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In a bold move underscoring its commitment to digital currency, MicroStrategy announced the acquisition of an additional 122 bitcoins this April, taking its total holdings to 214,400 BTC. This acquisition, valued at approximately $7.8 million, was revealed alongside the firm's first-quarter financial results, highlighting a steadfast dedication to expanding its cryptocurrency investments.
MicroStrategy's Strategic Bitcoin Accumulation Hits 214,400 BTC, Highlighting Long-Term Digital Asset Commitment
In a recent report by CoinGape, MicroStrategy's Michael Saylor revealed that the latest acquisition raised the firm's total Bitcoin holdings to 214,400 BTC. This announcement was made in conjunction with MicroStrategy's first-quarter financial report. According to the released statement, the entire BTC holding was acquired for an average of $35,180 per unit.
"We acquired 25,250 additional bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding more bitcoin to our balance sheet," Andrew Kang, MicroStrategy Chief Financial Officer, said.
Andrew Kang said that the firm's BTC strategy, operating structure, and focus on technology innovation have all played essential roles in creating value for its stakeholders.
Coingape reported on MicroStrategy's Bitcoin acquisition in March. According to the report, the firm acquired 9,245 BTC, bringing its total Bitcoin holdings to 214,246 BTC. It was later increased to 214.278 BTC. Since its total BTC holdings now stand at 214,400 BTC, the firm only purchased 122 Bitcoin units in April.
MicroStrategy's Bitcoin Investment Remains Profitable, Boosted by Spot ETFs and Rising Institutional Demand
As of this writing, the flagship cryptocurrency was trading at $63,002.57, down 0.99% in the previous 24 hours. Despite the coin's dramatic drop from its all-time high (ATH) of over $73,000 in mid-March, the current price shows that MicroStrategy is profitable regarding its Bitcoin holdings.
As of March 31, 2024, MicroStrategy's Bitcoin had a market value of $15.220 billion, with an original cost basis of $7.535 billion. Despite the significant profit margin, MicroStrategy has no intentions of selling its Bitcoin stack.
The business noted that the availability of spot Bitcoin ETFs in the market had significantly contributed to Bitcoin's price growth since January when the US Securities and Exchange Commission (SEC) permitted the sale. According to Kang, Bitcoin ETFs drove institutional demand for Bitcoin to new highs while also prompting the release of additional regulatory clarity.
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