There’s no stopping MicroStrategy as it continues its accumulation of Bitcoin.

In the latest development, the Michael Saylor-founded software developer is concluding 2023 with a strategic move, acquiring 14,620 Bitcoins for approximately $615.7 million at an average price of $42,110 per Bitcoin.

As of December 26, 2023, MicroStrategy – which has established itself as the largest corporate holder of Bitcoin – now holds a substantial 189,150 BTC, which was acquired for around $5.9 billion, with an average purchase price of $31,168 per Bitcoin.
The latest move reaffirms MicroStrategy’s commitment to Bitcoin as a long-term treasury reserve asset.

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

The development comes at a time when Bitcoin was trading at $42,934 after a 16% monthly increase.
The NASDAQ-listed business intelligence software giant poured in $600 million to buy 16,130 BTC more for an average price of $36,785 per Bitcoin almost a month ago.
MicroStrategy experienced a turnaround in November this year as it gained more than $1 billion in unrealized profits from Bitcoin, bouncing back from a $1 billion loss in 2022 attributed to the surge in crypto’s value.
With the latest purchase, this figure has gone up, with reports suggesting that the company currently stands at $2.21 billion in profit on its $5.9 billion Bitcoin investment.
Despite the slump and excessive volatility following the 2022 market downturn, Saylor continued to be a long-standing advocate of Bitcoin.
The exec recently forecasted a tenfold surge in the asset’s value by 2024, attributing this potential bull run to factors such as the upcoming halving as well as the potential approval of a spot Bitcoin ETF.

The post MicroStrategy Concludes 2023 with a Massive $615.7 Million Bitcoin Purchase appeared first on CryptoPotato.

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Filed under: Bitcoin - @ December 27, 2023 2:23 pm