MicroStrategy With a New Bitcoin Purchase
MicroStrategy strengthens its Bitcoin investment with a $147.3 million purchase, underscoring its long-term confidence in the cryptocurrency.
MicroStrategy, a leading business intelligence company, has solidified its bullish stance on Bitcoin with a fresh purchase. On Sept. 25, the company revealed its acquisition of 5,445 BTC, valued at $147.3 million. This purchase showcases the firm’s unwavering commitment to the cryptocurrency market, and many consider it a positive signal for potential investors.
The acquisition saw MicroStrategy buy each Bitcoin at an average price of $27,053. This price is approximately 9% lower than their average purchase price for previous Bitcoin acquisitions. Cumulatively, the company now holds an impressive 158,245 BTC in its portfolio.
MicroStrategy’s commitment to Bitcoin isn’t new. Their strategic purchases of the cryptocurrency over the years have significantly impacted their financial performance. As of Sept. 24, the firm’s total Bitcoin investments amounted to $4.68 billion, having bought the digital asset at an average price of around $29,582.
Bitcoin Market Performance: An Overview
Bitcoin’s recent performance in the market has been somewhat inconsistent. Over the last few weeks, its value has hovered around the $26,000 mark. It even peaked at $28,000 in late August, but dropped to a low of $25,000 by Sept. 11. Currently, Bitcoin’s value sits at $26,081, showing a 1.9% decline in the past 24 hours. Furthermore, the cryptocurrency experienced a 4% decrease over the previous week. Despite this slight dip, MicroStrategy’s purchase indicates the firm’s unwavering belief in Bitcoin’s long-term potential.
In addition to their recent Bitcoin acquisition, MicroStrategy made headlines in June 2023 when they acquired 12,333 BTC at an average price of $29,668 each, amounting to a $347 million investment.
Their dedication to Bitcoin also reflects in their financial results. In the first quarter of 2023, MicroStrategy celebrated its first profit since 2020, thanks to a significant one-time income tax benefit. Following this, they maintained their profitability streak in the subsequent quarter, registering a net income of $22.2 million by early August.