Bitcoin surges on MicroStrategy’s $4.6b acquisition

Bitcoin experienced a 1.28 per cent rise on Tuesday, reaching $91,672.739 at 5:15 am ET (10:15 GMT), driven by MicroStrategy’s announcement on Monday that it has expanded its bitcoin holdings to 331,200 BTC.

The company acquired an additional 51,780 BTC for approximately $4.6 billion, bringing its average purchase price to $88,627 per bitcoin. This follows a recent purchase of 27,200 BTC for around $2 billion.

With this acquisition, MicroStrategy now holds over 1 per cent of bitcoin’s total supply, solidifying its position as a major player in the cryptocurrency market.

Attribution: MarketScreener, Amwal Al Ghad English, CoinMarketCap

Subediting: Y.Yasser