MicroStrategy Buys 5,445 BTC Despite Price Struggles
The world’s largest corporate bitcoin holder, MicroStrategy, has once again resumed its BTC-buying policy. The company recently spent $150 million to acquire just under 5,500 BTC. However, despite the purchase, MicroStrategy’s entire bitcoin position is still theoretically underwater as the asset’s price struggles at $26,000.
MicroStrategy’s Latest Acquisition
Michael Saylor, MicroStrategy’s founder and former CEO, announced the latest acquisition on Twitter. The company spent $147.3 million to acquire 5,445 BTC at an average price of $27,053. This brings their total BTC stash to 158,245. In total, MicroStrategy has spent $4.68 billion to acquire bitcoin at an average price of $29,582 per BTC.
Bitcoin Price Challenges
MicroStrategy’s bitcoin holding is currently valued at just over $4.1 billion due to the recent decline in bitcoin’s price. The cryptocurrency has failed to gain significant traction and even reached a multi-week low of $26,000. As a result, MicroStrategy’s position remains in the red.
MicroStrategy has acquired an additional 5,445 BTC for ~$147.3 million at an average price of $27,053 per #bitcoin. As of 9/24/23 @MicroStrategy hodls 158,245 $BTC acquired for ~$4.68 billion at an average price of $29,582 per bitcoin. $MSTR ⚡
— Michael Saylor (@saylor) September 25, 2023
MicroStrategy’s Bitcoin Accumulation
MicroStrategy, led by Michael Saylor, began its bitcoin accumulation spree in August 2020. The company recently celebrated its third anniversary as a bitcoin-buying and holding firm.
Hot Take: MicroStrategy Continues to Bet Big on Bitcoin
Despite the challenges posed by bitcoin’s current price struggles, MicroStrategy remains committed to its BTC-buying strategy. The company’s latest acquisition of 5,445 BTC demonstrates their ongoing confidence in the long-term potential of the cryptocurrency. With a total bitcoin stash of 158,245, MicroStrategy continues to be the largest corporate holder of bitcoin. While their position may currently be in the red, they are betting on bitcoin’s future growth and value. Only time will tell if this strategy pays off for MicroStrategy.
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