MicroStrategy Expands Bitcoin Holdings with $347 Million Purchase of 12,333 BTC

In a significant development, MicroStrategy, a prominent business intelligence company under the leadership of CEO Michael Saylor, has made headlines in the cryptocurrency sphere yet again. The company recently unveiled a substantial acquisition of Bitcoin, marking its continued involvement in the digital asset space.

Over two months, from April 29 to June 27, 2023, MicroStrategy and its subsidiaries acquired an impressive 12,333 Bitcoin, amounting to a staggering $347 million in cash. The average price per BTC in this acquisition was approximately $28,136, factoring in fees and expenses.

This recent purchase by MicroStrategy is the most significant acquisition the company has made this year, surpassing its previous purchases in March and April, totaling 7,500 BTC valued at $179.3 million.

Interestingly, the buying spree conducted by Michael Saylor and MicroStrategy has caught the attention of seasoned market participants, who speculate that these moves might signal a local top for BTC prices. Notably, on the day of Saylor’s announcement in March, Bitcoin’s price experienced a 5% drop. Similarly, following another purchase by MicroStrategy on April 5, the price of Bitcoin fell by over 3% during the same day.

However, it is essential to note that Bitcoin has consistently grown since those instances. In fact, after both of MicroStrategy’s previous purchases, the cryptocurrency experienced subsequent increases of 8% and 11%, respectively, showcasing its resilience and ongoing market demand.

At present, MicroStrategy and its subsidiaries hold an impressive aggregate of approximately 152,333 Bitcoin. These digital assets were acquired at an aggregate purchase price of around $4.52 billion, with an average purchase price of roughly $29,668 per BTC, including fees and expenses.

MicroStrategy’s continuous Bitcoin acquisitions have garnered significant attention from investors and enthusiasts alike, with the company’s CEO, Michael Saylor, becoming a prominent figure in the crypto space. Saylor’s strategic moves and bullish stance on Bitcoin have positioned MicroStrategy as a significant player in the cryptocurrency market.