MicroStrategy Packed 122 Bitcoins to Expand Its Portfolio
In April alone, business intelligence and software company MicroStrategy Acquired additional 122 units of Bitcoin (BTC) worth approximately $7.8 million
MicroStrategy Continues to Grow Its BTC Portfolio
Michael Saylor of MicroStrategy announced that the latest acquisition brings the firm’s Bitcoin holdings to a total of 214,400 BTC. This news was announced alongside MicroStrategy’s first-quarter earnings report. According to the published statement, the entire BTC holding was purchased at an average price of $35,180 per unit.
“We have acquired 25,250 additional bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding more bitcoins to our balance sheet,” said MicroStrategy CFO Andrew Kang.
Andrew Kang also explained that the combination of the firm’s BTC strategy, operating structure, and focus on technology innovation is crucial to creating value for its stakeholders.
Coingape reported in March that MicroStrategy had purchased Bitcoin. According to the report, the company Bought 9,245 BTC This brought 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 holdings currently stand at 214,400 BTC, the firm purchased only 122 Bitcoin units in April.
MicroStrategy Still In Profit With Bitcoin Price Drop
At the time of writing, the price of the flagship cryptocurrency was $63,002.57, down 0.99% in the last 24 hours. Although the cryptocurrency has experienced a significant decline from its all-time high of $73,000 in mid-March, this current price shows that: MicroStrategy is currently profitable In terms of holding Bitcoin.
As of March 31, 2024, the market cap of the company’s Bitcoin was $15.220 billion, while its original cost basis was $7.535 billion. With this huge profit margin, MicroStrategy still has no plans to sell its Bitcoin pile.
The company drew attention to its existence. Identify Bitcoin ETFs The rise in the market has contributed significantly to the price increase Bitcoin has seen since January, when the offering was approved by the United States Securities and Exchange Commission (SEC). According to Kang, Bitcoin ETFs have driven institutional demand for Bitcoin to new levels and also led to further increased regulatory clarity.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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