Bitcoin

mirror

Business intelligence company <a href="https://cryptoslate.com/companies/microstrategy/" rel="noopener noreferrer nofollow">MicroStrategy </a>bought 5,455 units of Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) between Aug. 1 and Sept. 24, taking its total holdings to 158,245 BTC, worth&nbsp;approximately $4.68 billion. 
The company revealed its latest purchase in a Form 8-K <a href="https://www.microstrategy.com/en/investor-relations/financial-documents/microstrategy-acquires-additional-5445-bitcoins-and-now-holds-158245-btc_9-25-2023" rel="noopener noreferrer nofollow">filing</a> with the U.S. Securities and Exchange Commission (SEC) on Sept. 25. According to the filing, the company made the purchase at an average price of $27,053, or $147.3 million. 
The announcement further stated that the company issued and sold 403,362 units of its class A common stock valued at $0.001 per share for $147.3 million. 
MicroStrategy has been <a href="https://cryptoslate.com/microstrategy-becomes-profitable-on-bitcoin-bet-as-btc-surges-past-30k/" rel="noopener noreferrer nofollow">buying Bitcoin</a> since 2020, and the company has continued with the strategy even after Michael Saylor stepped down as its CEO. This <a href="https://cryptoslate.com/microstrategy-made-largest-bitcoin-purchase-since-2021-in-q2-2023-amid-slight-revenue-decrease/" rel="noopener noreferrer nofollow">continued acquisition</a> has made its stock mirror Bitcoin performance, and some institutional investors have gained exposure to BTC by acquiring its MSTR shares. 
MicroStrategy’s total holding is almost 14 times higher than the closest public company, Marathon Digital, with BTC on its reserves, according to <a href="https://bitcointreasuries.net/" rel="noopener noreferrer nofollow">data</a> from Bitcoin Treasuries. Marathon Digital is the <a href="https://companiesmarketcap.com/bitcoin-mining/largest-bitcoin-mining-companies-by-marketcap/" rel="noopener noreferrer nofollow">second-largest BTC miner</a> with a market capitalization of $1.5 billion. 
Despite MicroStrategy’s bullishness on Bitcoin, the company is currently holding its BTC at a loss, given the average acquisition cost is $29,582, while the asset is trading for $26,127 as of press time. <a href="https://cryptoslate.com/coins/bitcoin/" rel="noopener noreferrer nofollow">Data</a> from CryptoSlate shows that BTC is on a negative spiral, falling by over 4% in the last seven days. 
Meanwhile, MicroStrategy’s MSTR shares are down 20.48% in the last five days, but its performance this year has been mostly positive, with 126% gains on the year-to-date metrics. 
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/microstrategy-adds-to-bitcoin-stockpile-bringing-value-of-holdings-to-4-6b/">MicroStrategy adds to Bitcoin stockpile, bringing value of holdings to $4.6B</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

MicroStrategy adds to Bitcoin stockpile, bringing value of holdings to $4.6B

CryptoSlate

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