Microstrategy Crypto Portfolio: MicroStrategy, a US-based business intelligence firm, recently announced that it had acquired 5,050 bitcoins for approximately $243 million in cash.
According to an official statement from Michael Sailor, CEO of MicroStrategy, the company already owns a total of 114,042 bitcoins. In August 2021, MicroStrategy acquired 3,907 BTC for $177 million in cash.
Since early 2021, MicroStrategy has significantly expanded its Bitcoin portfolio. The Nasdaq-listed company is one of the largest institutional holders of the world’s largest cryptocurrency. MicroStrategy’s share price jumped nearly 5% after the recent Bitcoin announcement.
“MicroStrategy bought another 5,050 bitcoins for $242.9 million in cash at an average price of $48,099 for BTC. As of September 12, we held 114,042 bitcoins purchased for $3.16 billion at an average bitcoin price of $27,713,” Sailor wrote on Twitter.
Despite price volatility, institutional acceptance of Bitcoin and other cryptocurrency assets has increased significantly since early 2021. US-based Asian firm Meitu and Tesla acquired large amounts of BTC in the first half of 2021. El Salvador, a Central American country, recently announced that the country plans to exempt foreign investors from taxes on BTC profits. El Salvador President Naib Bukele announced last week that the country already had 550 BTC.
Weekly Price Action in Bitcoin
BTC was highly volatile last week after dropping nearly $10,000 in 12 hours on September 7. However, its on-chain activity remains positive as long-term Bitcoin holders increase their accumulation.
“The Bitcoin market sold off at the start of the week with high volatility, with price initially making a new local high of $52,849 before settling to a low of $44,196. In cash and chain markets, the historically significant trend of investor accumulation and long-term holdings remains intact. Despite the over 50% sell-off in May, the sharp rebound from the $29,000 bottom, and now another sharp sell-off this week, HODLers look undefeated,” said Glassnode, a cryptocurrency platform.