April 19, 2024
MicroStrategy's bullish stance on Bitcoin remains unwavering
Bitcoin News

MicroStrategy Bolsters Bullish Stance with $147 Million Bitcoin Purchase

MicroStrategy, a prominent business intelligence firm with significant investments in Bitcoin, has made a noteworthy move that signals optimism for the market by disclosing its acquisition of a substantial amount of cryptocurrency.

On September 25, Michael Saylor, co-founder and executive chairman of MicroStrategy, made the announcement on X (formerly Twitter) regarding the purchase of 5,445 BTC by the company. These coins were acquired for $147.3 million in cash, with an average price of $27,053 per BTC.

As reported in a Form 8-K filing submitted to the United States Securities and Exchange Commission, MicroStrategy and its subsidiaries completed this acquisition between August 1 and September 24.

As of September 24, MicroStrategy and its subsidiaries held a combined total of approximately 158,245 BTC, which were procured at an average purchase price of roughly $29,582 per coin, inclusive of associated fees and expenses. The total purchase price for MicroStrategy’s Bitcoin holdings now stands at $4.68 billion. This acquisition coincides with Bitcoin’s recent price fluctuations, with the cryptocurrency hovering around $26,000 for several weeks.

After briefly reaching $28,000 on August 29, Bitcoin saw a decline to as low as $25,000 on September 11. As of now, Bitcoin is trading at $26,081, marking a 1.9% decrease over the past 24 hours, based on data from CoinGecko. The cryptocurrency has also experienced a roughly 4% decline over the past seven days. MicroStrategy’s latest acquisition underscores the company’s optimistic outlook on Bitcoin. In June 2023, the firm previously acquired 12,333 BTC for $347 million, with an average purchase price of $29,668 per coin.

During Q1 2023, MicroStrategy reported its first profitable quarter since 2020, thanks to a one-time income tax benefit. The company continued its profitability in the subsequent quarter, with a net income of $22.2 million reported in early August.

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