en.ethereumworldnews.com
Summary:
- MicroStrategy added to its Bitcoin coffers with a $29.3 million $BTC purchase, per SEC filing from April 4.
- The business intelligence firm accumulated 1,045 at an average price of $28,016 per $BTC since March 24.
- Michael Saylor’s firm is the single largest corporate $BTC holder with 140,000 tokens, around 0.66% of Bitcoin’s total supply of 21 million coins.
Business software firm MicroStrategy accumulated more Bitcoin since March, spending tens of millions of dollars to stack satoshis as crypto’s top coin eyes $30,000.
A filing with the U.S. Securities and Exchange Commission (SEC) from April 4 showed that Michael Saylor’s company splurged $29.3 million to buy 1,045 $BTC. The latest Bitcoin buy was scooped up at an average price of $28,016 per $BTC since March 24.
MicroStrategy has acquired an additional 1,045 #bitcoin for ~ $29.3M at an average price of $28,016 per bitcoin. As of 4/4/2023 @MicroStrategy holds 140,000 bitcoin acquired for ~$4.17 billion at an average price of $29,803 per bitcoin. $MSTR https://t.co/IBufTxalnv
— Michael Saylor⚡️ (@saylor) April 5, 2023
The company and its subsidiaries are the single largest corporate holders of Bitcoin with 140,000 $BTC worth around $4.17 billion. The company started buying $BTC in August 2020, holding over 131,000 Bitcoins by December 2022.
Saylor’s firm, through its subsidiary MacroStrategy, received a $205 million loan collateralized in crypto’s largest coin – $BTC. The loan was issued by the troubled U.S. bank Silvergate in March 2022. MicroStrategy paid off the loan early at a 22% discount shortly after Silvergate suffered a bank run and decided to liquidate its business.
Along with the loan repayment, MicroStrategy also bought 6,455 $BTC worth $150 million at an average price of $23,238 per Bitcoin.
The price of MicroStrategy’s shares (MSTR) fell about 3% after the SEC filing was disclosed. Bitcoin’s price dipped below $28,000 after the news, a phenomenon that supposedly happens every time Saylor’s company announces another $BTC buy.
Saylor Dumps CEO Role, Focuses on MicroStrategy’s Bitcoin Plan
In 2022, Michael Saylor resigned as MicroStrategy CEO amid an exodus of C-suite executives at crypto-linked businesses. Saylor stepped down to focus on the company’s Bitcoin plan, the $BTC maxi explained to the crypto community after the announcement.
MicroStrategy was already one of the largest holders of Bitcoin at the time. Now, the company commands 0.66% of $BTC’s total supply of 21 million. This makes Saylor’s company the largest corporate holder of Bitcoin by a margin.