MicroStrategy has recently made an audacious move, acquiring the latest Bitcoin reservoir at an average valuation of $27,053 per unit. This price tag stands 9% below the mean acquisition cost incurred during their entire BTC procurement journey.
MicroStrategy, a stalwart in the realm of business intelligence, and a formidable Bitcoin (BTC) advocate, has made waves in the market by revealing their latest substantial foray into the world of cryptocurrency. Michael Saylor, the co-founder and executive chairman of MicroStrategy, chose the virtual platform X (formerly known as Twitter) to unveil their latest conquest—a staggering acquisition of 5,445 BTC. This digital treasure trove was secure for a staggering sum of $147.3 million, a figure that boils down to an average price of $27,053 per BTC.
An official Form 8-K submission to the United States Securities and Exchange Commission attests that the acquisition took place between August 1 and September 24. As of September 24, MicroStrategy and its subsidiaries have accumulated a princely sum of approximately 158,245 BTC. All procured at an average acquisition price of roughly $29,582 per unit. This valuation encompasses all associated fees and expenses, culminating in a cumulative expenditure of $4.68 billion to bolster MicroStrategy’s Bitcoin holdings.
This acquisition unfolds against the backdrop of Bitcoin’s price oscillation, meandering around the $26,000 mark over the past few weeks. After momentarily grazing the $28,000 pinnacle on August 29, Bitcoin descended to a nadir of $25,000 on September 11. At the moment of composition, Bitcoin is exchanging hands at $26,081. Reflecting a 1.9% decrement within the past 24 hours, according to data sourced from CoinGecko. Over the preceding week, the cryptocurrency has weathered a 4% downturn.
This recent acquisition by MicroStrategy stands as an unambiguous testament to the company’s unwavering confidence in the prospects of Bitcoin. This isn’t their first rodeo; the firm had previously procured 12,333 BTC for a sumptuous $347 million in June 2023. Pegging the average acquisition price per coin at $29,668.
In the first quarter of 2023, MicroStrategy celebrated a significant milestone. Marking its inaugural profitable quarter since 2020, courtesy of a one-time income tax benefit. The company’s journey toward financial prosperity continued into the subsequent quarter. With an impressive net income of $22.2 million reported in early August.
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