MicroStrategy Acquires 855 Bitcoin Before Last Week’s Market Decline
MicroStrategy, led by executive chairman Michael Saylor, made a notable move last week by acquiring 855 Bitcoin. This purchase, totaling $75.3 million, brought an average cost of $87,974 per Bitcoin. These acquisitions were financed through the sale of common stock.
Details of the Bitcoin Acquisition
- Amount Purchased: 855 Bitcoin
- Total Cost: $75.3 million
- Average Price per Bitcoin: $87,974
- Funding Source: Sale of common stock
Total Holdings and Company Performance
MicroStrategy’s total Bitcoin holdings now stand at an impressive 713,502. The cumulative investment amounts to approximately $54.26 billion, which translates to an average cost of $76,052 per Bitcoin. Despite this, fluctuations in market value have affected the company’s position.
Following a downturn in Bitcoin prices late last week, the cryptocurrency is currently trading just above $77,000. This situation places MicroStrategy slightly above the breakeven point after 5.5 years of consistent Bitcoin acquisitions.
Market Response and Company Stocks
The market has reacted to these developments, with MicroStrategy’s shares dropping by 7.3% in premarket trading. The stock is now priced at a multi-year low of $138.80.
This recent acquisition highlights MicroStrategy’s ongoing commitment to Bitcoin, positioning it uniquely in the cryptocurrency market landscape.
