MicroStrategy's Bitcoin Transfer and Expansion Plans

According to recent on-chain data, corporate Bitcoin holder MicroStrategy moved 1,652 Bitcoin, worth about $114.38 million, to a new wallet. This transfer, reported by Lookonchain, occurred hours ago and has garnered significant attention from the crypto community.

MicroStrategy, known for its large Bitcoin holdings, continues to make strategic moves to manage its digital assets.

Key Details of the Transfer

According to Lookonchain, the MicroStrategy wallet transferred 1,652 BTC worth $114.38 million to a new wallet hours back. However, the shift may not indicate selling, as MicroStrategy's Bitcoin stockpile has not decreased and remains the same as reported at the end of September.

Lookonchain reports that MicroStrategy currently holds 252,220 BTC worth $17.56 billion, with an average buying price of $39,266 and an unrealized profit of $7.65 billion.

Future Plans to Expand Holdings

Looking ahead, MicroStrategy has ambitious plans to further expand its Bitcoin holdings. This week, it announced plans to fund $42 billion over the next three years to buy more Bitcoin.

As of the time of writing, BTC was down 0.15% in the last 24 hours to $69,470 after reaching highs of $73,600 in Tuesday's trading session. The meteoric rise in Bitcoin prices since 2020 has fueled a gain of almost 2,000% in MicroStrategy's share price.

Increasing Bitcoin Stockpile

MicroStrategy prides itself on being the largest public corporate holder of Bitcoin, with around $18 billion on its financial sheet. The company intends to increase holdings by selling up to $42 billion in equity and fixed-income instruments.

MicroStrategy claims it has hired banks to assist in raising $42 billion through the sale of additional shares and fixed income to buy more Bitcoin following a flurry of transactions over the last year. It says it has hired several banks to sell stock in an at-the-market offering that could fetch $21 billion, while also planning sales of fixed-income instruments that might generate the same amount.

Notably, MicroStrategy has raised billions over the last year through the sale of convertible senior notes and shares, which its bankers can sell into the market to increase its Bitcoin stockpile.

>This article was originally published on U.Today