MicroStrategy, a prominent business intelligence company led by CEO Michael Saylor, has expanded its Bitcoin holdings by acquiring an additional 3,000 Bitcoins.
Michael Saylor announces Bitcoin acquisition
Perennial Bitcoin supporter Michael Saylor shared the news of MicroStrategy’s recent Bitcoin acquisition from X, revealing that MicroStrategy invested ~$155 million in the purchase of 3,000 BTC. The acquisition highlights an average price per Bitcoin of $51,813.
Purchases made between February 15 and 25, 2024 averaged $51,813 per Bitcoin. As of February 25, MicroStrategy held a total of 193,000 bitcoins, worth about $6.09 billion. The average purchase price for the entire Bitcoin portfolio is $31,544.
MicroStrategy’s accumulation of 193,000 Bitcoin proves Michael Saylor’s plan to buy Bitcoin forever.
Financial Implications and Strategies
MicroStrategy’s aggressive Bitcoin buying strategy sees Bitcoin as the ultimate “exit strategy” and is consistent with Michael Saylor’s long-term belief that Bitcoin is superior to traditional assets.
MicroStrategy continues to prioritize safely managing its significant Bitcoin holdings. Currently, 98% of the company’s BTC holdings are entrusted to Fidelity Custody, known for its strong security measures. To further diversify its asset management approach, MicroStrategy also leverages Coinbase Prime. This dual management strategy enhances security and ensures comprehensive management of MicroStrategy’s cryptocurrency assets.
Also Read: MicroStrategy Twitter Account Hacked: $424,000 Looted in Fake Ethereum Airdrop Scam.
MSTR Stock Performance
Michael Saylor is unfazed by concerns about the potential impact of a Bitcoin ETF on MicroStrategy’s stock (MSTR). The impact of MicroStrategy’s Bitcoin acquisition on its stock (MSTR) is expected to rise 1.71% in pre-market hours, trading at $699.2 and rising above $700.
The surge in Bitcoin price in 2023 and 2024 has largely contributed to MSTR’s impressive stock price performance. MSTR stock is up 39% over the past month and has surged a whopping 160% over the past year. Since the start of 2023, MSTR stock has witnessed an incredible 316% gain.
Bitcoin’s recent price movements have shown resilience, rebounding 1% from a 24-hour low of $50,931 to the current trading price of $51,410. Trading volume has surged 10% in the past 24 hours, sparking interest among traders.