blockworks.co
05 April 2023 08:40, UTC
MicroStrategy is continuing to scoop up bitcoin, spending $29.3 million at an average price of $28,016 per bitcoin since March 24.
The company or its subsidiaries now owns 140,000 bitcoins ($BTC) as of April 4, according to an SEC filing.
This isn’t a novel purchase. MicroStrategy bought 6,455 $BTC over the last few weeks, and has built up its position from approximately 131,000 $BTC in December 2022 to 140,000 today.
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In March 2022, now-defunct bank Silvergate issued a $205 million loan to Microstrategy, which in part went to fund purchases of bitcoin. The loan, set to mature in March 2025, was paid off early, following the bank’s collapse.
Wednesday’s SEC filing also said that MicroStrategy’s bitcoin pile is worth about $4.17 billion with “an average purchase price of approximately $29,803 per bitcoin, inclusive of fees and expenses.”
MicroStrategy’s shares (MSTR) dipped after the release of the filing, decreasing roughly 3%. Though, other business analytics companies and bitcoin itself were also in the red this morning.
The news of the latest round of crypto purchase also comes after co-founder Michael Saylor stepped down as CEO last year to focus on the company’s bitcoin acquisition strategy. The company is by far the largest corporate holder of $BTC in the world, with more than 0.66% of Bitcoin’s total supply of 21 million bitcoins.
Blockworks reached out to MicroStrategy for comment.
