In April alone, business intelligence and software company MicroStrategy acquired an additional 122 units of Bitcoin (BTC) worth about $7.8 million
MicroStrategy Keeps Growing Its BTC Portfolio
MicroStrategy’s Michael Saylor announced that the last acquisition brings the firm’s Bitcoin holding to a total of 214,400 BTC. This news was unveiled in addition to MicroStrategy’s Q1 earnings report. Based on the published statement, the entire BTC holding was acquired at an average price of $35,180 per unit.
“We acquired 25,250 additional bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding more bitcoin to our balance sheet,” Andrew Kang, MicroStrategy Chief Financial Officer said.
Andrew Kang further explained that the combination of the firm’s BTC strategy, operating structure, and focus on technology innovation has been pivotal to meeting up with value creation for its stakeholders.
Coingape reported MicroStrategy’s Bitcoin acquisition in March. Per the report, the firm acquired 9,245 BTC which pushed the firm’s total Bitcoin holdings to 214,246 BTC at the time. It was later increased to 214, 278 BTC. Seeing that its total BTC holding is now at 214,400 BTC, the firm purchased only 122 Bitcoin units in April.
MicroStrategy Still In Profit With Bitcoin Price Dip
The price of the flagship cryptocurrency at the time of this writing was $63,002.57 with a 0.99% decrease over the last 24 hours. Even with the significant drop of the coin from its all-time high (ATH) of over $73,000 in mid-March, this current price suggests that MicroStrategy is currently in profit in terms of its Bitcoin holding.
As of March 31, 2024, the market value of the company’s Bitcoin was $15.220 billion while its original cost basis was $7.535 billion. With these huge profit margin, MicroStrategy still has no plans of selling its Bitcoin stack.
The firm took note of the fact that the presence of spot Bitcoin ETFs in the market has contributed significantly to the price growth that Bitcoin has seen since January when the offering was approved by the United States Securities and Exchange Commission (SEC). Bitcoin ETFs pushed institutional demand for Bitcoin to new levels and also prompted the release of further regulatory clarity, according to Kang.
The post Breaking: MicroStrategy Bags 122 Bitcoin To Expand Its Portfolio appeared first on CoinGape.
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