MicroStrategy Expands Bitcoin Portfolio with 3,000 BTC Acquisition, Reaching a Total of 193,000 BTC
MicroStrategy, a leading business intelligence company headed by CEO Michael Saylor, has expanded its Bitcoin holdings by acquiring an additional 3,000 Bitcoins.
Michael Saylor made the announcement of MicroStrategy’s latest Bitcoin purchase on X, stating that the company invested approximately $155 million to acquire 3,000 BTC. The average price per Bitcoin in this acquisition was $51,813.
The purchase was made between February 15 and 25, 2024, at an average price of $51,813 per Bitcoin. With this acquisition, MicroStrategy now holds a total of 193,000 Bitcoins, which were accumulated for around $6.09 billion. The average purchase price for the entire Bitcoin portfolio stands at $31,544.
MicroStrategy’s accumulation of 193,000 Bitcoins serves as a testament to Michael Saylor’s long-term plan to continuously buy Bitcoins.
MicroStrategy’s aggressive strategy of buying Bitcoin aligns with Michael Saylor’s belief that Bitcoin is the ultimate “exit strategy” and is superior to traditional assets.
The company prioritizes the secure management of its significant Bitcoin holdings. Currently, 98% of MicroStrategy’s BTC holdings are entrusted to Fidelity Custody, a trusted custodian known for its robust security measures. To further diversify its asset management approach, MicroStrategy also utilizes Coinbase Prime. This dual custodial strategy enhances security and ensures comprehensive management of MicroStrategy’s cryptocurrency assets.
In response to concerns about the potential impact of Bitcoin ETFs on MicroStrategy’s stock (MSTR), Michael Saylor remains unaffected. The impact of MicroStrategy’s Bitcoin acquisitions on its stock is evident in the pre-market hours, with a 1.71% gain, trading at $699.2, and poised to surpass $700.
The surge in Bitcoin prices in 2023 and 2024 has significantly contributed to MSTR’s impressive stock performance. Over the last month, MSTR stock has seen a 39% increase and a remarkable 160% surge in the past year. Since the beginning of 2023, MSTR stock has witnessed an extraordinary 316% rise.
Bitcoin’s recent price movement shows resilience, bouncing back 1% from a 24-hour low of $50,931 to the current trading price of $51,410. The trading volume has surged by 10% in the last 24 hours, indicating heightened interest among traders.
Tags: Bitcoin, Crypto news