Coinspeaker
MicroStrategy Buys More Bitcoins Taking Total Treasury Value Above $4.5B
On Wednesday, June 28, business intelligence firm MicroStrategy announced the purchase of over 12,000 Bitcoins worth $350 million. As we know, MicroStrategy is the largest corporate holder of Bitcoins and the recent purchase takes its Treasury value to more than $4.5 billion while holding a total of 152,333 Bitcoins.
As per the filing with the US Securities and Exchange Commission MicroStrategy said that they bought 12,333 bitcoins for approximately $347 million in the period between April 29 and June 27. In terms of the Bitcoin count, this also turns out to be the largest one-time purchase by the company so far.
As per the filing, the average price of Bitcoin holding for the company is $29,668 per BTC. MicroStrategy, a company specializing in business intelligence, mobile software, and cloud-based services, currently possesses a larger amount of Bitcoin than any other publicly traded company.
MicroStrategy CEO Michael Saylor has been the biggest advocate of Bitcoin since they started buying Bitcoins back in August 2020. Even during the crypto winter last year in 2022, MicroStrategy continued to hold its holdings with diamond hands. In his announcement on Twitter on Wednesday, Saylor wrote:
“MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin.”
Back when Saylor purchased his first Bitcoins, BTC was trading under $12,000. Since then he has been periodically buying at every price level.
MicroStrategy Will Continue to Hold Its Bitcoins
MicroStrategy CEO Michael Saylor said that the company would keep holding its Bitcoins. “The key for us is to be consistent, transparent and responsible in the pursuit of that strategy,” he said.
The company’s strategy to continue holding Bitcoin has also resulted in a rally in the MSTR stock price, which is up by a staggering 125% since the beginning of the year.
Yesterday’s purchase of Bitcoin hasn’t had much impact on the Bitcoin price, which continues to remain steady at just above $30,000 levels. Apart from its Bitcoin purchases, MicroStrategy is also working on an “enterprise Lightning solution,” Saylor said.
The Bitcoin Lightning Network is the Layer-2 scalability platform for the Bitcoin blockchain. It helps to reduce Bitcoin mainnet congestion by processing transactions quickly and at a low cost. Michael Saylor is bullish that the Lightning Network can overtake payments giants like Visa at one point.
MicroStrategy Buys More Bitcoins Taking Total Treasury Value Above $4.5B
