MicroStrategy Doubles Down on Bitcoin: Acquires $150M in Latest Purchase
Even during this period of economic uncertainty, business intelligence giant MicroStrategy continues accumulating Bitcoin.
As of March 23, Microstrategy has acquired an additional 6,455 BTC for ~$150M at an average of $23,238 per coin. The company now holds 138,955 BTC acquired for $4.14 billion at an average of $29,817 per BTC.
According to an 8-K filing with the United States Securities and Exchange Commission (SEC), MicroStrategy also repaid its $205M Silvergate loan at a 22% discount.
As for the company’s BTC stash, the holdings are valued at approximately $3.88 billion, with the present Bitcoin value.
Since MicroStrategy has been a prominent player in the Bitcoin market, its latest purchase demonstrates the company’s continued confidence in the digital currency.
Some investors may see this move as a bullish signal for Bitcoin, as MicroStrategy’s actions may indicate that they believe the asset will continue to appreciate in value. However, it’s important to remember that Bitcoin’s value can be volatile, and investing in any asset carries risk.
At the time of writing, BTC is trading at $27,671 with a total market cap of over $536.6 million.
MicroStrategy’s share price has risen approximately 80% since the beginning of the year. MSTR, is currently valued at $256.67, down almost 50% from 2022’s high of $491, registered in March.