Bitcoin News

Breaking: Michael Saylor’s MicroStrategy Buys $155 Million In Bitcoin

MicroStrategy's Michael Saylor announces a fresh purchase of $155 million worth of Bitcoin, increasing BTC holdings to 193,000.

Published by

Varinder Singh

Updated 28 Feb, 2024 | 11:17:04 AM UTC

Breaking: Michael Saylor’s MicroStrategy Buys $155 Million In Bitcoin

Highlights

MicroStrategy Inc. acquired almost 3,000 Bitcoins for approximately $155.4 million
Michael Saylor said MicroStrategy and its subsidiaries now hold 193,000 BTCs
Bitcoin price makes a rebound after the announcement by Saylor

MicroStrategy’s executive chairman and co-founder Michael Saylor on Monday said the company has made a fresh purchase of $155 million worth of Bitcoins, increasing MicroStrategy’s BTC holdings to 193,000. This is a significant move by Michael Saylor ahead of Bitcoin halving and Bitcoin accumulation by spot Bitcoin ETFs.

MicroStrategy Acquires 3000 Bitcoins

According to a new filing with the U.S. Securities and Exchange Commission on February 26, MicroStrategy Inc. acquired almost 3,000 Bitcoins for approximately $155.4 million in cash. MicroStrategy acquired BTCs at an average price of approximately $51,813 between February 15 and February 25, 2024.

Michael Saylor said MicroStrategy and its subsidiaries together hold 193,000 BTCs, acquired for nearly $6.09 billion at an average price of $31,544 per Bitcoin.

The Bitcoin purchase came from proceeds from the issuance and sale of shares under the sales agreement, as reported on November 30, 2023. MicroStrategy’s last purchase was 14,620 BTC for approximately $615.7 million on December 27. Michael Saylor remains unfazed by the potential negative impact of Bitcoin ETFs on MSTR, Saylor asserted that MicroStrategy stands apart due to its status as an operating company, unlike ETFs that are unleveraged and charge fees.

MicroStrategy entrusts 98% of BTC holdings to Fidelity Custody, diversifying with Coinbase Prime for robust asset management and security.

MSTR Stock and BTC Price Performance

MicroStrategy stock (NASDAQ: MSTR) has gained 1.71% in the pre-market hours today, with price trading at $699.2 and likely to rally over $700 again. The Bitcoin rally in 2023 and 2024 led to a substantial increase in MSTR stock price. MSTR price is up 39% in a month and over 160% in a year, the MSTR stock is up by a staggering 316% since the beginning of 2023.

BTC price jumped 1% in the last hour, rebounding from a 24-hour low of $50,931. The price currently trading at $51,410. The 24-hour low and high are $50,931 and $51,950, respectively. Furthermore, the trading volume has increased by 10% in the last 24 hours, indicating a rise in interest among traders.

Also Read: Bitcoin, ETH, XRP Saw $5.7 Bln Inflows Ahead Big Developments

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by

Varinder Singh

Updated 28 Feb, 2024 | 11:17:04 AM

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