Michael Saylor’s business intelligence company, MicroStrategy, recently revealed that it had made a substantial Bitcoin acquisition, which garnered more media attention. For a staggering $347 million in cash, MicroStrategy and its affiliates purchased around 12,333 Bitcoin between April 29, 2023, and June 27, 2023. With fees and expenditures included, the average price per bitcoin was around $28,136.
This transaction surpasses MicroStrategy’s prior goal in March and April, which totalled 7,500 BTC valued at $179.3 million, as the company’s highest purchase this year.
Curse of Microstrategy or FUD?
Interestingly, seasoned market participants have viewed Saylor and MicroStrategy’s Bitcoin acquisitions as a possible indication of a local peak for BTC prices. Notably, the price of Bitcoin fell by 5% on the day of Saylor’s fifth statement in March. Similar to April 5, when MicroStrategy made another buy, Bitcoin’s price dropped by more than 3% during the day.
Despite these findings, it’s crucial to remember that BTC has consistently grown since those times. In reality, the cryptocurrency saw rises of 8% and 11% after the two acquisitions, respectively.
MicroStrategy now has an astounding total of about 152,333 Bitcoin combined with its subsidiaries. With fees and taxes included, the total cost of these digital assets was around $4.52 billion, with an average purchase price of about $29,668 per bitcoin.
