In a move signaling further confidence in the cryptocurrency market, Microstrategy has announced the acquisition of an additional 12,333 bitcoins, amounting to approximately $347 million. This purchase has boosted the company’s total bitcoin holdings to 152,333 BTC. The news comes amidst a string of positive developments within the crypto industry.
Microstrategy, a business intelligence and software firm listed on Nasdaq under the ticker symbol MSTR, disclosed the expansion of its bitcoin portfolio through a tweet by its co-founder and executive chairman, Michael Saylor. According to Saylor, the company acquired the 12,333 bitcoins at an average price of $28,136 per bitcoin, with the transaction taking place between April 29 and June 27. As of the announcement on June 28, Microstrategy’s total bitcoin investments amount to approximately $4.52 billion, with an average purchase price of $29,668 per bitcoin.
To comply with regulatory requirements, Microstrategy filed a report with the U.S. Securities and Exchange Commission (SEC) to detail the acquisition of these additional coins. At the time of writing, the price of bitcoin stands at $30,109.
Saylor, a well-known advocate for bitcoin, expressed his optimism in a recent tweet, highlighting the growing support for the cryptocurrency from various stakeholders, including presidential candidates, regulators, legislators, money managers, bankers, investors, and the general public. He believes that the future will bring even more positive developments, further establishing bitcoin as a powerful instrument for economic empowerment.
Microstrategy’s latest investment in bitcoin aligns with a broader trend of positive developments in the crypto industry. Notably, Blackrock, the world’s largest asset manager, has filed for the launch of a bitcoin trust, widely speculated to be a spot bitcoin exchange-traded fund (ETF). This move has encouraged other major companies, including Fidelity, to submit similar filings. While the SEC has yet to approve a spot bitcoin ETF, these filings have generated optimism that regulatory approval may be granted in the near future.
Additionally, several prominent financial institutions recently launched EDX, a cryptocurrency exchange supporting the trading of four cryptocurrencies. Investors such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial have backed the platform. Furthermore, Deutsche Bank has sought a license to offer crypto custody services in Germany, and HSBC has enabled bitcoin and ethereum ETF trading on its mobile apps in Hong Kong.