MicroStrategy Acquires Additional Bitcoin, Bringing Total Holdings to 158K BTC

MicroStrategy, a prominent business intelligence company with a track record of significant Bitcoin investments, has once again demonstrated its confidence in the leading cryptocurrency. The company announced its latest acquisition of Bitcoin, signaling its continued bullish sentiment in the digital asset space.

On September 25, Michael Saylor, MicroStrategy’s co-founder and executive chairman, announced via the platform X (formerly known as Twitter) that the company had purchased an additional 5,445 BTC. This recent acquisition, costing the firm $147.3 million, translates to an average price of $27,053 per Bitcoin.

The purchase details, spanning from August 1 to September 24, have been documented in a Form 8-K filed with the United States Securities and Exchange Commission (SEC). As of the latest update on September 24, MicroStrategy and its subsidiary companies collectively hold approximately 158,245 BTC. This massive stash was acquired at an average cost of around $29,582 per Bitcoin, taking into account associated fees and expenses. Consequently, MicroStrategy’s total investment in Bitcoin has reached an impressive figure of $4.68 billion.

Bitcoin’s recent market performance has been relatively stagnant, hovering around the $26,000 mark for several weeks. After peaking at $28,000 at the end of August, the cryptocurrency experienced a drop to around $25,000 in mid-September. Current market data from CoinGecko indicates that Bitcoin is trading at $26,081, marking a 1.9% decrease over the last 24 hours and a decline of approximately 4% over the past week.

Despite the recent market lull, MicroStrategy’s fresh investment cements its unwavering optimism for Bitcoin’s potential. In June 2023, the firm made a notable acquisition of 12,333 BTC, costing $347 million, with an average buy-in price of $29,668 per Bitcoin.

Additionally, the company’s financial reports from 2023 highlight a positive trajectory. In the first quarter of the year, MicroStrategy celebrated its inaugural profitable quarter since 2020, attributed to a singular income tax benefit. The positive trend continued into the following quarter, with the company announcing a net income of $22.2 million in early August.

Via: 2Usethebitcoin.com

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