MicroStrategy Spends Over $29 Million To Buy Another 1045 Bitcoins

MicroStrategy concluded the purchase of over a thousand Bitcoins over the past couple of weeks. The U.S.-based business intelligence firm added 1045 BTC to its holdings at a total price of roughly $29.3 million. The news comes just days after the company disclosed one of its biggest BTC purchases, of 6500 BTC, for a whopping $161 million.

According to the form 8-K filed with the U.S. Securities and Exchange Commission (SEC) earlier today, Michael Saylor’s company purchased the Bitcoins between March 24, 2023, and April 4, 2023. The company acquired approximately 1045 BTC at an average price of roughly $28,016 per BTC.

As of April 4, 2023, MicroStrategy held an aggregate of approximately 140,000 BTC, which were acquired for an aggregate purchase price of $4.17 billion. The latest purchase brings the average purchase price of the company’s total Bitcoin holdings to $29,803.

With BTC trading at $28,217, MicroStrategy is just $1586 away from breaking even on its massive Bitcoin bet. Any price appreciation post that mark will pave the way toward profitability for Michael Saylor’s firm, which first purchased Bitcoin back in 2020 as a hedge against inflation.

MicroStrategy’s share price has tanked more than 4% since today’s market open. The stock is currently trading at $285, indicating that the latest BTC purchase failed to have a bullish impact on the company’s share price. The stock’s performance has been arguably better compared to last year when it took a hit of more than 72% due to a series of scandals and bankruptcies in the crypto market.

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