MicroStrategy buys $147M worth of Bitcoin, now holds 158K BTC

September 25, 2023 admin Cryptocurrency News 0

MicroStrategy, a business intelligence firm and major Bitcoin (BTC) investor, is sending a bullish signal to the market by announcing the acquisition of another big stash of cryptocurrency.

Michael Saylor, co-founder and executive chairman at MicroStrategy, took to X (formerly Twitter) on Sept. 25 to announce a 5,445 BTC purchase by the firm. The latest Bitcoin stash was bought at an average price of $27,053 per BTC, or for $147.3 million in cash.

According to a Form 8-K filing with the United States Securities and Exchange Commission, MicroStrategy and its subsidiaries have been in the process of acquiring the amount between Aug. 1, 2023 and Sept. 24, 2023.

As of Sept. 24, MicroStrategy and its subsidiaries held an aggregate of approximately 158,245 bitcoins, which were acquired at an average purchase price of roughly $29,582 per BTC, inclusive of fees and expenses, the filing notes. The aggregate purchase price for MicroStrategy’s total Bitcoin holdings has amounted to $4.68 billion.

The new purchase comes as Bitcoin trades sideways around $26,000 over the past few weeks. After briefly touching $28,000 on Aug. 29, Bitcoin slipped to as low as $25,000 on Sept. 11. At the time of writing, Bitcoin is trading at $26,081, down 1.9% over the past 24 hours, according to data from CoinGecko. The cryptocurrency is also down around 4% over the past seven days.

Related: Bitcoin bought by corporate giants should not be feared — Michael Saylor

MicroStrategy’s latest Bitcoin purchase further reaffirms the company’s bullish stance on Bitcoin. The firm previously bought 12,333 BTC for $347 million in June 2023, at an average purchase price of $29,668 per BTC.

In Q1 2023, MicroStrategy reported its first profitable quarter since 2020 due to a one-time income tax benefit. The company managed to retain profitability in the next quarter, reporting $22.2 million in net income in early August.

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