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Microstrategy Acquires $301 More Bitcoin For $6 Million

by BlockNews Team
September 23, 2022
in BUSINESS, CRYPTO, MEDIA, SOCIAL
Reading Time: 3 mins read
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MicroStrategy, the software and data intelligence firm led by a staunch Bitcoin bull Michael Saylor, disclosed its latest batch of BTC purchases amid uncertain and bearish market conditions. This is confirmation yet again that the company is doubling down on its commitment to the big crypto despite concerns among investors over its position amid the unattractive price actions. 

MicroStrategy Now Holds 130,000 BTC

MicroStrategy’s executive chairman, Michael Saylor, announced through a Twitter post that the company had “purchased an additional 301 bitcoins for [approximately] $6.0 million at an average price of $19,851 per bitcoin.”

The software firm made this move when the leading cryptocurrency was underperforming in the past few months. In the last few weeks, Bitcoin dropped below $20K. On Monday, September 19, BTC prices fell to around $18,000, and MicroStrategy has taken advantage of these low levels to expand its position in the crypto market.

MicroStrategy (MTSR)is now the most prominent corporate holder of Bitcoin. The latest acquisition now raises the amount of Bitcoins held by the business intelligence cloud company to 130,000 BTC, up from 129,699 BTC at the end of the second quarter. Saylor confirmed this in his September 20 tweet, saying:

MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I

— Michael Saylor⚡️ (@saylor) September 20, 2022
Via @Saylor – Twitter

According to the Security and Exchange Commission (SEC), the software company acquired the latest batch of Bitcoins with excess cash at an average price of $19,851 per coin. The total purchase price for its Bitcoins is roughly $3.98 billion, at an average price of approximately $30,639 per Bitcoin, excluding the fees and expenses, according to the filing.

However, MicroStrategy stated that it could sell up to $500 million in its class A common stock to purchase more BTC.

In a September 17 tweet, the firm’s former CEO appeared to justify their BTC purchasing spree by comparing the performance of the MicroStrategy (MSTR) stock against that of major technology companies such as Netflix, meta, Google, and Microsoft. Saylor revealed that his firm had taken the lead against these rival companies since it “adopted the Bitcoin Standard.”

Saylor’s Focus Is On Bitcoin.  

After years at the helm of MicroStrategy, Michael Saylor recently stepped down as the company’s CEO. He took up the position of the executive chairman to focus more on the firm’s Bitcoin reserves.

In recent weeks, Saylor has been under pressure from the United States government, bringing a tax evasion lawsuit against him. The former Microstrategy CEO has made his admiration for Bitcoin public on many occasions; thus, he purchased thousands of Bitcoins for the software development company.

Other large BTC wallet addresses include those owned by Binance, holding 125,000 BTC, and BitFinex, which has 170,000 BTC. Saylor has also revealed that he holds Bitcoin. FXT CEO Sam Bankman -Fried and Binance CEO Changpeng Zao are holders too.

Bitcoin has lost over 72% of its value since hitting record highs of $69,000 in November 2021. The flagship cryptocurrency has gained 0.71% in the last 24 hours to trade at $ 19,000 after falling as low as $18,270 in the past couple of days.

Tags: BitcoinBlockchaincryptoWeb3
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