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Microstrategy Expands Bitcoin Position With $347 Million Investment Pushing Total Holdings to 152333 BTC

Microstrategy Expands Bitcoin Position With $347 Million Investment, Pushing Total Holdings to 152,333 BTC

Microstrategy has purchased 12,333 more bitcoin for about $347 million, growing its cryptocurrency holdings to 152,333 btc. The Nasdaq-listed software company’s announcement came amid a series of positive developments in the crypto industry.

Microstrategy Adds 12,333 Bitcoin to Its Holdings

Business intelligence and software company Microstrategy (Nasdaq: MSTR) has expanded its bitcoin holdings. The company’s co-founder and executive chairman, Michael Saylor, announced in a tweet Wednesday:

Microstrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 Microstrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin.

In its filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the company clarified that the additional coins were acquired during the period between April 29 and June 27. At the time of writing, the price of bitcoin is $30,109.

Saylor is a vocal bitcoin supporter. He tweeted last week that the cryptocurrency “now has the support of presidential candidates, regulators, legislators, money managers, bankers, investors, and the general public.” The executive opined:

The future will bring a parade of positives for those intent on proliferating bitcoin as an instrument of economic empowerment.

Microstrategy made its announcement amidst a series of positive developments in the crypto industry. Recently, the world’s largest asset manager, Blackrock, filed to launch a bitcoin trust that many believe to be a spot bitcoin exchange-traded fund (ETF). Following Blackrock’s move, several other major companies are reportedly submitting similar filings, including Fidelity. While the SEC has not approved a spot bitcoin ETF, the filings by major companies have sparked optimism in the crypto space that the securities regulator will grant approval in the near future.

Last week, a series of prominent financial institutions launched EDX, a cryptocurrency exchange that allows the trading of four cryptocurrencies. The platform’s founding investors include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. Moreover, Deutsche Bank has applied for a license to offer crypto custody services in Germany. This week, banking giant HSBC also enabled bitcoin and ethereum ETF trading on its mobile apps in Hong Kong.

What do you think about Microstrategy acquiring more bitcoin? Let us know in the comments section below.



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