thecryptobasic.com
Renowned Bitcoin whale MicroStrategy has injected an additional $623 million in $BTC at a time when the cryptocurrency is undergoing severe price correction.
MicroStrategy Chairman Michael Saylor disclosed the firm’s new Bitcoin acquisition in a post on X a few hours ago. Per the disclosure, MicroStrategy has taken store of an additional 9,245 Bitcoin.
The firm orchestrated the purchase at an average price of $67,382 per $BTC, bringing the monetary value of the new investment to approximately $623 million.
MicroStrategy has acquired an additional 9,245 $BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor⚡️ (@saylor) March 19, 2024
MicroStrategy Buys Bitcoin Dip with $623M
Saylor noted that the $623 million fund invested in Bitcoin came from earnings from convertible notes and excess cash. Notably, this new massive Bitcoin acquisition comes amid $BTC witnessing successive days of price declines.
Five days ago, Bitcoin set a new all-time high of $73,750. However, 24 hours later, the asset tanked to a low of $65,630. Meanwhile, within the last 24 hours, Bitcoin flashed a false sign of recovery, briefly rallying to $68,897, only to collapse 10.25% to its current daily low of $62,490.
Interstingly, MicroStrategy has disregarded the negative sentiment following Bitcoin’s price correction and invested over half a billion dollars more to its already staggering Bitcoin portfolio.
MicroStrategy’s Bitcoin Portfolio
Following the new acquisition, MicroStrategy now commands 214,246 $BTC, which it acquired for approximately $7.53 billion at an average price of $35,160 per $BTC.
In parallel, the prominent firm’s Bitcoin portfolio is now worth about $13.5 billion at press time. This figure translates to an outstanding 78% unrealized profit of approximately $5.92 billion.
For the uninitiated, MicroStrategy Incorporated is a U.S.-based company focused on cloud-based services and mobile software.
The firm has been accumulating $BTC nearly every month since September 2020. Interestingly, all of its Bitcoin investments have been profitable, except its two most recent purchases.
MicroStrategy’s Tuesday announcement comes just a week after the firm disclosed buying 12,000 $BTC with $821.7 million. Ultimately, these unyielding purchases illustrate the firm’s long-term view of the asset class, disregarding temporary price fluctuations.
Besides, Kris Marszalek, the CEO of Crypto.Com, has recently stressed the view of prominent investors like MicroStrategy about Bitcoin:
“This is an asset that you want to hold for decades, not for days or weeks.”