MicroStrategy Acquires Additional $347 Million in Bitcoin, Total Investment Surpasses $4.5 Billion

Michael Saylor’s MicroStrategy has added an additional 12,333 Bitcoin to its portfolio, in the last two months.

According to a company report, MicroStrategy, together with its subsidiaries, bought the asset between April 29 and June 27, for approximately $347.0 million in cash, at an average price of approximately $28,136 per Bitcoin.

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. $MSTR https://t.co/joHo1gEnR0

— Michael Saylor⚡️ (@saylor) June 28, 2023

The business intelligence firm was able to buy BTC at a value lower than the current market price of $30K. The company and its subsidiaries collectively hold 152,333 Bitcoin approximately, totaling $4.52 billion. 

The company also sold around $500 million of stock to fund more purchases of the cryptocurrency in September, according to an SEC filing.

The recent acquisition marks the largest purchase by MicroStrategy this year, surpassing its previous purchases in March and April, which totaled 7,500 BTC worth $179.3 million. 

MicroStrategy has been periodically purchasing Bitcoin at regular intervals and has managed to hold a strong place even during the crypto winter that took a toll on BTC and other crypto prices last year.

Although market conditions are still improving and BTC is struggling to surpass the $30k mark, Michael Saylor believes the crypto to be a strong store of value.

BTC Price Predictions Post MicroStrategy’s Acquisition

BTC price has seen an uptick and gained over 20% in less than a month, ever since financial firms like BlackRock filed for the spot Bitcoin ETFs this month. Additionally, Bitcoin investment products saw inflows of $187 million last week, according to CoinShares data.

Meanwhile, crypto analysts have mixed reviews. One Twitter user has predicted Bitcoin price action, hinting a bullish trend. The tweet noted that considering M1 levels, Bitcoin could potentially regain the $60k mark.

Bitcoin has been ranging since 2018… if you adjust for the M1 money in circulation

2018 6K level
2019 6K level
2021 30K level
2022 30K level

They're actually all the "same" level.

The good news is that it looks like we're retaking this level, despite M1 shrinking for a year pic.twitter.com/v79rv9IZO5

— Murad (@MustStopMurad) June 26, 2023

Another user asserted that BTC might experience a dip following MicroStrategy’s purchase. Though the buying power is impressive, the crypto asset has previously exhibited price fluctuations even after significant institutional investments.

Microstrategy has bought another 12,000 $BTC.

Time to go down again.

Impressive buying power still.

— Michaël van de Poppe (@CryptoMichNL) June 28, 2023

As of now, the price of BTC hasn’t reacted much to the news and it seems to be moving in a downward trajectory. Bitcoin is currently trading at $30.41 at press time, declining by more than 1.5% in the last 24 hours.