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MicroCloud Hologram buys $16 million stake in Strategy’s Bitcoin holdings
The $15.8 million purchase adds 140,268 Strategy shares to MicroCloud’s digital asset portfolio, and HOLO shares jumped roughly 3% on the day after the disclosure.
Chinese holographic company MicroCloud Hologram has acquired 140,268 shares of Strategy, formerly MicroStrategy, described as the world’s largest Bitcoin treasury company, in its first investment in the firm, according to Yahoo Finance.
The deal is valued at about $16 million and MicroCloud cited Strategy’s portfolio of Bitcoin related assets as the rationale for the move as it seeks to expand its digital asset footprint.
Yahoo Finance added that HOLO shares ended about 3% higher in Friday’s trading session and were up over 7% on the day of the report.
The outlet also noted that despite the positive market reaction, MicroCloud is down about 27% year to date and about 57% over the past year, tying the underperformance to uncertainty over where its core business truly lies, alongside customer concentration risk in its hologram related operations.
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