MicroStrategy Acquires $5.3M Bitcoin in October

According to Michael Saylor, the Chairman and founder of business intelligence firm MicroStrategy, the company has increased its Bitcoin (BTC) holdings by an additional 155 units.

The new acquisition was made at $5.3 million in October when the leading crypto asset rose to significant levels and nearly hit $35,000. At the time of this writing, Bitcoin is trading at $35,304.14, after gaining 2.48% within the last 24 hours.

Currently, MicroStrategy’s Bitcoin holding is worth approximately $4.7 billion with an average price of $29,586 per Bitcoin. 

In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/w7eRUcGobi

— Michael Saylor⚡️ (@saylor) November 1, 2023

MicroStrategy Increase BTC Holdings

MicroStrategy has constantly maintained its reputation for being the largest holder of the flagship coin. Even with its reputation, the business software firm continues to expand its BTC holding. At the beginning of this year, MicroStrategy added $150 million worth of Bitcoin to its holding and that brought its total BTC portfolio to 138,555 BTC at a worth of about $4.14 billion.

By Q2 2023, the firm had successfully raised its Bitcoin holding to 140,000 units. In a recent filing, MicroStrategy announced that between August 1st and September 24th, another 5,445 Bitcoin worth $147.3 million was added to its holding at an average price of $27,053 per unit. Comparing the average price of its last Bitcoin purchase to the current price of the coin, it is evident that MicroStrategy is up for huge gains.

MicroStrategy Remains Committed to Supporting BTC 

Notably, MicroStrategy’s CEO Phong Lee noted that the firm has no plans of shying away from its Bitcoin strategy any time soon.

“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption,” Andrew Kang, Chief Financial Officer at MicroStrategy stated. 

Good Buy For MicroStrategy 

Cumulatively, the Michael Saylor-founded firm has amassed a total of 6,067 Bitcoin units since the beginning of the third quarter, as outlined in its Q3 earnings report. It is worth noting that MicroStrategy capitalized on the period when Bitcoin was suffering from an industry-wide bear market and was trading around $26,970 to make its Q3 purchase.

The potential spot Bitcoin ETF approval from the SEC is likely to cause an additional surge in the price of BTC, making MicroStrategy holding turn green further.