MicroStrategy, the renowned business intelligence firm and Bitcoin enthusiast, has just made a substantial purchase of BTC to its already impressive Bitcoin holdings. Michael Saylor, co-founder and executive chairman of MicroStrategy, took to social media platform X (formerly Twitter) on September 25 to reveal the acquisition of 5,445 BTC.
MicroStrategy has acquired an additional 5,445 BTC for ~$147.3 million at an average price of $27,053 per #bitcoin. As of 9/24/23 @MicroStrategy hodls 158,245 $BTC acquired for ~$4.68 billion at an average price of $29,582 per bitcoin. $MSTR https://t.co/GbJtUoQfXv
— Michael Saylor⚡️ (@saylor) September 25, 2023
The acquisition of these 5,445 bitcoins came at an average price of $27,053 per coin, totaling approximately $147.3 million. This investment took place between August 1, 2023, and September 24, 2023, as detailed in a Form 8-K filing with the United States Securities and Exchange Commission (SEC). As of September 26, 2023, MicroStrategy and its subsidiaries held an astonishing 158,245 units of bitcoin.
The cumulative purchase price for MicroStrategy’s entire Bitcoin stash now stands at around $4,159,442,774 at press time, with an average purchase price of approximately $29,582 per BTC when factoring in fees and expenses.
MicroStrategy’s Ongoing Commitment to Bitcoin (BTC)
This recent acquisition is part of MicroStrategy’s enduring strategy to invest in Bitcoin, reflecting their steadfast belief in the cryptocurrency’s long-term value. MicroStrategy initially entered the Bitcoin (BTC) space in August 2020, announcing a $250 million investment, a pioneering move at the time for a publicly traded company. Since then, the firm has continuously expanded its Bitcoin holdings.
Meanwhile, MicroStrategy’s CEO, Michael Saylor, also remains a prominent advocate for Bitcoin. He has consistently championed Bitcoin as a superior store of value compared to traditional assets like gold and fiat currencies. Saylor has even gone as far as to predict that Bitcoin could eventually become the world’s reserve currency.
Despite periodic scrutiny and concerns about the risks associated with the company’s substantial Bitcoin investments, Saylor remains resolute in defending the strategy of the business intelligence company as a long-term investment that will ultimately yield substantial returns.
Notably, MicroStrategy’s foray into Bitcoin has had a profound impact on the cryptocurrency market. Their decision to invest in Bitcoin helped legitimize the cryptocurrency in the eyes of institutional investors, making it more attractive to others in the financial sector. Moreover, MicroStrategy’s Bitcoin investments have contributed, in one way or another, to driving up the price of the digital asset.
Bitcoin is currently worth $26,271.73 and has a 24-hour trading volume of $10,469,092,504. BTC has gained 0.45% during the past 24 hours but lost 2.09% over the last week. It continues to hold the top spot in terms of market cap, as expected, with a live market cap of $512,198,740,923 at the time of writing.
