Michael Saylor’s MicroStrategy Acquires 6,556 Bitcoins For $555M, MSTR Stock Rebounds

MicroStrategy, now known as Strategy, has announced another Bitcoin purchase, which it made between April 14 and April 20. This brings the company’s total Bitcoin holdings to 538,200 BTC. The MSTR Stock price has rebounded amid this latest purchase.

MicroStrategy Purchases 6,556 BTC For $555 Million

In a press release, MicroStrategy announced that it had purchased 6,556 Bitcoins for $555.80 million at an average price of $84,785 per BTC. The company, which is now known as Strategy, has also achieved a BTC yield of 12.1% year-to-date (YTD).

Michael Saylor’s company now holds 538,200 BTC, which it acquired for $36.47 billion at an average price of $67,766 per bitcoin. The firm remains the public company with the largest Bitcoin holdings, well ahead of the rest, including MARA Holdings.

It is worth mentioning that this is MicroStrategy’s second consecutive weekly purchase. As CoinGape reported, the company acquired 3,459 BTC for $285 million two weeks ago.

Meanwhile, Strategy has indicated that it plans to continue purchasing BTC in the foreseeable future through its stock sales. This year, the company has already announced plans to raise over $20 billion to fund its Bitcoin acquisition plans.

The company continues to acquire more BTC despite the flagship crypto’s sideways movement over the last few months. Other institutional investors, like Metaplant, have also shown a commitment to their Bitcoin strategy despite the current market trend.

Metaplanent recently acquired 330 BTC for $28.2 million, bringing its total BTC holdings to 4,855 BTC, which is worth nearly $500 million. Japanese retailer ANAP also acquired $70 million worth of Bitcoin.

MSTR Stock Rebounds Almost 3%

MicroStrategy’s stock has rebounded almost 3% amid news of the company’s latest Bitcoin purchase. Nasdaq data shows that the stock is currently trading at around $325 in pre-market trading, up from its closing price of $317 last Friday.

The MSTR stock price rebound is also likely thanks to the recent Bitcoin price rally, with the leading crypto rallying to as high as $87,500 on Easter Monday. MSTR and BTC share a strong positive price correlation due to Strategy’s massive exposure to Bitcoin.

It is unclear if Bitcoin’s latest move is simply a bull trap or the beginning of a massive uptrend for the leading crypto. Crypto analysts like Kevin Capital have warned that BTC needs to break above $89,000 for confirmation of an uptrend. Until then, he warned market participants to stay measured.

If BTC continues to rally in the short to mid-term, MSTR stock could also maintain a sustained upward trend. Michael Saylor recently highlighted how MicroStrategy has recorded the best returns among the major assets since it adopted a Bitcoin strategy.