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MicroStrategy, the business intelligence firm known for its significant Bitcoin investments, has added to its cryptocurrency holdings with a recent purchase of 5,445 BTC at an average price of $27,053 per coin. This move reflects a 9% lower average purchase price compared to the firm’s previous Bitcoin acquisitions.
Purchase
Michael Saylor, co-founder and executive chairman of MicroStrategy, made the announcement of the BTC acquisition on September 25th. The firm acquired the 5,445 BTC for a total of $147.3 million in cash. The purchase occurred between August 1st and September 24th, as revealed in a Form 8-K filing with the United States Securities and Exchange Commission (SEC).
MicroStrategy’s Bitcoin Holdings
As of September 24th, MicroStrategy and its subsidiaries held a combined total of approximately 158,245 BTC. These holdings were acquired at an average purchase price of approximately $29,582 per coin, including fees and expenses. The aggregate purchase price for MicroStrategy’s entire Bitcoin portfolio now stands at $4.68 billion.
Market Context
This latest purchase coincides with a period of relatively sideways trading for Bitcoin, which has been hovering around $26,000 in recent weeks. After briefly touching $28,000 on August 29th, Bitcoin saw a dip to as low as $25,000 on September 11th. At the time of reporting, Bitcoin is priced at $26,081, marking a 1.9% decrease over the past 24 hours and a roughly 4% decline over the past week, based on data from CoinGecko.
MicroStrategy’s Ongoing Bullish Stance
MicroStrategy’s latest Bitcoin acquisition reaffirms the company’s unwavering bullish stance on the cryptocurrency. In June 2023, the firm made headlines by purchasing 12,333 BTC for $347 million at an average price of $29,668 per coin. This strategic approach aligns with MicroStrategy’s belief in the long-term potential of Bitcoin as a store of value.
Financial Performance
In Q1 2023, MicroStrategy reported its first profitable quarter since 2020, thanks in part to a one-time income tax benefit. The company continued to maintain profitability in the subsequent quarter, revealing a net income of $22.2 million in early August.
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