Publicly-traded business intelligence company MicroStrategy announced on Wednesday the purchase of an additional 12,333 BTCs, bringing its total Bitcoin holdings to 152,333 BTCs. The trade comes only a week after an impressive rally by the bitcoin cryptocurrency to a $30,000 price mark.
MicroStrategy Continues BTC Purchase Spree
In a Form-8K filed with the U.S. Securities and Exchange Commission (SEC), the company noted that the latest BTC purchase was held when the asset sold for an average price of approximately $28,136. This brought the dollar equivalent of the recently purchased BTC to $347 million. Also, MicroStrategy’s total Bitcoin stash now sits at over $4.5 billion.
The latest purchase trails MicroStrategy’s previous buys between March and April. In late March, the company got $150 million worth of BTCs. The following month, it added to its stash by acquiring 1,048 BTC, taking its Bitcoin portfolio to 140,000 BTCs.
MicroStrategy’s Bitcoin acquisition spree dates back to August 2020. Under the jurisdiction of its co-founder and executive chairman, Michael Saylor, the business intelligence company bought its first bitcoin worth $250 million. Since then, it has relentlessly maintained its Bitcoin-buying culture.
Although the company declared its resolve never to sell its BTC holdings, it sold 704 BTCs back in December 2022 to settle some tax mandates.
Bitcoin Price Stays at $30k
MicroStrategy’s continuous bitcoin purchase shows how much the company leverages the bear market to stack up its Bitcoin holdings.
Bitcoin’s price has improved significantly compared to last year. Metrics show that BTC holds an impressive 82% increase in its year-to-date (YTD) analysis. The asset currently trades at $30,300. The uptrend can be attributed to factors such as the Bitcoin Ordinals that began in January, and the filing for Spot Bitcoin exchange-traded fund (ETF) made by several investment platforms in the U.S.
This increase has boosted the value of MicroStrategy’s BTC portfolio. Last Friday, Coinfomania reported that the American company’s accumulated bitcoins are finally in the green after two months.
