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In a strategic move reflecting confidence in the future of Bitcoin (BTC), MicroStrategy, a leading business intelligence firm, acquired 14,620 BTC. This significant purchase comes at a time of growing anticipation surrounding the potential approval of Spot Bitcoin Exchange-Traded Funds (ETFs) in the United States.
As <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1050446/000119312523303488/d517550d8k.htm" rel="noopener noreferrer nofollow">announced in an 8-K filing </a>with the U.S. Securities and Exchange Commission (SEC), the firm and its subsidiaries purchased the BTC for $615.7 million in cash from November 20 to December 26, 2023. Also, per the filling, the Bitcoin stash costs the business firm about $42,110 to purchase one BTC, not excluding fees and other miscellaneous.
MicroStrategy, founded by Michael Saylor, has been a notable advocate for Bitcoin as a store of value. The company’s latest purchase underscores its commitment to building a robust Bitcoin treasury, utilizing the cryptocurrency as a long-term strategic asset.&nbsp;
<h2 id="b-microstrategy-increases-btc-holdings-ahead-of-spot-btc-etfs-approval-b">MicroStrategy Increases BTC Holdings Ahead of Spot BTC ETFs Approval</h2>
With this acquisition, MicroStrategy’s total Bitcoin holdings have reached 189,150 BTC, worth approximately $5.9 billion with an average price of $31,168 per Bitcoin, solidifying its position as one of the largest institutional holders of BTC. Meanwhile, the timing of this purchase aligns with the heightened speculation regarding the approval of spot BTC ETFs in the US.&nbsp;
However, a Bitcoin ETF approval could open the doors for more mainstream investors to enter the cryptocurrency market. It will also provide an avenue for exposure to Bitcoin without the complexities of direct ownership and storage. As such, the strategic decisions made by MicroStrategy in accumulating BTC align with a broader trend of institutional interests in digital assets.
<h2 id="b-microstrategy-acquires-5-3m-btc-in-october-b">MicroStrategy Acquires $5.3M BTC in October</h2>
As reported last month, Michael Saylor noted that MicroStrategy <a href="https://thecoinrise.com/microstrategy-acquires-5-3m-bitcoin-in-october/" rel="noopener noreferrer nofollow">increased its BTC holdings by an additional 155 units.</a> At the time of reporting, MicroStrategy’s BTC holding was worth approximately $4.7 billion with an average price of $29,586 per Bitcoin.
Compared to Q1 2022, the <a href="https://thecoinrise.com/microstrategy-increase-btc-holding-to-140k-after-q1-purchase/" rel="noopener noreferrer nofollow">software company appears to have made significant progress </a>which was attributed to privileges from income taxes and the profit of debt extinguishment. In Q1 2023, a net income of $461.2 million was reported. Notably, this is a far cry from the $130.8 million loss made in Q1 2022.
<h2 id="b-microstrategy-remains-committed-to-supporting-btc-b">MicroStrategy Remains Committed to Supporting BTC</h2>
The firm’s decision not only strengthens its position in the market but also signals to other companies the potential benefits of embracing digital assets as part of their financial strategy. Notably, MicroStrategy’s CEO Phong Lee mentioned that the <a href="https://thecoinrise.com/microstrategy-wont-stop-trading-bitcoin/" rel="noopener noreferrer nofollow">firm has no plans of shying away from its Bitcoin strategy any time soon</a>.
“Our commitment to acquire and hold Bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption,” Andrew Kang, Chief Financial Officer at MicroStrategy stated.
The post <a href="https://thecoinrise.com/microstrategy-acquires-additional-14620-bitcoin-for-615-7m/" rel="noopener noreferrer nofollow">MicroStrategy Acquires Additional 14,620 BTC for $615.7M</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

MicroStrategy Acquires Additional 14,620 BTC for $615.7M

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