MicroStrategy boosts bitcoin portfolio with additional $347m investment

MicroStrategy has announced the acquisition of an additional 12,333 bitcoins, investing roughly $347 million, thereby solidifying its position as a significant player in the crypto landscape.

As per a recent Securities and Exchange Commission (SEC) filing, MicroStrategy, under the helm of Michael Saylor, has expanded its bitcoin portfolio with an additional investment of $347 million.

The purchase, executed between April 29 and June 27, added 12,333 bitcoins to the company’s digital asset inventory, bought at an average rate of approximately $28,136 per coin.

This significant purchase escalates MicroStrategy’s total holdings to 152,333 BTC. Given the current trading value of bitcoin, hovering around $30,300 per coin, the net worth of the company’s digital assets totals nearly $4.6 billion.

The accumulation of these assets, including fees and expenses, has cost MicroStrategy an estimated $4.52 billion, implying an average acquisition cost of about $29,668 per bitcoin.

MicroStrategy’s latest venture into the cryptocurrency market occurred two months after its April purchase of 1,045 bitcoins for approximately $23.9 million.

The company’s top executives, including Saylor, remain ardent supporters of bitcoin, the premier and most capitalized cryptocurrency globally. Last month, CEO Phong Le affirmed the firm’s commitment to its bitcoin-focused strategy, given the ongoing maturation of the digital asset sector.

Bitcoin has recently experienced an upward price trend, boosted by several applications for spot bitcoin exchange-traded funds (ETFs) in the United States. Notably, asset management titan BlackRock has lodged an application, rejuvenating enthusiasm in the cryptocurrency arena.

Meanwhile, MicroStrategy’s first-quarter financial performance this year exhibited robust results. The firm recorded a net income of $461.2 million, a sharp turnaround from a net loss of $130.8 million in the same period the previous year and a net loss of $249.7 million in the final quarter of 2022.

Follow Us on Google News

Comments

Popular posts from this blog

JPMorgan Bullish on Bitcoin’s Growth as Institutional Investment Pours In 

Dogecoin (DOGE) Price Analysis for Today, August 22 – DOGE Technical Analysis

OpenSea introduces Deals, monthly trading volumes slump 96% from January 2022