MicroStrategy Deepens Investment in Bitcoin with $147M Acquisition

In a strategic move strengthening its position as a key player in the Bitcoin investment landscape, business analytics giant MicroStrategy has added another stash to its already significant Bitcoin holdings. 

On September 25th, MicroStrategy's co-founder and executive chairman, Michael Saylor, disclosed via social media that the company had acquired an additional 5,445 BTC. The cryptocurrency was purchased for a total of $147.3 million, averaging $27,053 per Bitcoin.

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This information was further confirmed in a Form 8-K filed with the US Securities and Exchange Commission, which revealed that the purchase occurred between August 1st and September 24th.

The recent acquisition brings MicroStrategy's total Bitcoin holdings to an impressive 158,245 BTC, purchased at an average cost of approximately $29,582 per Bitcoin. Thus, the total value of MicroStrategy's Bitcoin holdings is around $4.68 billion.

This purchase occurred during a period of relative stability in the Bitcoin market, with the cryptocurrency trading near the $26,000 mark in recent weeks. Despite a short-lived spike to $28,000 on August 29th and a subsequent dip to $25,000 on September 11th, Bitcoin is currently trading at $26,290, reflecting a minor 0.5% drop over the past 24 hours and a 2.9% decline over the last week.

Notably, MicroStrategy's expanded investment in Bitcoin is not an isolated incident. In June 2023, the firm acquired 12,333 BTC at an average of $29,668 per Bitcoin, spending $347 million. 

MicroStrategy's latest Bitcoin acquisition reiterates the firm's bullish outlook on the digital currency. With a total investment now nearing $4.7 billion, the company sets a confident example for other institutional investors contemplating an entrance or further investment in cryptocurrency.