Published
2 months ago on
February 27, 2024
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Michael Saylor’s MicroStrategy has added more Bitcoin to its holdings, announcing the purchase of an additional 3000 BTC for around $155 million, taking its total holdings to 193,000 BTC.
The latest purchase means MicroStrategy now has around $3.8 billion in unrealized profit on the Bitcoin it holds.
MicroStrategy Purchases An Additional 3000 BTC
MicroStrategy CEO Michael Saylor announced the purchase on his official X account. According to an SEC filing, the purchase was made between the 15th of February and the 25th of February, with each BTC bought at an average price of $51,813.
“On the 26th of February, 2024, MicroStrategy Incorporated (“MicroStrategy”) announced that, during the period between the 15th of February, 2024 and the 25th of February, 2024, MicroStrategy, together with its subsidiaries, acquired approximately 3,000 bitcoins for approximately $155.4 million in cash, at an average price of approximately $51,813 per bitcoin, inclusive of fees and expenses.”
MicroStrategy now holds a total of 193,000 BTC, worth around $6.09 billion. This puts the average purchase price of MicroStrategy’s entire Bitcoin portfolio at $31,544 per Bitcoin. Saylor tweeted,
“MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin. As of 2/25/24, @MicroStrategy now hodls 193,000 $BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR.”
MicroStrategy’s Bitcoin Strategy
MicroStrategy’s aggressive purchase of Bitcoin is in line with CEO Michael Saylor’s long-term belief in Bitcoin. Saylor holds Bitcoin as the ultimate exit strategy and ranks it as superior to other traditional assets. The company also prioritizes the management of its Bitcoin holdings, with 98% of its holdings entrusted to Fidelity Custody. Fidelity Custody is known for its robust approach to security.
MicroStrategy also utilizes the services of Coinbase Prime, using a dual custodial strategy to enhance the security of its crypto assets.
Bitcoin ETF Impact
Michael Saylor is also unconcerned about the potential impact of the recently approved Bitcoin ETFs on MircoStrategy’s stock (MSTR). MicroStrategy’s stock gained an impressive 1.71% following the news of the company’s latest Bitcoin purchase. Additionally, the surge in the value of Bitcoin in 2023 and 2024 has also played a crucial role in MSTR’s impressive performance in the market. The stock has seen an increase of 39% over the past month and has reported an impressive increase of 316% since the beginning of 2023.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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