Sa. Apr 20th, 2024

Summary

  • MicroStrategy has purchased 1,045 Bitcoin for $29.3 million.
  • The firm now holds 140,000 BTC, which is more than Mt. Gox’s balance.
  • Bitcoin’s price had little impact from the news of this purchase.

MicroStrategy Acquires More Bitcoin

MicroStrategy recently acquired 1,045 Bitcoin (BTC) for about $29.3 million dollars in cash at an average price of $28,016 per BTC. This brings the total amount of Bitcoin held by MicroStrategy to 140,000 BTC which is more than what Mt. Gox had on its balance sheet prior to going bankrupt. The company announced that they have acquired 6,000 BTC for roughly $150 million back in March and with the new purchase their total holding amounts to 140,000 BTC worth approximately 4.17 billion dollars at an average cost of 29,803 per coin.

Impact on Price

Despite the news of MicroStrategy’s large purchase of bitcoin having little effect on its price performance as it stands today at 28604 USD according to CryptoSlate data; MicroStrategy shares have however seen a 2.12% premarket increase according to Google Finance data and is up 80% year-to-date metric.

SEC Filing

In an April 5 SEC filing, Microstrategy stated that it bought these coins for about 4.17 billion dollars at an average cost of 29803 per coin as mentioned before; bringing their total holding amounting to 140,000 BTC which makes it more than what Mt. Gox had on its balance sheet prior to going bankrupt .

Glassnode Data

Glassnode data revealed that MicroStrategy now holds more Bitcoin than Mt. Gox’s balance and this latest purchase brings the firm’s total Bitcoin holding up to 140,000 BTC which was acquired between March 24th and April 4th for around 29.3 million USD in cash at an average price of 28016 per unit of currency..

> Despite all this news having little effect on Bitcoin’s current prices as mentioned earlier; as well as no noticeable change in market sentiment or volume with regard to any other crypto asset; it can still be concluded that this development is a huge endorsement for crypto assets like bitcoin and will likely result in increased demand over time due to institutional acceptance

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