The Announcement
MicroStrategy has once again made a major investment in Bitcoin, signaling its confidence in the cryptocurrency market. In a recent announcement on X, Michael Saylor, co-founder and executive chairman at MicroStrategy, revealed that the company has purchased an additional 5,445 BTC. The purchase was made at an average price of $27,053 per BTC, totaling $147.3 million in cash.
Continued Bitcoin Accumulation
This recent purchase is part of MicroStrategy's ongoing efforts to acquire more Bitcoin. According to a filing with the United States Securities and Exchange Commission, the company has been steadily accumulating BTC between August 1, 2023, and September 24, 2023.
As of September 24, MicroStrategy and its subsidiaries now hold a total of approximately 158,245 bitcoins. These coins were acquired at an average purchase price of roughly $29,582 per BTC, which includes fees and expenses. The aggregate purchase price for MicroStrategy's Bitcoin holdings now stands at an impressive $4.68 billion.
Bitcoin Price Update
While Bitcoin has experienced some price fluctuations in recent weeks, MicroStrategy remains committed to its bullish stance on the cryptocurrency. Bitcoin has been trading around $26,000, with a brief surge to $28,000 on August 29. However, it dipped as low as $25,000 on September 11. At the time of writing, Bitcoin is valued at $26,081, marking a 1.9% decrease over the past 24 hours and a 4% drop over the past seven days, according to data from CoinGecko.
Firm Confidence in Bitcoin
This latest purchase by MicroStrategy once again demonstrates the company's confidence in Bitcoin's long-term value. In June 2023, the firm acquired 12,333 BTC for $347 million at an average price of $29,668 per BTC.
MicroStrategy's faith in Bitcoin has paid off financially as well. In the first quarter of 2023, the company reported its first profitable quarter since 2020, thanks to a one-time income tax benefit. MicroStrategy's profitability continued in the second quarter, with a reported net income of $22.2 million in early August.
