MicroStrategy Acquires Additional 1,045 Bitcoin

Michael Saylor has done it again. MicroStrategy announced today that it has increased its Bitcoin holdings by another 1,045 BTC. With that, the company owned by the perma-bull Saylor has now broken through the 140,000 Bitcoin threshold.

Today’s announcement states that MicroStrategy, along with its affiliates, acquired approximately 1,045 Bitcoins for approximately $29.3 million in cash between March 24, 2023 and April 4, 2023.

As of April 4, 2023, MicroStrategy, together with its subsidiaries, owned a total of approximately 140,000 Bitcoins acquired for an aggregate purchase price of approximately $4.17 billion and an average purchase price of approximately $29,803 per Bitcoin, including fees and expenses.

Thus, the breakeven point for Saylor and MicroStrategy is only a BTC price increase of about 6% away. Nevertheless, Saylor has always emphasized in the past that MicroStrategy does not plan not sell BTC in the near future.

The latest acquisition of Bitcoin by MicroStrategy comes not even 10 days after Saylor announced his previous shopping spree. On March 27, it was revealed that MicroStrategy bought 6,455 BTC at an average price of $23,238 per coin. The total price of the purchase was $150 million.

MicroStrategy said it previously repaid a $205 million loan at a 22% discount with the now-failed Silvergate Bank. The tech company had put up 34,619 BTC as collateral for the loan, which is now back in the company’s hands as a result.

Institutional Adoption Of Bitcoin Powered By MicroStrategy

Michael Saylor stepped down as CEO in August last year. However, he is still considered one of the biggest Bitcoin advocates and is representative of institutional Bitcoin adoption.

MicroStrategy is currently building a Lightning Network wallet that can be deployed in enterprises. From May 3- 4, the tech company is hosting a “Bitcoin & Lightning for Corporations” conference as part of its MicroStrategy World 2023, where new announcements in the area can be expected.

Our conference will kick off on May 3 with a keynote by @MichaelRihani of @CashApp, a technologist uniquely qualified to discuss how corporations can improve their products and services by integrating #Bitcoin and #Lightning⚡️. Join us: https://t.co/aUUkfgNjqa pic.twitter.com/5f4R8IJfnf

— Michael Saylor⚡️ (@saylor) April 4, 2023

At press time, the BTC price was trading at $28,540. Currently, the most important support zone for Bitcoin is the area between $28,450 and $28,500. As long as the price stays above this area, a rally towards $30,000 seems more and more likely.

If BTC falls below this level, the first support is likely to be at $28,155. A break to the downside could mean that Bitcoin drops once again towards the $27,200 mark.

Source: Read Full Article