Microstrategy Stacks More Bitcoin Pushing Crypto Prices Up

Key Insights

• Microstrategy this week, announced its most recent acquisition of another 1,045 Bitcoin.
• This most recent purchase came in at about $29.3 million, or an average price of $28,016 per $BTC.
• MicroStrategy now holds a total of 140,000 Bitcoin as of April 5, 2023, with a $4.17 billion purchase price and an average cost of $29,803 per $BTC

Bitcoin's price action is at the strongest it has been in years, and faith in the flagship cryptocurrency is starting to return.

However, in an interesting turn of events, Microstrategy is in the news again, for the same reason they've been in crypto-related news since 2020.

The American business intelligence firm this week announced its most recent acquisition of another 1,045 Bitcoin for about $29.3 million, or an average price of $28,016 per BTC.

The executive chairman of Microstrategy, Michael Saylor, tweeted this information on April 5.

MicroStrategy now holds a total of 140,000 Bitcoin as of April 5, 2023, which were purchased for around $4.17 billion at an average cost of $29,803 per BTC.

Since the company continues to invest in Bitcoin as a reserve asset, this announcement represents a critical turning point for it.

Microstrategy's History With Bitcoin

Microstrategy's new purchase was made between March 24 and April 4 at an average price of $28,016 per coin, according to a recent filing with the United States Securities and Exchange Commission (SEC).

The company's Bitcoin vault now holds a whopping 140,000 coins as a result of its most recent crypto rake-in.

The company now holds its Bitcoin hoard at a total purchase price of almost $4.17 billion, at about $29,803 on average for each Bitcoin.

Saylor, the executive chairman and a co-founder of MicroStrategy has been a vocal supporter of Bitcoin for years now.

The billionaire entrepreneur has been pushing for businesses and corporations to use cryptocurrency as a strategic asset and has asserted repeatedly, that Bitcoin is the safest and most dependable store of wealth currently available on the market.

At the end of March, Saylor's MicroStrategy purchased 6,500 BTC and has just paid off its loan to Silvergate.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.