MicroStrategy, a business intelligence firm and major Bitcoin investor, has acquired another big stash of cryptocurrency, sending a bullish signal to the market.
On September 25, 2023, MicroStrategy co-founder and executive chairman Michael Saylor announced on Twitter that the firm had purchased 5,445 BTC for $147.3 million in cash, at an average price of $27,053 per coin. This brings MicroStrategy’s total Bitcoin holdings to 158,245 BTC, acquired for an average price of $29,582 per coin.
MicroStrategy’s latest purchase comes as Bitcoin has traded sideways at around $26,000 over the past few weeks. The company’s continued investment in Bitcoin suggests that it believes the cryptocurrency has long-term upside potential.
MicroStrategy is one of the most well-known institutional investors in Bitcoin. The company has been buying Bitcoin since August 2020, and it has become one of the largest holders of the cryptocurrency. MicroStrategy’s CEO, Michael Saylor, is a vocal advocate for Bitcoin, and he has repeatedly said that he believes it is a digital asset with the potential to revolutionize the global financial system. MicroStrategy’s latest Bitcoin purchase is a sign that the company is still bullish on the cryptocurrency, even as it has faced some headwinds in recent months. The company’s investment could help to boost Bitcoin’s price and encourage other institutional investors to buy the cryptocurrency.