MicroStrategy buys an additional 1,045 bitcoin, bringing its total holdings to 140,000 tokens valued at approximately $4 billion. Key Point 2: The cryptocurrency market cap has recovered to $1.2 trillion, following a challenging 2022 that saw a 63% drop in bitcoin prices.
MicroStrategy’s Latest Bitcoin Purchase
MicroStrategy continues to grow its bitcoin holdings, recently acquiring an additional 1,045 tokens for $23.9 million. This purchase took place between March 24 and April 4, as reported in a regulatory filing on Wednesday. CEO Michael Saylor shared the news with his 3 million Twitter followers, highlighting an average purchase price of $28,016 per bitcoin.
Total Bitcoin Holdings and Market Recovery
The company’s latest acquisition follows the purchase of 6,455 bitcoins over five weeks between February 16 and March 23. MicroStrategy now holds 140,000 bitcoin, bought for $4.17 billion at an average price of $29,803 per token. With bitcoin trading at $28,170 on Wednesday, the value of MicroStrategy’s holdings is approximately $3.94 billion.
Bitcoin prices have risen significantly since the beginning of the year, with a year-to-date increase of about 67%. This growth follows a challenging 2022, which saw a 63% decline in bitcoin prices. The broader cryptocurrency market experienced a series of setbacks last year, including the collapse of crypto exchange FTX, the failure of stablecoin TerraUSD, and bankruptcy filings for several crypto businesses. These events led to the market cap falling below $1 trillion.
However, the cryptocurrency market cap has since recovered, reaching $1.2 trillion as of Wednesday.
Conclusion
MicroStrategy remains committed to expanding its bitcoin portfolio, with its latest purchase bringing the total value to nearly $4 billion. As the cryptocurrency market recovers from a tumultuous 2022, investors and enthusiasts will be closely watching the performance of major players like MicroStrategy and the overall market trends.
Suggested Reading:
- Currency Financial System doesn’t work for everyone – Coinbase CEO
- Bitcoin is an Insurance Policy to Protect Purchasing Power and Wealth – Cathie Wood
- SEC Targets Coinbase with Wells Notice on Staking & Asset Listings
- Coinbase launches “Crypto435” campaign to grow crypto advocacy and to make your voice heard
- Coinbase Sets Ambitious Goal of One Billion Users, Shifts Focus to Regulation
- Ark Invest Pumps up their Coinbase Stocks by $16 million, Degens Love It
- Coinbase CEO Wants the Crypto Industry Regulated to Protect Investors
- Coinbase Backs Grayscale In Its Legal Battle With the SEC.
