MicroStrategy Buys $615.7M Bitcoin, Marks The End of 2023
As 2023 draws to a close, MicroStrategy, a prominent player in the business intelligence software realm, has made headlines with its latest Bitcoin acquisition. The company, under the guidance of CEO Michael Saylor, has added an impressive 14,620 Bitcoins to its portfolio. This purchase, valued at approximately $615.7 million, reflects an average cost of $42,110 per Bitcoin. This strategic acquisition cements MicroStrategy’s position as the most substantial corporate Bitcoin holder globally.
MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW
— Michael Saylor (@saylor) December 27, 2023
With this recent addition, the company’s total Bitcoin holdings have reached a staggering 189,150 BTC, costing around $5.9 billion, averaging $31,168 per Bitcoin. MicroStrategy’s unwavering commitment to Bitcoin as a primary treasury reserve asset is evident through this move.
Market Dynamics and MicroStrategy’s Bitcoin Strategy
This acquisition aligns with a positive trend in Bitcoin’s market value, which saw the digital currency trading at $42,934 after a 16% increase over the month. Just a month earlier, MicroStrategy had invested $600 million in purchasing 16,130 more Bitcoins, averaging a price of $36,785 per unit. This consistent investment strategy showcases the company’s deep-rooted belief in Bitcoin’s long-term value.
MicroStrategy’s journey with Bitcoin has been remarkable, especially considering its recovery from a $1 billion loss in 2022. November this year marked a significant turnaround, with the company reporting over $1 billion in unrealized Bitcoin profits. This recovery is a testament to the resilience and potential of Bitcoin in the face of market volatility. Currently, reports indicate that MicroStrategy’s Bitcoin investment stands at a profit of $2.21 billion.
Despite the uncertainties and high volatility in the crypto market post-2022, CEO Michael Saylor remains a vocal proponent of Bitcoin. His optimistic forecasts include a tenfold increase in Bitcoin’s value by 2024. Saylor attributes this potential growth to several factors, including the anticipated halving event and the possibility of approving a spot Bitcoin ETF.
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Filed under: Bitcoin - @ December 27, 2023 3:28 pm