 1,652 BTC to a new wallet on November 2, marking the first transaction to this address. This has raised questions as the company may be relocating its Bitcoin holdings. This strategic move underscores the company’s proactive approach to fine-tuning its holding.
Valued at an impressive $114.38 million, this transaction not only raised eyebrows but focused on MicroStrategy’s unwavering confidence in Bitcoin’s long-term potential as well. Also, it highlights the firm’s commitment to enhancing the security of its digital assets.
The company now holds a staggering 252,220 BTC, which equates to an estimated $17.56 billion in value based on current market rates. With an average buying price of $39,266 per BTC, MicroStrategy is currently seeing an unrealized profit of around $7.65 billion.
Bitcoin Holdings Drive MSTR Stock Surge
MicroStrategy (MSTR) stock is currently trading at $229, reflecting a 6% decrease on Friday. The 24-hour trading volume stands at 26 million, notably above its average volume of 14 million. Recently, Canaccord has raised its price target for MSTR stock to $300 from $173, keeping a “Buy” rating on the stock.
In its recently released Q3 2024 financial report, MicroStrategy highlighted continued growth in its Bitcoin strategy, underscoring both its expanding BTC holdings and its plans to strengthen its balance sheet. This substantial holding aligns with the company’s long-term vision, as it plans to raise an additional $42 billion to continue accumulating Bitcoin over the next three years, further solidifying its position in the cryptocurrency market.
BTC price fell 2% in the past 24 hours, with the price currently trading at $69,354. The 24-hour low and high are $68,803 and $71,559, respectively. Furthermore, the trading volume has decreased by 26% in the last 24 hours, indicating a decline in interest among traders.
Coingape Staff
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