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MicroStrategy, a firm specializing in business intelligence and a significant investor in Bitcoin (BTC), is signaling optimism in the market by revealing the purchase of another substantial amount of cryptocurrency.
On Sept. 25, Michael Saylor, co-founder and executive chairman of MicroStrategy, announced via X (formerly Twitter) that the company acquired 5,445 BTC. The acquisition was made for $147.3 million in cash, with an average cost of $27,053 per BTC.
As detailed in a Form 8-K filing with the United States Securities and Exchange Commission, MicroStrategy and its subsidiaries obtained this quantity between Aug. 1 and Sept. 24.
As of Sept. 24, MicroStrategy and its subsidiaries possessed a total of approximately 158,245 BTC, which were acquired at an average price of about $29,582 per coin, including fees and expenses, as noted in the filing. The total purchase price for MicroStrategy’s Bitcoin holdings amounts to $4.68 billion.
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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
This latest acquisition occurs as Bitcoin has been trading sideways around $26,000 in recent weeks. After briefly reaching $28,000 on Aug. 29, Bitcoin fell to a low of $25,000 on Sept. 11. At the time of this report, Bitcoin is priced at $26,081, reflecting a 1.9% decline over the last 24 hours, according to CoinGecko data. The cryptocurrency has also decreased by approximately 4% over the past week.
Related: Bitcoin purchased by corporate giants should not be feared — Michael Saylor
MicroStrategy’s recent acquisition further reinforces the company’s positive outlook on Bitcoin. Previously, the firm purchased 12,333 BTC for $347 million in June 2023 at an average acquisition price of $29,668 per coin.
In Q1 2023, MicroStrategy reported its first profitable quarter since 2020, attributed to a one-time income tax benefit. The company maintained profitability in the subsequent quarter, reporting $22.2 million in net income in early August.
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