Bitcoin maximalist Michael Saylor on Wednesday announced that MicroStrategy has acquired 2,500 Bitcoins. As of December 27, MicroStrategy holds nearly 132,500 bitcoin acquired for over $4 billion at an average price of $30,397 per Bitcoin, as per an SEC filing.
Bitcoin purchases by MicroStrategy have always been a bullish signal for the BTC price. However, Bitcoin price fails to show any significant move after the recent report.
During the period between November 1 and December 21, MicroStrategy through its wholly-owned subsidiary MacroStrategy purchased 2,395 Bitcoins for about $42.8 million.
Moreover, MacroStrategy sold almost 704 bitcoins for cash proceeds of $11.8 million, at an average price of almost $16,776 on December 22 for tax benefits. This was the first time MicroStrategy sold its Bitcoin. However, MacroStrategy acquired almost 810 bitcoins for almost $13.6 million in cash two days later on December 24.
Therefore, 132,500 Bitcoin held by MicroStrategy and its subsidiaries as of December 27, 2022 accounts for nearly $4.03 billion. This makes the average purchase price as $30,397 per Bitcoin.
In September, MicroStrategy reported its total Bitcoin holdings of 130,000 BTC, after buying around 301 Bitcoins between August 2 to September 19, 2022. Also, the company sold $500 million of Class A MSTR shares through investment banks Cowen & Co. and BTIG LLC. The proceeds were used for “general corporate purposes, including the acquisition of bitcoin.”
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Bitcoin price is currently trading at $16,700, down 1% in the last 24 hours. The 24-hour low and high for Bitcoin are $16,608 and $16,839, respectively.
After the MicroStrategy news reached Crypto Twitter, Bitcoin price failed to show any significant move. However, people remain hopeful about BTC price reclaiming at least the $16.8K level.
Bitcoin was trading sideways near the $16.8K level since mid-November. But the recent breakout below the support level in the last 24 hours caused selloffs in altcoins.
Crypto analysts believe Bitcoin price monthly close above $16,900-$17,000 is crucial for a bullish rally in 2023.
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