Business intelligence firm MicroStrategy announced yesterday that it purchased an additional $15 million in Bitcoin
Nasdaq-listed MicroStrategy recently completed a Bitcoin purchase totaling $15 million. This acquisition comes just three weeks after the company disclosed a similar $15 million purchase in the second week of March. At that time, MicroStrategy’s Bitcoin holdings amounted to 91,326 coins, valued at roughly $5.26 billion based on the Bitcoin price at the moment of that purchase.
The April purchase consisted of 253 additional Bitcoins acquired at an average price of approximately $59,339 each, according to the SEC filing released yesterday. That average price is about $1,600 below Bitcoin’s all-time high. Under CEO Michael Saylor, MicroStrategy has made a series of purchases that underscore Bitcoin’s role as the company’s primary reserve asset.
MicroStrategy made its first Bitcoin acquisition in August of last year and has continued to add to its holdings of the flagship cryptocurrency. Saylor initially directed $550 million toward Bitcoin purchases, a move that significantly reduced the company’s cash reserves. He then used $650 million in corporate debt to fund further purchases before the end of last year.
The Virginia-based company completed a substantial purchase in the last week of February, acquiring about 19,452 BTC for $1.026 billion.
At the time of that acquisition, Saylor commented: “The company continues to focus on our two corporate strategies: to grow our enterprise analytics software business and to acquire and hold Bitcoin. [MicroStrategy] now holds more than 90,000 Bitcoins, which reinforces our conviction that Bitcoin, as the most widely adopted cryptocurrency in the world, can serve as a reliable store of value.”
Following yesterday’s purchase, MicroStrategy’s Bitcoin holdings now total 91,579 coins.
“MicroStrategy has purchased an additional ~253 Bitcoins for $15.0 million in cash at an average price of ~ $59,339 per #Bitcoin. As of 04/05/2021 we have ~91,579 Bitcoins for ~$2.226 billion at an average price of ~$24,311 per Bitcoin,” Saylor posted on Twitter.
At the current BTC price of $58,665, MicroStrategy’s total Bitcoin holdings are worth nearly $5.4 billion — more than double the amount the company spent to acquire them. Saylor remains bullish on Bitcoin’s future price and continues to assert that the crypto asset is an attractive investment for corporations.