- MicroStrategy, a company with one of the largest Bitcoin wallets, has announced that it has purchased 12,333 BTC worth approximately $350 million.
- This latest purchase brings MicroStrategy’s total Bitcoin holdings to 140,000 BTC, with an average purchase price of $29,668.
- Despite previous losses, MicroStrategy has remained committed to its Bitcoin strategy and continues to make regular purchases.
In its most recent filing with the US Securities and Exchange Commission (SEC), MicroStrategy revealed that it had acquired an additional 12,333 Bitcoins between April 29 and June 27, at an average price of $28,136. This purchase increased the company’s total Bitcoin holdings to 140,000 BTC, with a total cost of $4.52 billion.
MicroStrategy Buys $350 Million Worth of Bitcoin, Increasing Holdings to 140,000 BTC
With the current price of Bitcoin at around $30,300, MicroStrategy’s latest purchase puts the company in a profitable position, with a profit of $650 per Bitcoin.
MicroStrategy’s Commitment to Bitcoin
Despite facing losses on its investments in the past, MicroStrategy has remained steadfast in its Bitcoin strategy. The company has consistently continued to buy Bitcoin, with its most recent purchases including 301 BTC, 2,500 BTC, 6,455 BTC, and 1,045 BTC.
The fact that MicroStrategy has increased its Bitcoin purchases despite the rising price of the cryptocurrency has not gone unnoticed. It is believed that the recent applications for spot Bitcoin exchange-traded funds (ETFs) by BlackRock, the world’s largest asset manager, and other trillion-dollar investment firms have influenced these investments.
The Impact of ETF Applications
Many market analysts predict that the approval of Bitcoin ETF applications will trigger a bull run in the cryptocurrency market. MicroStrategy CEO Michael Saylor has also expressed a similar sentiment, stating that spot ETF applications are a bullish factor.
As the cryptocurrency market continues to evolve, MicroStrategy’s commitment to Bitcoin and its ongoing purchases demonstrate the company’s confidence in the long-term potential of the cryptocurrency.
