{"id":28972,"date":"2023-06-29T03:22:49","date_gmt":"2023-06-29T07:22:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/microstrategy-acquires-additional-347-million-in-btc\/"},"modified":"2023-06-29T03:22:50","modified_gmt":"2023-06-29T07:22:50","slug":"microstrategy-acquires-additional-347-million-in-btc","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28972","title":{"rendered":"MicroStrategy Acquires Additional $347 Million in BTC"},"content":{"rendered":"
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Michael Saylor’s MicroStrategy has added an additional 12,333 Bitcoin to its portfolio, in the last two months.<\/p>\n

According to a company report, MicroStrategy, together with its subsidiaries, bought the asset between April 29 and June 27, for approximately $347.0 million in cash, at an average price of approximately $28,136 per Bitcoin.<\/p>\n

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The business intelligence firm was able to buy BTC at a value lower than the current market price of $30K. The company and its subsidiaries collectively hold 152,333 Bitcoin approximately, totaling $4.52 billion.\u00a0<\/p>\n

The company also sold around $500 million of stock to fund more purchases of the cryptocurrency in September, according to an SEC filing.<\/p>\n

The recent acquisition marks the largest purchase by MicroStrategy this year, surpassing its previous purchases in March and April, which totaled 7,500 BTC worth $179.3 million.\u00a0<\/p>\n

MicroStrategy has been periodically purchasing Bitcoin at regular intervals and has managed to hold a strong place even during the crypto winter that took a toll on BTC and other crypto prices last year.<\/p>\n

Although market conditions are still improving and BTC is struggling to surpass the $30k mark, Michael Saylor believes the crypto to be a strong store of value.<\/p>\n

BTC Price Predictions Post MicroStrategy\u2019s Acquisition<\/h2>\n

BTC price has seen an uptick and gained over 20% in less than a month, ever since financial firms like BlackRock filed for the spot Bitcoin ETFs this month. Additionally, Bitcoin investment products saw inflows of $187 million last week, according to CoinShares data.<\/p>\n

Meanwhile, crypto analysts have mixed reviews. One Twitter user has predicted Bitcoin price action, hinting a bullish trend. The tweet noted that considering M1 levels, Bitcoin could potentially regain the $60k mark.<\/p>\n

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Another user asserted that BTC might experience a dip following MicroStrategy\u2019s purchase. Though the buying power is impressive, the crypto asset has previously exhibited price fluctuations even after significant institutional investments.<\/p>\n

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As of now, the price of BTC hasn\u2019t reacted much to the news and it seems to be moving in a downward trajectory. Bitcoin is currently trading at $30.41 at press time, declining by more than 1.5% in the last 24 hours.<\/p>\n<\/p><\/div>\n