MicroStrategy, a prominent player in the business intelligence sector and a significant Bitcoin investor, recently sent a bullish signal to the cryptocurrency market.
The firm’s co-founder and executive chairman, Michael Saylor, announced on September 25th the acquisition of an additional 5,445 Bitcoins (BTC).
This substantial purchase was executed using $147.3 million in cash and came at an average price of $27,053 per BTC.
This strategic move was disclosed through a Form 8-K filing with the United States Securities and Exchange Commission, indicating that MicroStrategy and its subsidiaries made this acquisition between August 1st and September 24th.
As of the latter date, the company’s total Bitcoin holdings, including previous acquisitions, reached an impressive 158,245 BTC.
The average purchase price per Bitcoin, considering fees and expenses, stood at approximately $29,582, culminating in a total purchase price of $4.68 billion.
This acquisition transpired against the backdrop of Bitcoin trading in a relatively sideways fashion around the $26,000 mark for several weeks.
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After briefly touching $28,000 on August 29th, Bitcoin experienced a dip to as low as $25,000 on September 11th.
At the time of this writing, Bitcoin’s price stands at $26,081, reflecting a 1.9% decline over the past 24 hours, and a roughly 4% drop over the preceding week, according to data from CoinGecko.
MicroStrategy’s latest purchase further underscores the company’s optimistic outlook on Bitcoin as a long-term investment. It follows their acquisition of 12,333 BTC for $347 million in June 2023, at an average purchase price of $29,668 per coin.
In an earlier development, MicroStrategy reported its first profitable quarter since 2020 in Q1 2023, attributed to a one-time income tax benefit.
The company subsequently maintained profitability in the following quarter, revealing a net income of $22.2 million in early August.
MicroStrategy’s continued commitment to Bitcoin not only underscores their confidence in the cryptocurrency’s potential but also positions them as a notable institutional player in the crypto space, further contributing to the ongoing evolution of the digital asset landscape.
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