MicroStrategy Adds 112 BTC to Its Bitcoin Stack

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MicroStrategy’s bitcoin purchase spree continues, adding 112 BTC to its holdings this April.

MicroStrategy’s commitment to bitcoin is unwavering. Despite the recent downtrend in BTC price, the company invested $7.8 million in acquiring bitcoins in April. As Michael Saylor, MicroStrategy’s executive chairman, revealed, the company acquired 112 bitcoins worth about $7.8 million this month.

MicroStrategy Now Holds 214,400 BTC

MicroStrategy’s financial performance in the first quarter of 2024 is a testament to its position as the world’s first bitcoin development company. As detailed in its first-quarter reports released this morning, the company executed capital market strategies, raising $1.5 billion, and allocated $1.5 million more to acquire BTC.

In the first quarter of 2024, MicroStrategy acquired 25,250 bitcoins for $1.65 billion at an average price of $65,323 per coin. 

MicroStrategy now holds a staggering 214,400 bitcoins, purchased at an average price of $35,180 per BTC. The company has spent more than $7.5 billion on bitcoin acquisitions, demonstrating its confidence in the cryptocurrency market. It holds more than 1.02 percent of bitcoin’s total supply.

In his recent post on X, Michael Saylor continues to express his solid optimism about bitcoin. He went on a trip to Brazil for a meeting with investors, bankers, technologists, and executives, further underscoring his belief in bitcoin’s potential in the financial market.

Bitcoin Dumps Below $62,000

Following the bitcoin halving event ten days ago, the price of bitcoin has not passed the $67,250 mark. Despite an intense battle between buyers and sellers, the cryptocurrency has shown a solid bearish trend, dropping below $62,000 this morning. 

At press time, bitcoin trades between $61,800 and $61,400, with many red candles forming, indicating a further dump in price.  Farside shows that U.S. Bitcoin ETFs are a part of the bearish movement. The market has recorded four straight market days of outflows worth more than $473 million.

However, market analysts and crypto investors remain bullish. They expect a change in market structure soon, and they expect the market to reach a new all-time high before the year ends.