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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

MicroStrategy Acquires Additional 1,045 Bitcoin

Jake Simmons
Jake Simmons
Last Updated: June 11, 2024 10:42 am
2 mins read
Bitcoin MicroStrategy

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Michael Saylor has done it again. MicroStrategy announced today that it has increased its Bitcoin holdings by another 1,045 BTC. With that, the company owned by the perma-bull Saylor has now broken through the 140,000 Bitcoin threshold.

Today’s announcement states that MicroStrategy, along with its affiliates, acquired approximately 1,045 Bitcoins for approximately $29.3 million in cash between March 24, 2023 and April 4, 2023.

As of April 4, 2023, MicroStrategy, together with its subsidiaries, owned a total of approximately 140,000 Bitcoins acquired for an aggregate purchase price of approximately $4.17 billion and an average purchase price of approximately $29,803 per Bitcoin, including fees and expenses.

Thus, the breakeven point for Saylor and MicroStrategy is only a BTC price increase of about 6% away. Nevertheless, Saylor has always emphasized in the past that MicroStrategy does not plan not sell BTC in the near future.

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The latest acquisition of Bitcoin by MicroStrategy comes not even 10 days after Saylor announced his previous shopping spree. On March 27, it was revealed that MicroStrategy bought 6,455 BTC at an average price of $23,238 per coin. The total price of the purchase was $150 million.

MicroStrategy said it previously repaid a $205 million loan at a 22% discount with the now-failed Silvergate Bank. The tech company had put up 34,619 BTC as collateral for the loan, which is now back in the company’s hands as a result.

Institutional Adoption Of Bitcoin Powered By MicroStrategy

Michael Saylor stepped down as CEO in August last year. However, he is still considered one of the biggest Bitcoin advocates and is representative of institutional Bitcoin adoption.

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MicroStrategy is currently building a Lightning Network wallet that can be deployed in enterprises. From May 3- 4, the tech company is hosting a “Bitcoin & Lightning for Corporations” conference as part of its MicroStrategy World 2023, where new announcements in the area can be expected.

Our conference will kick off on May 3 with a keynote by @MichaelRihani of @CashApp, a technologist uniquely qualified to discuss how corporations can improve their products and services by integrating #Bitcoin and #Lightning⚡️. Join us: https://t.co/aUUkfgNjqa pic.twitter.com/5f4R8IJfnf

— Michael Saylor⚡️ (@saylor) April 4, 2023

At press time, the BTC price was trading at $28,540. Currently, the most important support zone for Bitcoin is the area between $28,450 and $28,500. As long as the price stays above this area, a rally towards $30,000 seems more and more likely.

If BTC falls below this level, the first support is likely to be at $28,155. A break to the downside could mean that Bitcoin drops once again towards the $27,200 mark.

Bitcoin price
BTC price, 1-hour chart | Source: BTCUSD on TradingView.com
Featured image from Bloomberg, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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