Breaking: MicroStrategy Scoops Up 5,445 Bitcoin
American blockchain intelligence firm, MicroStrategy Incorporated has added another 5,445 Bitcoin (BTC) tokens to its bag, expanding its stance as one of the biggest institutional backers of the premier digital currency.
The MicroStrategy Bitcoin Portfolio
According to the update shared by Michael Saylor, the Chairman of the company, the latest addition, worth approximately $147.3 million was acquired at an average price of $27,053 per Bitcoin. According to his update, Saylor noted that the company as of September 24 holds a total of 158,245 BTC acquired for about $4.68 billion at an average price of $29,582 per Bitcoin.
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
MicroStrategy’s positive stance in relation to Bitcoin acquisition remains a source of encouragement to the broader industry. With both criticism and accolades heaped on the company, its unwavering commitment to accumulating Bitcoin has allowed it to amass a substantial treasury reserve of the cryptocurrency, further solidifying its position in the crypto space.
Since the first quarter of 2023, the business has purchased 12,800 BTC at an average cost of $28,233 per coin for a total of $361.4 million. In the same time frame, the price of MicroStrategy’s stock increased by 200%. Meanwhile, MicroStrategy’s core business sales increased by 4% year over year, while subscription services revenue increased by 42% year over year.
Michael Saylor’s Vision
Michael Saylor, the visionary leader behind MicroStrategy’s crypto strategy, has been a vocal advocate for Bitcoin’s merits as a store of value and an inflation hedge. Saylor’s journey into the world of Bitcoin began in August 2020 when MicroStrategy made its first Bitcoin purchase.
Since then, the company has continued to accumulate Bitcoin in various tranches, often selling its stocks to leverage its purchases. Saylor’s strategic vision has not only provided MicroStrategy with a substantial Bitcoin reserve but has also inspired other major corporations and institutions to consider cryptocurrencies as strategic treasury assets.
As more companies and institutions follow MicroStrategy’s lead, the cryptocurrency market is likely to experience increased liquidity, stability, and recognition. Saylor’s steadfast belief in the long-term potential of Bitcoin has been vindicated as the cryptocurrency’s adoption and value have continued to rise despite periodic fluctuations.
- Bitcoin Should Be At $148,000 To Match With Gold Rally, Says Peter Schiff
- Dogecoin Gets Major Upgrade With Cardinals Index Node Launch, Analyst Predicts 37x Rally
- Coinbase Announces DoubleZero (2Z) Listing Following the US SEC’s No-Action
- Grayscale Staking Ethereum ETF Debuts By Locking 32,000 ETH But Inflows Disappoint
- Pi Network Loses $18B Value in Six Months as Expert Warn of “Rug Pull” Risk
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
