- MicroStrategy continues to accumulate BTC
regardless of market conditions and has become the largest publicly traded company owner of the original cryptocurrency.
- Saylor’s company has maintained its aggressive approach and, as announced in a regulatory filing on September 25, added approximately 5,445 BTC to its holdings for about $150 million.
- As of the time of writing, on September 26, Bitcoin was trading at $26,299, a 0.6% increase in the last 24 hours. However, over the past week, the crypto asset lost about 2.7% of its value.
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MicroStrategy has been buying Bitcoin for three years, establishing itself as a leader in the corporate space through these purchases. Are these investors currently profitable?
MicroStrategy’s Bitcoin Investments
Three years ago, Michael Saylor, one of MicroStrategy’s visionary founders, announced the “Bitcoin Initiative” – a corporate strategy aimed at acquiring and holding Bitcoin (BTC) in a steady manner.
Since then, MicroStrategy has continued to accumulate BTC regardless of market conditions and has become the largest publicly traded company owner of the original cryptocurrency.
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Last month, Saylor’s company continued its aggressive approach, announcing in a regulatory filing on September 25 that it had added approximately 5,445 BTC to its holdings for about $150 million. The company reported an average purchase price of approximately $27,053 per BTC for this investment.
This move increased MicroStrategy’s total BTC holdings to approximately 158,245 coins, with a combined purchase price of $4.68 billion and an average purchase price per Bitcoin of $29,582.
With its latest purchase, MicroStrategy significantly increased its exposure to Bitcoin and now holds more than 0.75% of the total supply of the 21 million coins. However, the company’s total BTC investment is currently not profitable.
Specifically, during a period when BTC traded around $26,200, well below the average purchase price per coin, the investment has incurred losses exceeding $500 million.
What’s the current state of the Bitcoin price?
As of the time of writing, on September 26, Bitcoin was trading at $26,299, a 0.6% increase in the last 24 hours. However, over the past week, the crypto asset lost about 2.7% of its value. Nevertheless, BTC is still nearly 60% higher year-to-date and maintains its top position in terms of market capitalization.
Bitcoin, along with other digital assets, has struggled to make a significant price breakout in recent weeks due to a lack of positive catalysts. Uncertainty surrounding the Federal Reserve’s future monetary policy decisions and the SEC’s rulings on various spot Bitcoin exchange-traded fund (ETF) applications have led investors to remain cautious.
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Last week, the Fed kept interest rates unchanged for this month, but Chairman Jerome Powell mentioned that the bank would consider additional rate hikes in 2023 if necessary.