MicroStrategy’s Bitcoin Bullish Streak: Acquires $147.3 Million Worth, Holds Over 158,000 BTC
In a bold move that reaffirms its commitment to the world’s largest cryptocurrency, MicroStrategy has once again bolstered its Bitcoin holdings. The tech giant recently acquired an additional 5,445 BTC at an approximate cost of $147.3 million, securing each coin at an average price of $27,053. This acquisition marks MicroStrategy’s continuous journey into the world of digital assets, even amidst a crypto market downturn.
MicroStrategy’s most recent Bitcoin purchase on September 24, 2023, brings its total holdings to an impressive 158,245 BTC. This extensive cryptocurrency collection has been amassed at an average price of $29,582 per Bitcoin, signaling the company’s unwavering faith in the long-term potential of the cryptocurrency market.
The tech firm first ventured into the world of Bitcoin investments in August 2020, a decision that raised eyebrows in the corporate world. However, since that pivotal moment, MicroStrategy has consistently accumulated billions of dollars worth of Bitcoin, demonstrating its conviction in the primary cryptocurrency’s future.
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
To facilitate these substantial investments, MicroStrategy has strategically sold a total of 403,362 MSTR shares, using the proceeds to acquire Bitcoin. In August, the company revealed its plans to raise an additional $750 million through share sales, with the intention of further expanding its crypto holdings alongside other investment assets.
As of September 24, 2023, MicroStrategy boasts an impressive stash of 158,245 Bitcoin, an acquisition that has set the company back approximately $4.68 billion. This monumental investment further solidifies the company’s position as a significant player in the crypto space.
In a noteworthy financial development, MicroStrategy has reported a profit of $22.2 million in the second quarter of the year. This starkly contrasts with the cryptocurrency-related losses of $917.8 million the company endured a year prior. The remarkable reduction in losses, down to $24.1 million, underlines the company’s ability to navigate the volatile crypto market successfully.
Despite the company’s steadfast commitment to Bitcoin and its impressive financial results, the cryptocurrency markets have displayed a muted reaction to MicroStrategy’s latest acquisition. According to data from TradingView, Bitcoin has been fluctuating around the $26,000 mark for several hours, with no immediate signs of a significant price surge.
In summary, MicroStrategy’s recent Bitcoin acquisition reaffirms its bullish stance on the cryptocurrency market. With over 158,000 BTC in its possession, the tech giant continues to lead the corporate world in its pursuit of digital assets.
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