MicroStrategy has recently made headlines with its latest Bitcoin purchases, adding 1045 BTC to its holdings at approximately $29.3 million. This move follows the company’s impressive acquisition of 6500 BTC for a staggering $161 million. As a U.S.-based business intelligence firm, MicroStrategy’s strategic investment in Bitcoin demonstrates its commitment to diversifying its portfolio and staying ahead of the curve in the ever-evolving digital landscape.
As per the 8-K form submitted to the SEC today, it has been disclosed that Michael Saylor’s company has made a significant investment in Bitcoins. The purchase was made between March 24, 2023, and April 4, 2023, with the company acquiring approximately 1045 BTC at an average price of around $28,016 per BTC. This move showcases the company’s commitment to diversifying its investment portfolio and exploring new avenues for growth.
As of April 4, 2023, MicroStrategy boasts an impressive aggregate of approximately 140,000 BTC, acquired for a total purchase price of $4.17 billion. With the latest acquisition, the company’s average purchase price for its entire Bitcoin portfolio is $29,803. This demonstrates MicroStrategy’s unwavering commitment to investing in the future of digital currency and solidifies its position as a leading player in the industry.
As BTC continues to trade at an impressive $28,217, MicroStrategy is inching closer to breaking even on its substantial Bitcoin investment. A mere $1586 stands between the company and the break-even point, signaling a promising path towards profitability for Michael Saylor’s firm. MicroStrategy’s initial purchase of Bitcoin in 2020 was a strategic move to safeguard against inflation, and any subsequent price appreciation beyond the break-even point will undoubtedly bolster the company’s financial standing.
MicroStrategy’s share price has experienced a decline of over 4% since the opening of today’s market. Currently trading at $285, the latest Bitcoin purchase has not had the desired bullish impact on the company’s share price. However, it is worth noting that the stock’s performance had improved significantly compared to last year when it suffered a significant drop of over 72% due to a series of scandals and bankruptcies in the crypto market. Despite the recent setback, MicroStrategy remains a strong player in the industry, and its long-term prospects remain promising.
