Bitcoin Suddenly Primed For Shocking $ 400 Million Surprise

Bitcoin has been hovering just below its all-time highs for a few weeks now, leaving investors speculating whether it will break the $ 20,000 psychological barrier per bitcoin or when.

The bitcoin price has soared in part due to companies including the business intelligence company MicroStrategy

and huge Square charges

adding bitcoin to their corporate treasures.

Now, the Nasdaq

MicroStrategy on the list has said it will nearly double its bitcoin investment, announcing plans to sell up to $ 400 million of convertible bonds to buy more bitcoin.

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The bitcoin and cryptocurrency community was set on fire by a $ 425 million MicroStrategy shock bitcoin purchase this summer with the company’s chief executive, Michael Saylor, embarking on a bitcoin-touting blip tour.

“I want something I could put $ 425 million in for 100 years,” Saylor told Coindesk, a bitcoin and cryptocurrency media outlet in September.

MicroStrategy’s bitcoin investment has so far proven to be very profitable, with the total value of its bitcoin holdings now worth nearly $ 800 million. The company’s stock has tripled since the summer.

In addition to doubling down on its bitcoin allocation, MicroStrategy is also looking at ways it could offer bitcoin data products and services.

Last week, MicroStrategy revealed it had bought another $ 50 million worth of bitcoin, taking its hoard to about 41,000 bitcoins, Saylor said via Twitter.

MicroStrategy’s proposed $ 400 million bitcoin investment would increase its holdings by nearly 21,000 bitcoin tokens at current prices.

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Bitcoin traders and investors see MicroStrategy’s continued support as bullish for the bitcoin price with many looking for direction after bitcoin’s nearly three-month bull run delayed at just under $ 20,000.

“The news of MicroStrategy’s purchase of bitcoins for the price close to $ 19,500 may become a major factor of bitcoin support this week,” Alex Kuptsikevich, FxPro’s senior financial analyst, said by email.

“The company bought $ 50 million worth of coins, while they each owned nearly 41,000 bitcoin. Although compared to the traditional market, this is a relatively small investment, nevertheless, an injection of ‘ such a very tangible positive stimulus for the crypto market. “