MicroStrategy Acquires $150 Million Worth of Bitcoin
Software developer MicroStrategy (MSTR) has revealed in a regulatory filing that it purchased nearly $150 million worth of Bitcoin (BTC) between August 1 and September 24. The company stated that it acquired approximately 5,445 bitcoins for around $147.3 million in cash, at an average price of approximately $27,053 per bitcoin, inclusive of fees and expenses. This significant investment adds to MicroStrategy’s growing Bitcoin holdings.
MicroStrategy’s Expanding Bitcoin Portfolio
With this recent purchase, MicroStrategy now holds approximately 158,245 BTC, which were acquired at an aggregate purchase price of approximately $4.68 billion. The average purchase price per bitcoin stands at roughly $29,582. The company has been actively increasing its Bitcoin holdings, using its own funds and issuing and selling MSTR shares to finance the purchases.
In August, MicroStrategy announced plans to potentially raise up to $750 million by selling more stock, with the intention of using some of the proceeds to acquire additional bitcoin.
MicroStrategy’s Bitcoin Strategy and Future Plans
MicroStrategy’s continued accumulation of Bitcoin demonstrates its confidence in the long-term potential of the cryptocurrency. The company’s CEO, Michael Saylor, has been vocal about his belief in Bitcoin as a store of value and a hedge against inflation.
MicroStrategy’s growing Bitcoin portfolio not only serves as a treasury reserve asset but also positions the company as a significant player in the cryptocurrency space. As the company continues to invest in Bitcoin, it will be interesting to see how this strategy unfolds and whether other companies follow suit in diversifying their holdings with digital assets.
