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MicroStrategy Buys Bitcoin Again After 10 Weeks
31 Aug
Summary
- Company purchased 4,603 BTC for $369.7 million.
- This marks the first purchase after a 10-week hiatus.
- The company is the largest public corporate Bitcoin holder.
MicroStrategy has announced a significant resumption of its Bitcoin accumulation strategy. The company recently acquired 4,603 BTC, costing approximately $369.7 million, with an average purchase price of $80,318 per coin. This acquisition ends a 10-week hiatus during which MicroStrategy prioritized building cash reserves and managing preferred securities.
The move comes after Executive Chairman Michael Saylor hinted at renewed buying activity. Previously, throughout July and August, the company had shifted its focus towards capital preservation, leading some investors to question its commitment to aggressive Bitcoin accumulation. The latest purchase reaffirms Bitcoin's status as MicroStrategy's primary reserve asset.
As the largest publicly traded corporate holder of Bitcoin, MicroStrategy's purchasing decisions are closely monitored by both crypto and equity investors. This latest acquisition, made while Bitcoin trades above the company's historical average acquisition cost, demonstrates a continued willingness to accumulate despite higher market prices.
