MicroStrategy bought the latest Bitcoin stash at an average price of $27,053 per coin, or 9% lower than the average purchase price of its entire BTC purchase.
MicroStrategy, a business intelligence firm and major Bitcoin investor, is sending a bullish signal to the market by announcing the acquisition of another big stash of cryptocurrency.
Michael Saylor, co-founder and executive chairman of MicroStrategy, took to X (formerly Twitter) on Sept. 25 to announce a 5,445 BTC purchase by the firm. The coins were bought for $147.3 million in cash at an average price of $27,053 per BTC.
According to a Form 8-K filing with the United States Securities and Exchange Commission, MicroStrategy and its subsidiaries acquired the amount between Aug. 1 and Sept. 24.
As of Sept. 24, MicroStrategy and its subsidiaries held an aggregate of approximately 158,245 BTC, which was acquired at an average purchase price of roughly $29,582 per coin, inclusive of fees and expenses, the filing notes. The aggregate purchase price for MicroStrategy’s total Bitcoin holdings amounts to $4.68 billion.
The new purchase comes as Bitcoin has traded sideways at around $26,000 over the past few weeks. After briefly touching $28,000 on Aug. 29, Bitcoin slipped to as low as $25,000 on Sept. 11. At the time of writing, Bitcoin is trading at $26,081, down 1.9% over the past 24 hours, according to data from CoinGecko. The cryptocurrency is also down around 4% over the past seven days.
MicroStrategy’s latest purchase further reaffirms the company’s bullish stance on Bitcoin. The firm previously bought 12,333 BTC for $347 million in June 2023 at an average purchase price of $29,668 per coin.
In Q1 2023, MicroStrategy reported its first profitable quarter since 2020 due to a one-time income tax benefit. The company managed to retain profitability in the next quarter, reporting $22.2 million in net income in early August.
Source: cointelegraph.com
