Microstrategy has acquired 5,445 BTC worth approximately $147.3 million at an average price of $27,053 per BTC. As of September 24, the company holds a total of 158,245 BTC.
Michael Saylor, the founder of MicroStrategy, made the announcement on X. Microstrategy’s form 8-k shows that the BTC acquisition happened between August 21 and September 24.
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
Read Also: Michael Saylor Reveals Why MicroStrategy Sold $11 Million Worth of Bitcoin on December 22
During this time, BTC traded around $26,000. It reached $28,000 briefly on August 29 and dropped to $25,000 on September 11. BTC is trading at $26,368.08, down 0.86% in the last 24 hours. It is also down 1.39% in the past week.
Under Saylor, Microstrategy has continued displaying commitment to Bitcoin. This strategy has garnered praise and criticism but has enabled the company to amass a substantial reserve of BTC, reinforcing its position in the crypto space.
Similarly, between April 29 and June 27, Microstrategy acquired 12,333 BTC at an average cost of $29,668 per BTC, amounting to $347 million. It came after Q1 of this year, which was Microstrategy’s first profitable quarter since 2020. This was due to a one-time income tax benefit, and the company stayed profitable, with a net income of $22.2 million reported in August for Q2.
Remarkably, during this period, the company’s stock price has surged by 200%, and its core business sales have increased by 4% year over year, with subscription services revenue seeing a 42% year-over-year growth.
Michael Saylor’s Relationship with Bitcoin
Michael Saylor has been an outspoken advocate for Bitcoin as a store of value and a hedge against inflation. Saylor’s journey into the world of Bitcoin began in August 2020. This was the first time MicroStrategy purchased Bitcoin.
The company has consistently increased its Bitcoin reserves, often leveraging its stock holdings for these acquisitions. Saylor’s strategic vision has given MicroStrategy a substantial Bitcoin reserve and has inspired other corporations and institutions to view cryptocurrencies as strategic assets for their treasuries.
With Microstrategy’s success, more companies are expected to follow its example, and the crypto market could see increased liquidity and mass adoption. Increased liquidity is good news because a veteran analyst has shared his belief that crypto assets need liquidity to grow.
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