Breaking: MicroStrategy Makes Major Bitcoin Purchase
MicroStrategy's Michael Saylor reveals a new Bitcoin purchase of $155 million, bringing the BTC holdings to 193,000.
On Monday, Michael Saylor, executive chairman and co-founder of MicroStrategy, announced that the organization had acquired an additional $155 million worth of Bitcoins, bringing its total BTC holdings to 193,000.
Michael Saylor has taken a significant step in advance of the halving of Bitcoin and the accumulation of Bitcoin by spot Bitcoin ETFs.
MicroStrategy Acquires 3000 Bitcoins
MicroStrategy Inc. received nearly 3,000 Bitcoins for approximately $155.4 million in cash, according to a new filing with the U.S. Securities and Exchange Commission dated February 26.
However, between 15 and 25 February 2024, MicroStrategy acquired BTCs at an average price of approximately $51,813 per transaction.
According to Michael Saylor, MicroStrategy and its subsidiaries collectively possess 193,000 Bitcoins, which were acquired at an average price of $31,544 per Bitcoin and for nearly $6.09 billion.
The Bitcoin acquisition was funded by the sales agreement-mandated proceeds from the issuance and sale of shares, as disclosed on November 30, 2023.
On December 27, MicroStrategy made its most recent acquisition of 14,620 BTC for an estimated $615.7 million.
Michael Saylor maintains an unfazed stance regarding the potential adverse consequences of Bitcoin ETFs on MSTR.
Saylor argues that MicroStrategy is unique in comparison to ETFs, which operate as for-profit entities and incur expenses.
As a diversification strategy, MicroStrategy entrusts 98% of its Bitcoin holdings to Fidelity Custody and utilizes Coinbase Prime for comprehensive asset management and security.
BTC and MSTR Stock Price Performance
Today, MicroStrategy stock (NASDAQ: MSTR) is trading at $699.2, an increase of 1.71% in pre-market hours.
The stock is anticipated to surpass $700 once more.
As a result of the Bitcoin upswing in 2023 and 2024, the price of MSTR stock increased significantly.
With a month-on-month increase of 39% and an annual increase of over 160%, MSTR stock has surged an astounding 316% since the start of 2023.
The price of Bitcoin experienced a 1% increase in the last hour, recovering from its 24-hour low of $50,931.
Nevertheless, at the moment, the price is $51,410.
The 24-hour low and high are, respectively, $50,931 and $51,950.
In addition, the trading volume has witnessed a surge of 10% over the past 24 hours, suggesting an upsurge in trader interest.
