Cryptocurrencies, blockchain, NFT and new trends

MicroStrategy adds to massive bitcoin bet, takes total to 140,000 BTC

Companies • April 5, 2023, 8:56AM EDT

Quick Take

  • MicroStrategy purchased an additional 1,045 bitcoin.
  • The firm now owns 140,000 bitcoin with an aggregate purchase price of $4.17 billion.
  • MicroStrategy’s stock is up 105% year-to-date and rose 1.3% in pre-market trading. 

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MicroStrategy acquired an additional 1,045 bitcoin worth around $29.3 million, it revealed on Wednesday.

MicroStrategy shares have risen 105% year-to-date, while bitcoin is up over 72%. Shares in the firm are viewed by some as a proxy for investing in bitcoin due to its large exposure to the digital asset. MicroStrategy was up 1.3% in pre-market, trading around $303.

Founder and CEO Michael Saylor shared on Twitter that his firm acquired the new bitcoin at an average price of $28,016. The purchases were made between March 24 and April 4 while the crypto market was digesting further regulatory unease as the Commodity Futures Trading Commission (CFTC) brought a case against Binance and its CEO, Changpeng Zhao. 

Today’s purchase comes hot on the heels of last week’s $150 million buy when the firm also cleared its loan with Silvergate. MicroStrategy and its subsidiaries now hold approximately 140,000 bitcoins — with an aggregate purchase price of approximately $4.17 billion, according to an 8-K filing with the SEC.

The software firm’s average purchase price is now $29,803. Bitcoin has been trading below this level since last June.