MicroStrategy bought $147M worth of Bitcoin, now holds 158K BTC

Business intelligence firm and major Bitcoin (BTC) investor MicroStrategy is sending a bullish signal to the market by announcing the acquisition of another large stockpile of the cryptocurrency.

MicroStrategy co-founder and executive chairman Michael Saylor announced the firm’s purchase of 5,445 BTC on Twitter on September 25. The coins were purchased for $147.3 million in cash at an average price of $27,053 per BTC.

According to Form 8-K filings with the United States Securities and Exchange Commission, MicroStrategy and its subsidiaries acquired the amount between August 1 and September 24.

As of Sept. 24, MicroStrategy and its subsidiaries held a total of approximately 158,245 BTC, which was acquired at an average purchase price of approximately $29,582 per coin, including fees and expenses, the filing notes. The total purchase price of MicroStrategy’s total Bitcoin holdings is $4.68 billion.

The new purchases come as Bitcoin has traded sideways at around $26,000 over the past few weeks. After briefly touching $28,000 on August 29, Bitcoin slipped to a low of $25,000 on September 11. At the time of writing, Bitcoin is trading at $26,081, down 1.9% over the past 24 hours, according to data from CoinGecko. The cryptocurrency has also fallen by about 4% in the last seven days.

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MicroStrategy’s latest purchases confirm the company’s bullish stance on Bitcoin. The firm had previously purchased 12,333 BTC for $347 million in June 2023 at an average purchase price of $29,668 per coin.

In Q1 2023, MicroStrategy reported its first profitable quarter since 2020 due to a one-time income tax benefit. The company managed to maintain profitability in the next quarter and reported net income of $22.2 million in early August.

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