MicroStrategy Acquires $147.3 Million in Bitcoin

MicroStrategy, a significant Bitcoin investor and business intelligence company, is sending a bullish signal to the market by announcing the acquisition of yet another large amount of cryptocurrency.

Michael Saylor, co-founder and executive chairman of MicroStrategy, announced a 5,445 BTC purchase on X (previously Twitter) on September 25.

The coins were purchased for a total of $147.3 million at an average price of $27,055 per bitcoin. According to a Form 8-K filing with the United States Securities and Exchange Commission, MicroStrategy and its subsidiaries acquired the amount between Aug 1 and Sept 24.

The filing indicates that as of September 24, MicroStrategy and its subsidiaries held a total of approximately 158,245 BTC, which were acquired at an average purchase price of approximately $29,582 per coin, including fees and expenses.

MicroStrategy’s total Bitcoin holdings have a total purchase price of $4.68 billion. In recent weeks, Bitcoin’s price has been relatively stable, fluctuating between $26,000 and $27,000.

On September 11, Bitcoin fell to as low as $25,000 after momentarily reaching $30,000 on August 29. Bitcoin is trading at $26,081 at the time of writing, down 1.9% over the past 24 hours, according to data from CoinGecko.

In addition, the value of the cryptocurrency has decreased by roughly 4% over the past week. The most recent acquisition by MicroStrategy reaffirms the company’s bullish stance on Bitcoin.

In June 2023, the company acquired 12,333 BTC for $347 million at an average purchase price of $29,667 per coin. Due to a one-time income tax benefit, MicroStrategy reported its first profitable quarter since Q1 2020 in Q1 2023.

The company was able to maintain profitability in the following quarter, reporting a net income of $22.2 million in early August.