MicroStrategy Acquires $147M in Bitcoin, Expanding Holdings to 158K BTC

MicroStrategy, a prominent business intelligence firm renowned for its significant Bitcoin investments, has once again sent a resounding bullish signal to the cryptocurrency market. The company recently disclosed its latest acquisition of a substantial amount of digital assets.

Michael Saylor, the co-founder and executive chairman of MicroStrategy, chose to make this announcement via X (formerly Twitter) on September 25th. In this revelation, Saylor disclosed that MicroStrategy had acquired a total of 5,445 BTC, valued at $147.3 million in cash. The acquisition was made at an average price of $27,053 per Bitcoin.

This purchase was detailed in a Form 8-K filing with the United States Securities and Exchange Commission, indicating that MicroStrategy and its subsidiaries executed the acquisition between August 1st and September 24th.

As of September 24th, MicroStrategy and its subsidiaries held an impressive aggregate of approximately 158,245 BTC. These holdings were accumulated at an average purchase price of approximately $29,582 per Bitcoin, inclusive of associated fees and expenses, as highlighted in the filing. In total, MicroStrategy’s Bitcoin holdings amounted to an estimated $4.68 billion in terms of aggregate purchase price.

This significant acquisition by MicroStrategy coincides with a period of relatively sideways trading for Bitcoin, with the cryptocurrency hovering around $26,000 in recent weeks. After briefly touching $28,000 on August 29th, Bitcoin experienced a dip, reaching as low as $25,000 on September 11th. At the time of reporting, Bitcoin was trading at approximately $26,081, reflecting a 1.9% decrease in the past 24 hours, according to CoinGecko data. Over the last seven days, Bitcoin recorded a decline of roughly 4%.

MicroStrategy’s latest purchase serves as a reaffirmation of the company’s steadfast bullish stance on Bitcoin. This follows a previous acquisition in June 2023, during which MicroStrategy purchased 12,333 BTC for $347 million, at an average purchase price of $29,668 per coin.

In the first quarter of 2023, MicroStrategy reported its first profitable quarter since 2020, primarily attributed to a one-time income tax benefit. The company sustained its profitability in the subsequent quarter, revealing a net income of $22.2 million in early August. These developments further underscore MicroStrategy’s commitment to Bitcoin as a strategic asset.

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