MicroStrategy Continues To Accumulate Another 12,333 BTC

By Kevin • June 29, 2023 11:59 pm • Comments

It looks like MicroStrategy is continuing its long term strategy of accumulating Bitcoin and has been unfazed by the recent price volatility of the digital asset.

The company has already been doing this for years and had recently turned net positive on its overall crypto investments.

Most recently, it was reported that the company had acquired an additional 12,333 Bitcoins for a total of $347 million.

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The purchase price was around the $30k price mark and it indicates that the firm believes that this is a price level that is good for accumulation.

This continues to make MicroStrategy one of the biggest institutional investors of BTC as it now holds a total of $152,333 BTC.

Watcher.guru reports:

MicroStrategy’s last purchase was on April 5, 2023. Saylor purchased 1045 bitcoin for $29.3 million when BTC was trading in the $28,000 range.

According to the latest details, MicroStrategy added 12,333 BTC to its reserves for $347 million.

Details from Saylor’s tweet reveal that, as of June 28, 2023, the firm holds 152,333 bitcoins. The 152,333 BTC were acquired for a price of $4.52 billion.

According to CoinMarketCap data, BTC is trading at $30,267 at press time, with a 1.3% drop in value over the last 24 hours.

Saylor seems adamant about his BTC choice despite the ups and downs and a loss. The business is long-term oriented and has no immediate plans to sell its BTC.

Many investors expect that the company will continue to accumulate the asset at different price points in the future.

After all, their strategy has remained unchanged for multiple years now and it seems that it is starting to be a investment that is starting to payoff.

MicroStrategy is only one of many institutional investors that are doing the same thing which gives a lot of confidence for retail investors.

The constant institutional demand despite the unfavorable regulatory pressures that exist may indicate that the industry will continue to expand no matter what.

CoinTelegraph concludes:

The total average purchase price is close to the $28,136 purchase price disclosed in the day’s announcements.

The coins were bought between April 27 and June 27. The purchase was partly financed with the issuance of new stock, as the company wrote:

“On May 1, 2023, MicroStrategy entered into a Sales Agreement with Cowen and Company, LLC and Canaccord Genuity LLC, as sales agents, pursuant to which MicroStrategy may issue and sell shares of its class A common stock, par value $0.001 per share (“Shares”), having an aggregate offering price of up to $625.0 million from time to time through the Agents.”

Reportedly, the firm has been purchasing Bitcoin through a mix of different assets such as cash and stock.

Michael Saylor has been the one in charge of executing the firm’s Bitcoin investment strategy after stepping down from his previous position.

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