Business In News
- MicroStrategy added to its Bitcoin coffers with a $29.3 million BTC purchase, per SEC filing from April 4.
- The business intelligence firm accumulated 1,045 at an average price of $28,016 per BTC since March 24.
- Michael Saylor’s firm is the single largest corporate BTC holder with 140,000 tokens, around 0.66% of Bitcoin’s total supply of 21 million coins.
Business software firm MicroStrategy accumulated more Bitcoin since March, spending tens of millions of dollars to stack satoshis as crypto’s top coin eyes $30,000.
A filing with the U.S. Securities and Exchange Commission (SEC) from April 4 showed that Michael Saylor’s company splurged $29.3 million to buy 1,045 BTC. The latest Bitcoin buy was scooped up at an average price of $28,016 per BTC since March 24.
The company and its subsidiaries are the single largest corporate holders of Bitcoin with 140,000 BTC worth around $4.17 billion. The company started buying BTC in August 2020, holding over 131,000 Bitcoins by December 2022.
Saylor’s firm, through its subsidiary MacroStrategy, received a $205 million loan collateralized in crypto’s largest coin – BTC. The loan was issued by the troubled U.S. bank Silvergate in March 2022. MicroStrategy paid off the loan early at a 22% discount shortly after Silvergate suffered a bank run and decided to liquidate its business.
Along with the loan repayment, MicroStrategy also bought 6,455 BTC worth $150 million at an average price of $23,238 per Bitcoin.
The price of MicroStrategy’s shares (MSTR) fell about 3% after the SEC filing was disclosed. Bitcoin’s price dipped below $28,000 after the news, a phenomenon that supposedly happens every time Saylor’s company announces another BTC buy.
Saylor Dumps CEO Role, Focuses on MicroStrategy’s Bitcoin Plan
In 2022, Michael Saylor resigned as MicroStrategy CEO amid an exodus of C-suite executives at crypto-linked businesses. Saylor stepped down to focus on the company’s Bitcoin plan, the BTC maxi explained to the crypto community after the announcement.
MicroStrategy was already one of the largest holders of Bitcoin at the time. Now, the company commands 0.66% of BTC’s total supply of 21 million. This makes Saylor’s company the largest corporate holder of Bitcoin by a margin.