Despite doubts about Bitcoin’s decline, MicroStrategy demonstrates notable resilience. Far from giving in to panic, the company is adopting a unique financial strategy: accumulate more. In just two months, after acquiring 1,045 bitcoins, it continued its expansion by investing $347 million to acquire a further 12,333 bitcoins.
And 12,333 more BTC!
MicroStrategy, a staunch supporter of bitcoin, continues to consolidate its position in the cryptocurrency world.
On June 28, the company officially filed a document to the Securities and Exchange Commission revealing an expenditure of $347 million for an additional 12,333 bitcoins. This investment, made between April 29 and June 27, underlines the determination of MicroStrategy to strengthen its presence in the Bitcoin market.
With this latest acquisition, the total reserves of MicroStrategy amount to around 152,333 BTC, or almost $4.6 billion at the current price of $30,300 per Bitcoin.
In total, MicroStrategy invested approximately 4.52 billion for these Bitcoins, with an average acquisition cost of around $29,668 per Bitcoin, including fees and expenses.
MicroStrategy stands out for the speed of its acquisitions. In just two months, having purchased a further 1,045 bitcoins for $23.9 million, the company has strengthened its position as a major investor in the Bitcoin market, demonstrating its unwavering commitment to acquiring bitcoins.
MicroStrategy’s unwavering confidence in bitcoin
Phong Leon CEO of MicroStrategyexpresses unwavering confidence in the company’s Bitcoin investment strategy. This confidence is fuelled by the recent rise in the price of Bitcoin, due to the growing demand for Bitcoin ETFs by major financial institutions such as BlackRock.
MicroStrategy reports solid financial results, with sales of $461.2 million in the first quarter of this year compared to a net loss of $130.8 million for the same period last year, and a net loss of $249.7 million for the fourth quarter of 2022. These figures attest to the company’s strategic vision and its ability to exploit market potential.
In addition, MicroStrategy recently settled a $205 million debt with the bankrupt Silvergate, demonstrating its financial stability. The company’s strategy reflects its deep conviction in bitcoin’s long-term potential as a leading financial asset.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.
