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MicroStrategy Buys Another $147 Million Worth of Bitcoin

September 25, 2023
in Web3
Reading Time: 3 mins read
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MicroStrategy, the world’s largest company holder of Bitcoin, introduced its newest acquisition of the market’s largest cryptocurrency.

Per an SEC submitting submitted on Monday, between August 1 and September 24, the agency and its subsidiaries bought roughly 5,445 Bitcoin for about $147.3 million in money. The typical worth per coin, inclusive of charges and bills, was roughly $27,053.

With this latest buy, MicroStrategy has swelled its coffers to an combination of about 158,245 Bitcoin bought at a median buy worth of roughly $29,582.

The mixture buy worth for MicroStrategy’s Bitcoin holdings has amounted to $4.68 billion, per the submitting.

Whereas MicroStrategy’s ongoing accumulation of Bitcoin as soon as once more underscores the corporate’s confidence within the asset as a retailer of worth and a long-term funding, the continued bear market additionally implies that it’s considerably within the pink on its historic investments within the first cryptocurrency.

With Bitcoin down 1.7% on the day and buying and selling simply above $26,100 on the time of writing, the fiat worth of Bitcoin held on MicroStrategy’s steadiness sheet is at the moment standing at roughly $4.1 billion.

The agency beforehand purchased 12,333 BTC for $347 million in June 2023, at a median buy worth of $29,668 per BTC.

MicroStrategy started buying cryptocurrency again in August 2020, with co-founder Michael Saylor stating at the moment that the first motivation was to make use of it as a hedge towards inflation.

Earlier this 12 months, Saylor mentioned the corporate’s technique “is to purchase and maintain Bitcoin, and the important thing for us is to be constant, clear and accountable within the pursuit of that technique.”

MicroStrategy noticed its first worthwhile quarter since 2020 in Q1 2023, primarily attributed to a one-time earnings tax profit, sustaining profitability within the second quarter with $22.2 million in web earnings—regardless of a $24.1 million impairment cost on its Bitcoin holdings.

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Tags: BitcoinBuysMicroStrategyMillionWorth
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