MicroStrategy boosts Bitcoin holdings as BTC sits tight near the $26k range

Posted: September 25, 2023

• MicroStrategy buys additional Bitcoin worth $147.3 million
• The firm’s Bitcoin hoardings were worth over $4 billion

MicroStrategy’s bullish stance on Bitcoin [BTC] continues to hold strong ground. The American business intelligence firm poured an additional $147.3 million in fiat to buy more Bitcoin. The recent purchase spree added 5445 BTC to its existing Bitcoin coffer.

Read Bitcoin’s [BTC] Price Prediction 2023-24

According to the SEC filing made on Monday (25 September), the purchase of these additional coins was made between 1 August and 24 September. The coins were purchased at an average price of around $27,053 per BTC, including costs. The recent purchase also put MicroStrategy’s Bitcoin holdings at 158,245. At present value, these Bitcoins are worth over $4 billion.

The SEC filing read,

“As of September 24, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 158,245 bitcoins, which were acquired at an aggregate purchase price of approximately $4.68 billion and an average purchase price of approximately $29,582 per bitcoin, inclusive of fees and expenses.”

MicroStrategy placed on the top for its BTC purchase

Notably, the latest disclosure didn’t have any effect on the price of the king coin. According to CoinMarketCap, BTC traded at $26,235 at press time, with no significant changes in the past hour or day. The trade volume for the cryptocurrency was at over $12 billion, while the past seven-day change showed a negative 3.78%.

According to CoinGecko, this Bitcoin hoarding series has put MicroStrategy in the top spot among US public companies with the biggest Bitcoin portfolios. Meanwhile, other prominent companies to have big BTC portfolios are Tesla, Marathon Digital Holdings, Galaxy Digital Holdings, and Coinbase.

Interestingly, MicroStrategy’s purchase took place right when spot Bitcoin ETF was the highlight of the market. Multiple companies were awaiting a decision on their spot BTC ETF application, including Blackrock – one of the largest investment management firms.

However, on the last day of August, the SEC announced that it would be delaying its decision on the applications. Nonetheless, many market analysts have an optimistic stance on the SEC decision, which is due in October 2023.